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The purpose of this paper is to study the perceptions of managers of family businesses about the interaction between financial, family, and cultural impacts on the investment policy of unlisted Moroccan family businesses passed on to the second generation in the Moroccan cultural context. Most of the current research on family firms focuses on financial factors to understand investment policy and neglects cultural and family specificities as factors that can modify and enrich the results of the various empirical studies. In this sense, this paper proposes a way forward in the research on family businesses, by integrating family and cultural logics, following a hybrid approach integrating these factors with the classic financial logics. This approach is justified by the accentuation of the effects of the socio-cultural context in the case of Moroccan family businesses, which becomes even more intense in Moroccan family businesses passed on to the next generations. The methodological approach is based on an interpretative contextualization with twenty unlisted Moroccan family firms, three sociologists, and two researcher-experts. Ultimately, this research shows that for managers of family businesses, rational financial logics overlap with the emotionality that reigns in family logics in terms of culture, family reputation and traditions, and psychological backgrounds to make investment trade-offs.