This paper examines the link between the social networks surrounding business leaders and temporal myopia in strategic planning. Specifically, we hypothesize that processes characteristic of being embedded in a closed network are associated with a lack of foresight and a tendency to neglect...

It is well known in economics, law, and sociology that reputation costs in a closed network give insiders a feeling of being protected from bad behavior in their relations with one another. A person accustomed to doing business within a closed network is therefore likely to feel at unusual risk...