In the language of psychology, individuals who are more afraid of missing opportunities than taking risks are considered promotion-focused. Their counterparts are individuals who are more afraid of taking risks than missing opportunities; these are prevention-focused individuals. A study of U.S CEOs and CFOs (the latter considered the second most influential executive in strategic decisions) […]
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The decisions of C-suites and boards are influenced by the previous experiences of their members. In uncertain situations, organizations gain legitimacy — and reduce the costs of experimentation — by copying others. These common-sense principles are borne out in a large body of research that points to the importance of ‘interlocks’ — i.e. previous or current ties to […]
Classical and neo-classical economic theory is predicated largely on an ‘impersonal’ model, in which transactions between parties are governed not by social obligations and kinship ties but by rational and objective calculation of individual gains. This model is particularly associated with industrialized societies and the mature market economies of the West. One might, therefore, reasonably […]
Read More… from Modernizing without Westernizing: Social Ties and Indian Business
