Tacit Knowledge and Decision Making Practices in the Context of Family Businesses.
Keywords:Decision making practices, Tacit Knowledge, Business Sense, Informal
Decision-making practices in family business are crucial and usually involve several stakeholders. To determine the decision-making mechanism in the family business, qualitative research approach was carried out. 30 semi-structured interviews were conducted involving family owners and non-family managers. Thematic analysis was used to analyze data. Three themes such as Business sense, consultation with elders, and ceremonial approval of the board were generated. Study reveals that decision-making is informal and based on tacit knowledge. Study emphasizes the codification of tacit knowledge, the codification will make decision-making more formal and institutionalized.
- 2023-01-25 (2)
- 2022-12-29 (1)
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