This article contributes to understanding the investment decision in the unlisted family business (UFB). It\nparticularly highlights the roles of the performance target and long-term survival goal, providing empirical support\nboth for the Prospect Theory and for the Post Keynesian Theory developed by Myron Gordon. Results clearly show\nthat the UFB�s main objective is very far removed from that of maximizing shareholders� financial wealth. Overall, this\narticle shows the necessity to consider the goal of long-term survival as a key factor for developing a governance\ntheory that is relevant to UFBs.
Loading....