Long-term orientation and intertemporal choice in family firms

G. Tom Lumpkin, Keith H. Brigham

Research output: Contribution to journalArticlepeer-review

395 Scopus citations


A long-term orientation (LTO) is often associated with family firms, but the LTO construct is underdeveloped. This paper sets forth a framework for studying LTO in family firms including developing three dimensions-futurity, continuity, and perseverance. It identifies LTO as a higher-order heuristic that, in matters of intertemporal choice, provides a dominant logic for decisions and actions. Intertemporal choice refers to decisions with payoffs or outcomes that play out over time. Three mechanisms affecting intertemporal choices are identified-representation, self-control, and anticipation. LTO and intertemporal choice are further examined and discussed in the context of family firms.

Original languageEnglish (US)
Pages (from-to)1149-1169
Number of pages21
JournalEntrepreneurship: Theory and Practice
Issue number6
StatePublished - Nov 2011

ASJC Scopus subject areas

  • Business and International Management
  • Economics and Econometrics


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