Morris, Allen, Kuratko, and Brannon found that family founders, nonfamily managers working in family firms, and nonfamily founders experience a wide range of emotions during the first 4 years of establishing a new business. They identify differences in the emotional experiences of these three groups. I extend their findings by suggesting that divergent emotional experiences may explain differences in risk–taking behavior between family and nonfamily firms, and between family firms. Furthermore, I suggest that family founders‘ early emotional experiences may affect the firm's culture, strategy, and decision–making processes well beyond the start–up phase.
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