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The study defines copreneurs and presents a four decadal review on copreneurial literature. The purpose is to bring conceptualization and characterization of copreneurs, on surface from its fragmented literature. A structured literature review on copreneurship research published between 1984 and 2023 is conducted. The search is made adopting indexing (Scopus, Clarivate and ABDC), digital libraries including ProQuest and EBSCO, and research articles published in journals by renowned publishers namely Elsevier, Emerald, Inderscience, Sage, Springer, Taylor & Francis and Wiley. Inclusion/exclusion criteria was defined and duplicates were eliminated. Finally, using POWER review model, the existing literature is organized under six themes namely Gender Roles, Spousal Support & Relationship Satisfaction, Work Life Balance, Business Commitment & Motivation, Leadership & Decision Making and Division of Labour & Responsibilities in the Intertwined Worlds. Using Inter- Rater Reliability, five definitions of copreneurs were framed and rated by nine experts from academics and industry. Finally, the definition with highest score and acceptable I-CVI value for simplicity & clarity is proposed. The fragmented literature on copreneurs speaks volume about the need for more impactful research on them. By using the proposed definition of copreneurs, scholars can uniformly identify the copreneurs, with future opportunities for micro-level research on copreneurs. Policy makers can utilise the findings of these research and formulate schemes, policies & programmes for betterment of copreneurs. The study intends to bridge the disciplinary gaps existing for identifying copreneurs and serve as a foundation for information sharing, regarding copreneurs and their entrepreneurial practices. [ABSTRACT FROM AUTHOR]

The study aimed to analyze the effect of digitalization strategies on business performance, mediated by organizational innovation in Brazilian family Micro, Small, and Medium Enterprises (MSMEs). This research adopted a descriptive approach with a quantitative methodology, using a sample of 301 Brazilian family MSMEs. Data were collected from studies by the Foundation for Strategic Analysis and Development of Small and Medium Enterprises (FAEDPYME). The theoretical model generated four research hypotheses. Data were processed and analyzed using the structural equation method in SmartPLS 4.0 software. The results confirm the existence of a positive and significant relationship between digitalization strategies, business performance, and organizational innovation, including the mediating effect. The findings highlight the importance of digitalization strategies and organizational innovation in driving the business performance of Brazilian family MSMEs. This study contributes to strategic management practices in family businesses by identifying that effective digitalization strategies and innovation practices allow significant advancements in business performance and subsequent organizational innovation. Thus, they can guide the development of more effective business policies and practices, contributing to the competitiveness of family businesses in the contemporary market. [ABSTRACT FROM AUTHOR]

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Researchers are divided on whether shareholder agreements (SAs) improve or hurt firm value. We offer family firms as a context where SAs add value and explain why; SAs limit "superprincipal" agency conflicts between family owners and other family members. A panel of French firms and a second study of French Initial Public Offerings show shareholders value SAs more in family than in nonfamily firms. Among family firms, SAs add greater value when weak governance undermines family owners' resistance to other family members' demands. Our study helps reconcile competing theory about SAs and distinguishes superprincipal conflicts from other family-firm agency problems. [ABSTRACT FROM AUTHOR]

This article introduces the special issue on how entrepreneurs influence their social environment. The purpose of this special issue is to illustrate recent research exploring some of the unresolved questions relating to and uncovering connections between entrepreneurs' characteristics, actions, and experiences with their social environment. First, we report the results of a bibliometric analysis of articles addressing how entrepreneurs influence their immediate business environment (N = 873), the immediate private environment (N = 813), and the broader societal environment (N = 2,380). Second, we describe the seven articles in this special issue, which encompass a range of theoretical frameworks, research designs, and methodologies. We believe that the research featured in this special issue offers meaningful contributions to existing knowledge and will stimulate future research into examining the boundary conditions and psychological mechanisms that potentially explain the complex effects of entrepreneurs' experiences, characteristics, and behavior on different stakeholders and entities in their proximal and distal environments. [ABSTRACT FROM AUTHOR]

The essence of a family business captures the distinguishing factors differentiating them from non-family businesses. Among these factors, the constructs of family firms' managing and governance elements are perceived differently by non-family firms. This is especially important in a developing country such as South Africa (SA) with many governance challenges. The objectives of this study were, first, to identify relationships among financial performance, corporate governance, and ownership concentrations of listed family and non-family businesses in SA. Next, a comparison was made between the different ownership structures. Secondary data were collected using purposive sampling from 2015 to 2019. These data were analysed using panel data analysis and descriptive statistics. The results show that family firms place a greater emphasis on ownership concentration, board size, and board gender diversity, which have a significant relationship with financial performance. Only board size was significant to financial performance for non-family firms. The results indicate that family businesses should appoint female family members as directors on their boards, given the significance of gender-diverse boards for financial performance. Non-family businesses should also consider having smaller boards. Theoretically, this study expands on the literature regarding family businesses in SA. However, the findings cannot be generalised due to a single industry being selected. This study should be replicated in different industries to compare the results. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the paper is to provide some insights into the importance of family business in the transition of the Gulf Cooperation Council (GCC) region into a diversified, modern economic region. Design/methodology/approach: This is a viewpoint paper, bringing together recent relevant academic and industry literature combined with the authors' observations of emerging regional trends. Findings: The authors find that family businesses have been an anchor of private sector economic development in the GCC. Family businesses across the region reflect both the challenges and opportunity of the context. Recent social and economic changes present challenges to the historical ways of operation, and yet they also present opportunities. Originality/value: This paper is intended to be thought provoking and insightful for those in the region and those with an interest in the region. The unique social, historical and economic characteristics of the region are discussed along with their impact on family businesses. [ABSTRACT FROM AUTHOR]

Purpose: This perspective article provides a compact view on past and promising future research of family business in tourism/hospitality research, an industry that is dominated and driven by family firms. Design/methodology/approach: This article draws on a review of key literature from family business and tourism/hospitality research, and synchronizes this literature for understanding the groundings and development of the field. Findings: The article finds that there are peculiar research gaps and needs concerning gender roles, sub-industries/family networks, later generation conflicts as well as differences in life cycle stages between emerging and developing countries. Originality/value: This article summarizes the state of the art of research for family business in tourism/hospitality and provides a novel agenda for theory advancement and research of practical relevance. [ABSTRACT FROM AUTHOR]

Purpose: The governance of family businesses has attracted considerable scrutiny among scholars and practitioners. This paper explores influences that have defined corporate governance practices in family firms in the last century and reflects on the possible direction of research and practice in the next century. Design/methodology/approach: This manuscript undertakes a literature review of past and recent literature investigating corporate governance practices within family businesses. Findings: The evolution of corporate governance in the family business literature is underpinned by centralised decision-making structures, the need to overcome fundamental corporate governance challenges, the increasing relevance of family governance models and the recognition and adoption of contemporary trends in the corporate governance space. The review also suggests that corporate governance and family business research in the next century will be dominated by technology-based governance, sustainable governance, globalisation and the validation for multi-board structures, greater attention to succession planning and diversity, and channelling significant resources to innovation. Originality/value: The paper synthesises developments in the corporate governance–family business literature and proposes a future perspective. [ABSTRACT FROM AUTHOR]

Purpose: This article provides commentary from well-known family business researchers on what they have learnt about the family business field and tips for the future. Design/methodology/approach: Well-known family business management researchers were contacted in order to provide their feedback on the field of family business management. Their responses were then curated into an article that can help others learn from their advice. Findings: The family business management researchers provided suggestions on how to succeed in the field of family business management and advice for current and future researchers. Thereby helping to advance the field and provide new novel research ideas that can help science as well as practice. Originality/value: This article is amongst the first to provide verbatim advice from the leading family business management scholars. Thus, providing original and innovative ideas about what is needed in the field of family business management. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to identify various factors that have driven the knowledge transfer process for succession purposes in family business since the 1920s and discuss their implications for advancing effective succession planning in this business sector for the next 100 years. Design/methodology/approach: The paper reviews and synthesizes current research on knowledge transfer drivers in family business from 1923 to 2023 and draws out future perspectives on what will influence the knowledge-transferring process in the next 100 years. Findings: Trust, organizational culture and environmental factors such as the need to create competitive advantages, technological advancement and new sources of knowledge have been identified as the most prominent drivers of knowledge transfer for effective succession in family business throughout the 1920–2020s. In the future, the ability to create value, the internationalization process and business innovations will play an essential role in knowledge-sharing among family and non-family members during succession. Originality/value: The paper provides a review of past development and a future perspective on factors enhancing the effectiveness of knowledge transfer for succession in family firms. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explore the past and future impacts of automation on family businesses, with a focus on the opportunities for human capital empowerment. Design/methodology/approach: This paper draws upon a contemporary literature search to examine a range of scholarly and practitioner perspectives of the challenges and benefits of automation, exploring the evolvement towards hyperautomation and the empowerment of human capital in family businesses. Findings: Automation, transforming to hyperautomation, general purpose artificial intelligence (AI) and beyond has the possibility of radically improving productivity. Fear of job obsolescence has been present since the birth of modern automation, and whilst some jobs are at risk of redundancy, a net gain towards higher-skilled labour is already evident. Family business leaders must be prepared to react appropriately to the accelerating war for talent by implementing a strategy for human capital empowerment. Originality/value: This unique paper synthesises developments in automation and proposes a future perspective centred upon the empowerment of human capital in family businesses. [ABSTRACT FROM AUTHOR]

Purpose: This perspective article addresses the essential need to comprehend what artificial intelligence (AI) entails and how it can revolutionize the family business sector. Design/methodology/approach: This article presents a literature review and the authors' perspectives to unravel the potential benefits of AI in family businesses. Findings: It is crucial to understand what AI is and its various types before the authors can discern which AI tools can be beneficial or tailored to family businesses. A promising area for future research is the use of Theory of Mind AI, which can help minimize conflicts of interest among family business members and assist in clear decision-making and succession planning. However, integrating AI brings about ethical implications, such as data privacy concerns, the need for transparency in AI decision-making and the necessity to ensure fair AI practices. These are all critical issues that the future research will need to tackle. Originality/value: This article emphasizes the potential of AI to be customized and incorporated to tackle the distinct dynamics, obstacles and opportunities prevalent in family-owned businesses. It also proposes future research areas that could enhance the application of AI in such enterprises. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the favourable conditions that influence transgenerational value transmission (TVT), value acceptance and value similarity between generations in indigenous African business-owning families. Design/methodology/approach: This study adopts a multiple case study design and draws on semi-structured face-to-face interviews to collect data from participants in seven indigenous Black business-owning families located in South Africa. The software ATLAS.ti was utilised to manage the data and reflexive thematic analysis was undertaken. Findings: The analysis reveal four themes describing how transmission factors facilitate favourable conditions for successful TVT in IBSA business-owning families, namely, authoritarian parenting, a loving and connected family relational climate, the continuous reinforcement of autonomy during childhood development and family authenticity in the face of societies dominant values climate. Furthermore, value similarity is perceived to exist among the different family generations in the business-owning families. Originality/value: This study is among the first to adopt the value acquisition model to empirically examine successful TVT and examine the extent of value similarity or dissimilarity, using the business-owning family as the unit of analysis. Novel contributions to family business literature and practices are proposing a model for TVT in an African context and studying relationships from a business-owning family perspective. The model for TVT could be used to socialise the NextGen members into value sets and behaviours that help business-owning families preserve their entrepreneurial legacy and family business longevity. [ABSTRACT FROM AUTHOR]

The reform of China's one-child policy allows families to have more children and thus may affect anticipation of intergenerational succession of family businesses and drive family firms to improve their corporate social responsibility (CSR). Using a difference-in-differences design, we find that the reform positively affects the CSR of family firms. We also find that the positive impact is more pronounced for family firms whose owners have fewer children, have no son, and have not yet surpassed reproductive age (older than 50), which confirms the theory that anticipation of intergenerational succession drives CSR in such firms. Moreover, we find that the positive impact is more pronounced for firms that operate in environments where CSR is more strategically important. We validate our findings by showing that the reform prompts investment in value-enhancing CSR and curtails short-termism. This study offers novel evidence that government policies conducive to intergenerational succession in family firms can lead to not only strategic CSR but also to truly ethical corporate behaviour. [ABSTRACT FROM AUTHOR]

Family businesses represent one of the oldest and still dominant forms of business organisations, yet research on their innovation activity remains a relatively emerging field of study, especially in Central and Eastern Europe. This paper investigates the relationships between the family nature of firms, the innovation activity and the export activity using statistical methods on a representative sample of Hungarian small- and medium-sized enterprises (SMEs) in 2017, 2020 and 2022. The results show that the innovation activity of Hungarian SMEs engaged in export activities is more significant than that of non-exporting counterparts. The family nature of firms and their innovation activity, however, can be considered independent, while the relationship between family nature and export activity is not consistent across the three years. A limitation is that the 2020 and 2022 surveys were performed during the first wave of the COVID-19 epidemic and the Russian-Ukrainian war, which may have influenced respondents. [ABSTRACT FROM AUTHOR]

Family owners monitor managers, attenuating principal–agent conflicts and improving firm performance. However, family owners also appropriate resources, creating principal–principal conflicts that harm firm performance. Although these effects occur simultaneously, research does not explain when one outweighs the other. We theorize that agency costs are minimized when the family's involvement on the board of directors is proportional to its ownership; too little board involvement fuels principal–agent conflicts, and too much fuels principal–principal conflicts. Consistent with our theorizing, evidence from French panel data shows firm performance increases as family board involvement and family ownership jointly increase, and performance is maximized when family board involvement and family ownership are proportional. [ABSTRACT FROM AUTHOR]

Africa has been the location of centuries of business activity. African business displays a complex development path through early indigenous kingdoms, colonial control and post–1950 independence. The historiography on these developments is unbalanced in favour of the role performed by enterprises embedded in capitalist metropolitan economies. Complex and dynamic African entrepreneurial activity persisted but adapted to global market changes. Business historians have not systematically explored African agencies in business, the management systems and the organisational evolution of enterprise in Africa. As market liberalisation provided new business opportunities, African businesses emerged to complement and compete with foreign-owned enterprises. As market liberalisation stimulated globalisation, multi-national companies returned to African markets, fostering competition and collaboration. Changes in the political economy of many African states gave rise to more dynamic regulatory contexts and public-private partnerships in different sectors of developing African economies. These trends appear in the Business History of Africa from the perspective of African business, owned by Africans from diverse ethnic origins as proof of the complex trends and processes in African enterprise development. This contribution seeks to refine the focus on business and entrepreneurs in Africa as agents in the continent's business landscape. The manuscript acknowledges the diversity among African entrepreneurs and the dynamically changing state-business nexus through history. Can one identify a distinct «African» nature of enterprise? This manuscript addresses aspects of conceptual clarity on what constitutes African business in an attempt to map the agenda for Business History in Africa. [ABSTRACT FROM AUTHOR]

The article focuses on the financing of family-owned businesses in the Slovak wood-processing industry, highlighting their unique financial decision-making processes. Topics include the preference for internal funding sources over external ones, the influence of emotional and cultural factors on financial decisions, and the challenges faced by these businesses in accessing loans and capital.

After having gained prominence in the late 20th century, corporate social responsibility (CSR) has emerged as a critical business aspect, adopted widely across the corporate landscape. Although family firms play a significant global role, research on their relationship with CSR performance remains sparse and inconclusive. This paper seeks to bridge this gap by employing the primary classification of family firms, the socioemotional wealth perspective, and its FIBER model to examine their influence on CSR performance. The focus is on Canadian public companies listed on the S&P/TSX Composite Index from 2014 to 2022. Utilizing the NBC Canadian Family Index, the findings suggest that family firms exhibit superior CSR performance compared to their non-family counterparts. Further analyses indicate that family firms with greater control and influence by family members, those named after the family, those with strong emotional ties, and first-generation family firms tend to have enhanced CSR performance. By developing a socioemotional wealth score through FIBER dimensions to classify family firms, this study underscores the association of family firms with higher CSR performance, validating the robustness of the results. [ABSTRACT FROM AUTHOR]

Large proportions of small and medium-sized enterprises (SMEs) are family controlled and play an important role not only in the development of many national economies, but also have great potential to reduce negative effects of human activities on the natural environment and society. This important role of family SMEs has been recognized by the European Union (EU) which has integrated them in its legislative frameworks. The main question addressed in our research is whether family SMEs integrate sustainability concerns into their strategic and operative decisions as required by the EU legislative frameworks. We designed our research with the purpose to broaden our understanding of sustainability (re)orientation of family SMEs and fill the gap in the existing literature on family businesses' sustainability. We applied a qualitative case study research method where sustainability (re)orientation of 26 family SMEs was explored. The qualitative content analysis was used in the process of analysing data. Theoretically and empirically based cognitions on endogenous and exogenous drivers of the family businesses' sustainability (re)orientation were applied in interpretation of the research results. Our findings show the low level of sustainability (re)orientation of most of the investigated Slovenian family SMEs. The exogenous drivers have stronger effect on sustainability (re)orientation of family SMEs than endogenous drivers. [ABSTRACT FROM AUTHOR]

Different social exchange relationships among family members and between family and non-family stakeholders influence individual, group, and family-firm outcomes. Although many studies provide insights into social exchange relationships in family businesses, these studies are scattered across multiple literatures. Using the lens of social exchange theory, we review and organize 74 such studies. After discussing what is known and what gaps remain, we juxtapose our review with new theorizing about social exchanges to elicit research opportunities for family business research and for leveraging the family business context to "give back" to social exchange theory. [ABSTRACT FROM AUTHOR]

This paper aims to explore differences between the perception of dark traits in formal leaders and levels of workplace stress among employees working in family and non-family businesses. Furthermore, we assess if the company nature (family-owned versus non-family-owned) moderates the relationship between the employees' perception of dark triad traits in their formal leaders and their workplace stress levels. The empirical evidence is provided by a sample of 220 Portuguese employees who responded to a questionnaire that included their perceptions of their formal leaders' dark triad traits and workplace stress measures. All respondents are employed in small and medium-sized private companies, holding no management responsibilities and under formal hierarchical supervision. The initial ideas that family firms' employees perceive higher levels of dark triad traits in their formal leaders than non-family firms' employees and that they also show higher levels of workplace stress than non-family firms' employees were confirmed. The results also support the notion that higher perceptions of dark triad traits in formal leaders are related with higher levels of workplace stress of employees and that the company nature significantly moderates this relationship. These findings enhance the research literature by addressing two often overlooked aspects in the comparison between family and non-family firms. Additionally, they provide valuable insights into the relationship between dark triad traits in formal leaders and employee workplace stress levels. [ABSTRACT FROM AUTHOR]

The ageing of the population impacts all areas and is also a challenge for human resources management. To solve this issue, age management practices are used in organisations. To get the best potential out of everyone, this concept should not only involve older employees but should be focused on all of them. Choosing the right practice to get the desired results is a task for managers.

Purpose: This paper aims to investigate the impact of family involvement in ownership and governance on the quality of internal auditing. Design/methodology/approach: Leveraging a hand-collected data set of listed family firms from 2014 to 2020, this study uses regression analyses to investigate the impact of family ownership, family involvement on the board, family CEO and the generational stage of the family business on the quality of internal auditing. Findings: The results provide evidence that family ownership is positively associated with the quality of internal auditing, while later generational stages of family businesses have the opposite effect. Additional analyses reveal that the presence of a sustainability board sub-committee moderates the relationship between generational stages of family businesses and the quality of internal auditing function. Research limitations/implications: This paper does not consider country-institutional factors and other potentially family-related antecedents or governance factors that may affect the quality of internal auditing. Practical implications: The results are informative for investors and non-family stakeholders interested in understanding under which conditions family-related factors influence the quality of internal auditing functions. Originality/value: This study offers fresh evidence regarding the relationship between family-related factors and the quality of internal auditing and board sub-committees that moderate such a relationship in family businesses. [ABSTRACT FROM AUTHOR]

Prior literature establishes a link between family involvement and the firm financial performance. However, the mechanisms through which family involvement in a firm affects its financial performance in different institutional settings are largely unknown. Using an unbalanced panel of 3,322 listed firms from 32 countries over a 9-year period, we find that family involvement in ownership and management on average has negative effects on financial performance. Moreover, the negative effect of family ownership is less profound in countries with good institutional quality. We further find that R&D intensity partially mediates the negative relationship between family involvement and the firm financial performance, but the mediation effect is conditional on the degree of institutional quality in a country. These findings advance the family business, innovation, and institutional literature, and offer important implications for theory and practice. [ABSTRACT FROM AUTHOR]

This study investigates why and how family firms go public via initial public offering (IPO) and explores how family firms' distinctive traits contribute to specific IPO behavior. The results show that family firms face IPO following three paths— shine, continue, and challenge. Family IPO firms emphasize control, identification, and succession (shine); focus on family social capital, responsibility toward stakeholders, and family business identity (continue); and highlight control, identification, new leaders' self-affirmation, and generational transfers (challenge). We uncover the complexities of emotional endowment—a reference point for making IPO decisions and a resource or constraint to engage in the IPO process. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to unveil the impact of strategic renewal and its implications on employment during the COVID-19 pandemic. It explores the role of strategic renewal in mitigating the adverse effects of crises, fostering organizational adaptation and restructuring capabilities. Additionally, it examines the moderating effect of familiness on understanding the strategic renewal process and its importance to family firms during times of crisis. Design/methodology/approach: The study utilizes data from the STEP Project Global Consortium, which collected information from 3,026 family firms operating in 75 countries and various sectors during the pandemic. Structural Equation Modeling was employed to test the authors' research hypotheses. Findings: The authors' results reveal that strategic renewal significantly impacted employment growth during the COVID-19 pandemic of family firms. Strategic renewal plays a crucial role in mitigating the negative effects of that crisis on employment by helping firms adapt and restructure their capabilities. The study also found that synergies among family members positively influenced innovation in organizational resilience and enhanced the positive effects of strategic renewal on employment growth. Originality/value: This study contributes to the literature by emphasizing the importance of strategic renewal of family businesses during the COVID-19 pandemic. It offers insights into mitigating vulnerability risks amidst crises and adds to the understanding of the strategic renewal process and its implications for the organizations. The findings hold theoretical implications for the field of strategic management and provide valuable insights into the unique challenges and opportunities faced by family firms in uncertain environments. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-11-2022-0771 [ABSTRACT FROM AUTHOR]

Driven by profit, the excessive enthusiasm of family enterprises for financial asset investment is bound to affect sustainable green innovation investment. In order to curb the excessive expansion of family business financialization and guide finance to return to serving the essence of the real economy, we analyzed the impact of family business financialization on green innovation from the perspective of family operations. In this study, we selected 4,108 family enterprises in China from 2008 to 2023 to establish OLS models and structural equation models (SEM) comprehensively, obtaining main conclusions: The financialization of family businesses suppressed green innovation by decreasing the level of risk-taking. Family control weakened the negative relationship between risk-taking and green innovation, while family management strengthened this relationship. When the generation of controllers and managers were one, the moderating effect of family control on risk-taking and green innovation was more significant. Therefore, this paper proposes suggestions from four aspects: moderately allocating family members, enhancing the risk management level of family businesses, consolidating family control rights, and improving the inheritability of social capital, in order to ultimately achieve stable intergenerational inheritance and sustainable operation of family businesses. [ABSTRACT FROM AUTHOR]

This paper aims to explore differences between the perception of dark traits in formal leaders and levels of workplace stress among employees working in family and non-family businesses. Furthermore, we assess if the company nature (family-owned versus non-family-owned) moderates the relationship between the employees’ perception of dark triad traits in their formal leaders and their workplace stress levels. The empirical evidence is provided by a sample of 220 Portuguese employees who responded to a questionnaire that included their perceptions of their formal leaders’ dark triad traits and workplace stress measures. All respondents are employed in small and medium-sized private companies, holding no management responsibilities and under formal hierarchical supervision. The initial ideas that family firms’ employees perceive higher levels of dark triad traits in their formal leaders than non-family firms’ employees and that they also show higher levels of workplace stress than non-family firms’ employees were confirmed. The results also support the notion that higher perceptions of dark triad traits in formal leaders are related with higher levels of workplace stress of employees and that the company nature significantly moderates this relationship. These findings enhance the research literature by addressing two often overlooked aspects in the comparison between family and non-family firms. Additionally, they provide valuable insights into the relationship between dark triad traits in formal leaders and employee workplace stress levels.

The paper discusses the issues related to the connection between the family values and the family firm goals in Romanian family businesses. The values of the family are the foundation of the values of the family firm and they represent the core of the firm’s culture according to the 7S model of McKinsey. The goals of the firm are an important component of its strategy and are influenced by the values. The family business goals are structured as a multidimensional concept combining two scales: economic versus non-economic orientation and family versus business orientation. The research method is qualitative, using the interview instrument. The analysis of the interviews indicate that the family values are characteristic to traditional family aspects and that the firm’s values are reflecting important ethical values such as trust, respect, responsibility, hard work, openness to communicate, fairness, mutual understanding, and mutual support. They also reflect business values such as efficiency, effectiveness, focus on client, quality, innovation, cooperation, accountability, and professionalism. Several conclusions and recommendation for future quantitative research were formulated.