CORPORATE VALUES GUIDING THE WORLD’S LARGEST FAMILY-OWNED BUSINESSES: A COMPARISON WITH NON-FAMILY FIRMS
This paper analyzes formally stated corporate values; a key topic of concern in the field of family businesses. More specifically, the study contributes to the literature by enabling a deeper understanding of the differences and similarities of the corporate values at the foundation of the world’s top 100 largest family-owned and non-family-owned businesses. According to the study findings, the values of integrity, respect, and customers are the top three most-mentioned values in both family-owned and non-family-owned companies. Likewise, there are distinct values that are mentioned often by family-owned firms and seldom or never by non-family- owned businesses. These values tend to be more people-oriented, emphasize collectivity more than individuality, and support a long-term perspective and a sense of stewardship and responsibility toward the future of the family and the community in which the business operates.
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