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Unlocking the sustainability of medium enterprises: A framework for reducing cognitive biases in sustainable performance management

Published online by Cambridge University Press:  03 October 2023

Matteo Cristofaro Open the ORCID record for Matteo Cristofaro [Opens in a new window] ,
Pier Luigi Giardino Open the ORCID record for Pier Luigi Giardino [Opens in a new window] ,
Riccardo Camilli  and
Ivo Hristov
Matteo Cristofaro*
Affiliation:
Department of Management and Law, University of Rome Tor Vergata, Roma, Italy
Pier Luigi Giardino
Affiliation:
Department of Economics and Management, University of Trento, Trento, Italy
Riccardo Camilli
Affiliation:
Department of Management and Law, University of Rome Tor Vergata, Roma, Italy
Ivo Hristov
Affiliation:
Department of Management and Law, University of Rome Tor Vergata, Roma, Italy
*
Corresponding author: Matteo Cristofaro; Email: Matteo.cristofaro@uniroma2.it
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Abstract

Medium Enterprises (MEs) are significant contributors to global economic development. Integrating sustainability practices in their business can support MEs worldwide to become more sustainable, improving companies’ performance and stakeholders’ expectations. Nevertheless, few MEs adopt sustainable practices. Following Behavioral Decision Theory and Behavioral Strategy literature, we argue that this can be associated with their managers’ decision-making processes – apart from not possessing considerable resources like large companies. Via a mixed-method research design involving 277 Italian ME managers, we investigate the cognitive biases that hinder the development of a sustainable performance management system (SPMS) in MEs. We found the most prominent biases influencing SPMS development. Then, we developed a ‘SPMS de-biasing funnel’ framework. We propose some corrective actions to reduce the impact of the most critical cognitive biases that influence SPMS development, allowing related beneficial potential outcomes.

Keywords

performance managementsustainabilitybiasesdecision-makingbehavioral strategymedium enterprises

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Type
Research Article
Information
Journal of Management & Organization , Volume 30 , Issue 3 , May 2024 , pp. 490 - 520
Copyright
© The Author(s), 2023. Published by Cambridge University Press in association with the Australian and New Zealand Academy of Management

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