IDEAS home Printed from https://ideas.repec.org/p/ebg/iesewp/d-0875.html
   My bibliography  Save this paper

The importance of values in family-owned frms

Author

Listed:
  • Ceja, Lucia

    (IESE Business School)

  • Agulles, Remei

    (IESE Business School)

  • Tapies, Josep

    () (IESE Business School)

Abstract

Belief in the powerful role that values play in family-owned firms' success and well-being drove collaboration on this research project among the disciplines of management, psychology and philosophy. The goals of this research are to define the concept of values from a philosophical perspective, to empirically examine the corporate values of the world's largest family-owned firms and non-family businesses, and to study whether there are specific values that are predominant in family-owned firms. The study resulted in three main findings. First, based on the philosophical literature, we developed a definition, classification and hierarchy of values. Second, we found that within the values that were mentioned most frequently by the world's largest corporations, the top three most mentioned (i.e., integrity, respect and customers) were the same for both family-owned firms and non-family businesses. Finally, findings from the present study indicate a series of values that are characteristic of family businesses (i.e., generosity, humility, communication, service, quality, excellence, creativity and entrepreneurship). Examining these values shows interesting patterns. For example, most of them belong to the category of behavioral values. Likewise, values in the world's largest family-owned firms seem to have three main characteristics: they emphasize a collective orientation; they have a long-term perspective; and they have a sense of stewardship. Also discussed are the practical implications of the study, its limitations and areas for future research.

Suggested Citation

  • Ceja, Lucia & Agulles, Remei & Tapies, Josep, 2010. "The importance of values in family-owned frms," IESE Research Papers D/875, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0875
    as

    Download full text from publisher

    File URL: http://www.iese.edu/research/pdfs/DI-0875-E.pdf
    Download Restriction: no

    More about this item

    Keywords

    family-owned firms; values; mission; vision;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ebg:iesewp:d-0875. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Noelia Romero). General contact details of provider: http://edirc.repec.org/data/ienaves.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.