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Characteristics of successful family businesses

Author

Listed:
  • Gallo, Miguel A.

    (IESE Business School)

  • Cappuyns, Kristin

    (IESE Business School)

Abstract

In response to the statistics showing high mortality among family businesses, this study looks at a group of Spanish family businesses (FBs) that have demonstrated an ability to grow and innovate. Typically, these FBs have gained prestige in the Spanish economy not only because they have reached the top 1000, but also because they have stayed there for over 30 years. We collected data from interviews with the managers of 21 of the 64 companies that fulfilled both these conditions. Our aim was to learn from these successful business leaders what, in their personal opinion, had been the driving force behind their firms' success. The factors they mentioned included a set of values that successful business families have made a way of life. They are what we have called the "ELISA" values. These values are the bedrock of these firms' culture, inspiring top performance, reducing the cost of capital, and resolving other related issues that are made easy to deal with by adherence to these values.

Suggested Citation

  • Gallo, Miguel A. & Cappuyns, Kristin, 2004. "Characteristics of successful family businesses," IESE Research Papers D/542, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-0542
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    File URL: http://www.iese.edu/research/pdfs/DI-0542-E.pdf
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    Cited by:

    1. Gallo, Miguel A. & Cappuyns, Kristin, 2004. "Family members who do not work in the family business: How to enhance their "unity" and "commitment"," IESE Research Papers D/570, IESE Business School.
    2. Mara Del Baldo, 2012. "Stakeholder Management and CSR approach in Italian ?territorial? companies - Loccioni Group and the ?LOV ? Land of Values? Project," Working Papers 1205, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2012.
    3. Muhammad Shaukat Malik & Mian Muhammad Tayyab, 2019. "Impact of Family Ownership on Organizational Performance With the Moderating Role of Active Versus Passive Control: A Case of Pakistan’s Private Sector," International Journal of Human Resource Studies, Macrothink Institute, vol. 9(4), pages 19-37, December.

    More about this item

    Keywords

    family business; success factors; business culture;
    All these keywords.

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