Abstract
Based on cognition as a key determinant in strategic decisions, this study employs a case study approach to explore how family vision – one of the main characteristics of family firms – affects the cognitive frames of reference of family decision-makers, especially business owners. This research suggests that family business owners pursue different family visions, which leads to different interpretations of environmental information during strategic decision-making by highlighting certain elements. I infer several propositions outlining that the degree of a family vision's emphasis on non-economic goals may modify the framing of decisions and endanger long-term orientation, therefore affecting strategic outcomes.