Values of centenarian family firms as a source of longevity

Abstract

Being in business over a century, Centenarian family firms (CFF) have demonstrated that they adapt to a changing competitive market environment and successfully established longevity, including an efficient succession routine and dynamic capabilities. While family firms are considered to possess a strong set of values (Lumpkin & Brigham, 2011), it has not been observed, which value sets are vital for longevity. Through the close connection between the individual values of family members and the business itself, values influence the behaviour of CFF (Astrachan et al., 2002; Dyer, 2003; Gersick et al., 1997). Conducting nine qualitative interviews, we identify that CFF balance values for change, which leads to innovation, and values for conserving the status quo of the firm in an equilibrium.