Application of metric conjoint analysis in family business research

Strategic decisions are important because they influence the strategic direction, competitive positioning and performance of firms. However, these decisions are difficult to research, especially in family firms, as their top managers are even less forthcoming than those of their non-family counterparts. With the metric conjoint analysis method, researchers are able to analyze management decisions at the time when they are made. This method is based on an experimental technique in which the manager has to make a series of judgments based on a number of decision scenarios containing a set of decision attributes. Based on the experiment, the underlying structure of the manager's decision-making process can be investigated. This article conducts a literature review of management studies using metric conjoint analysis, presents an exemplary study in the family business field and suggests potential future applications for this method in family business research.