Family and business values of regional family firms: a qualitative research

Ferda Erdem and Gözde Gül Başer

International Journal of Islamic and Middle Eastern Finance and Management, 2010, vol. 3, issue 1, 47-64

Abstract: Purpose - The purpose of this paper is to understand values of family firms, which have progressed to the second or third generation and to reveal similarities in basic values of the firms, which have continued to be successful. Design/methodology/approach - The research was realized with family members taking place at top management level in ten family firms applying a half‐structured interview method. Interview notes have been supported with observations from visits to firms and some firms, documents to be reviewed. Findings - The research finds that family values are rather traditional hand, which the value of business are innovating. The researchers comment on this phenomenon not like paradox but a synergistic construct. In the other side, the founders are dominant factors in the formation of values of the family firms and the second generation voluntarily continues this effect. Practical implications - This research reached important findings showing that some sets of values are determinant in continuity of family firms and showing the critical role of founders in this process. So, while the researchers form questions of the research to be developed on the interaction of family and business dimensions or form the action plan of executors who will provide professional support to family firms, that they should focus on values must be seen important. In the other side, to reveal these values taking shape in life period of family firms is only possible with deep researches. Originality/value - Family firm literature is a late developing literature. However, many more questions concerning these kinds of firms await strong answers. Especially, to understand values of family firms is quite important in understanding strategic visions and continuity problem. In addition, there is need for numerous comprehensive studies on cultural values of family firms to clarify problematic of the family firms profiting the examples which come from the different country. This study can be demonstrated that traditional family values and innovative business values create a synergy rather than a paradox and an advantage in business continuity. Probably, this situation is associated with the cultural context.

Keywords: Family firms; Turkey (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eme:imefmp:v:3:y:2010:i:1:p:47-64

DOI: 10.1108/17538391011033861

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