Durkheim initially defined the institution of religion as the main institution from which other institutions emerged. Although the institutions formed on the basis of religion become independent secular institutions over time, the influence of religion remains fundamental. According to Freyer, religion, as an element of intention and tendency, constitutes the substructure of all kinds of actions. Religion provides ready-made knowledge to individuals, indicating where and in what position they belong, thus defining their identity. In this context, there are strong relationships between religion and economic behavior. Individuals’ risk perception, management, and investment decisions can be shaped by their religiosity and religious affiliation. The reason for this is the sense of purpose, perception of destiny, and moral maturity that religious beliefs often provide individuals. This study aims to understand whether individuals who identify themselves as religious have a different approach to risk management compared to non-religious individuals, how they perceive risk, how they react to risk, the effects of the religious teachings they adopt on their level of risk aversion, and their prioritization of religious teachings when evaluating potential risks and making decisions; and whether generational differences in religious beliefs and attitudes affect risk perceptions and reactions. Phenomenological design, one of the qualitative research designs, was used. Data were collected through in-depth interviews with the managers of family businesses. The results indicate that religious beliefs profoundly influence managers’ risk perceptions and decision-making processes. Themes as such as faith-based decision-making, moral limits on risk, and the preference for halal revenues above substantial profit illustrate how religion functions as an ethical and strategic compass. Religious activities such as tawakkul (faith in Allah), sabr (patience), dua (supplication), and istikharah (seeking divine guidance) were identified as beneficial for managers in managing ambiguity and psychological stress. The avoidance of interest-based financing and dubious business ventures further illustrates the function of religion as a criterion in financial decision-making. During crises, religion fosters empathetic and equitable leadership. The study demonstrates that religious beliefs serve as both spiritual resources and practical instruments in risk management and organizational behavior.

The Effect of Religion on Risk Management in Family Businesses

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发表日期：

2026年

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Hamide Selçuk

摘要

Durkheim initially defined the institution of religion as the main institution from which other institutions emerged. Although the institutions formed on the basis of religion become independent secular institutions over time, the influence of religion remains fundamental. According to Freyer, religion, as an element of intention and tendency, constitutes the substructure of all kinds of actions. Religion provides ready-made knowledge to individuals, indicating where and in what position they belong, thus defining their identity. In this context, there are strong relationships between religion and economic behavior. Individuals’ risk perception, management, and investment decisions can be shaped by their religiosity and religious affiliation. The reason for this is the sense of purpose, perception of destiny, and moral maturity that religious beliefs often provide individuals. This study aims to understand whether individuals who identify themselves as religious have a different approach to risk management compared to non-religious individuals, how they perceive risk, how they react to risk, the effects of the religious teachings they adopt on their level of risk aversion, and their prioritization of religious teachings when evaluating potential risks and making decisions; and whether generational differences in religious beliefs and attitudes affect risk perceptions and reactions. Phenomenological design, one of the qualitative research designs, was used. Data were collected through in-depth interviews with the managers of family businesses. The results indicate that religious beliefs profoundly influence managers’ risk perceptions and decision-making processes. Themes as such as faith-based decision-making, moral limits on risk, and the preference for halal revenues above substantial profit illustrate how religion functions as an ethical and strategic compass. Religious activities such as tawakkul (faith in Allah), sabr (patience), dua (supplication), and istikharah (seeking divine guidance) were identified as beneficial for managers in managing ambiguity and psychological stress. The avoidance of interest-based financing and dubious business ventures further illustrates the function of religion as a criterion in financial decision-making. During crises, religion fosters empathetic and equitable leadership. The study demonstrates that religious beliefs serve as both spiritual resources and practical instruments in risk management and organizational behavior.