Understanding the Value Logics of Family Business–A Structured Literature Review

Abstract

Business model is being understood as the value logic in value proposition, capture, exchange, and creation. Family business model is different from non-family business according to its specific identity and characteristics. Because of this, family firms propose value through offering job opportunities prior to their family members, focusing more on establishing stable relationship with their stakeholders, working to realize sustainable development with local community and environment and aiming at achieving long-term orientation goals. This research applied a structured literature review adopting 84 papers to elaborate family logic and connected with family business model. By summarizing the previous papers, we firstly bring family business strategy with business model perspective, identify different patterns of family business models, and explore the interrelationships among the 4 value logics. It contributes to family business research by identifying specific family business model based on value logic lens. It also contributes to business model research by applying value logic lens into family business context.