Abstract
Both the popular and the academic press stress that management grounded in values is fundamental to decision-making. High performance companies know that clarity about values is key to getting the job done. However, many family-owned firms do not adequately articulate their core values into a workable orientation for the business. As a result, they are in danger of seriously impairing their decision-making. The authors analyzed family business mission statements from around the world to identify the core values expressed therein. The authors also analyzed how efficiently these values were articulated. They propose that family businesses can make their decision making more effective by identifying and including their core values in the business's mission statement.
Similar content being viewed by others
References
Adams, J. S., A. Taschian, and T. H. Shore (1996). ‘Ethics in family and non-family-owned firms: An exploratory study.’ Family Business Review 9 (2), 157–170.
Aronoff, C. and J. Ward (1992). Family Meetings: How to Build a Stronger Family and a Stronger Business. Marietta, GA: Business Owners Resources.
Baylor Business Review (1994). Introduction. Waco, TX: Baylor University Press.
Beckhard, R. and W. G. Dyer Jr. (1983). ‘Managing continuity in the family-owned business.’ Organizational Dynamics 12, 5–12.
Burke, F., M. Blodgett, and P. Carlson (1998). ‘Corporate ethics codes: A new generations’ tool for strategic management and decision-making.’ International Journal of Value-Based Management 11, 201–213.
Cavanagh, G. F. (1998). American business values. Upper Saddle River, NJ: Prentice-Hall.
Churchill, N. C. and K. Hatten (1987). ‘Non-market based transfers of wealth and power: A research framework for family business.’ American Journal of Small Business 11 (13), 51–63.
Collins, J. C. and J. L. Porras (1995). ‘Building a visionary company.’ California Management Review 37 (2), 21.
Corbetta, G. (1995). ‘Patterns of development of family business in Italy.’ Family Business Review 8 (4), 256–265.
Davies, P. W. F. (ed.) (1997). Current Issues in Business Ethics. New York, NY: Routledge.
Davis, J. and R. Taguiri (1989). ‘The advantages and disadvantages of the family business.’ Santa Barbara, CA: The Owner Managed Institute.
Donaldson, T. (1996). ‘Values in tension: Ethics away from home.’ Harvard Business Review 74 (5), 48–62.
Donckels, R. and E. Frohlich (1991). ‘Are family businesses really different?’ Family Business Review 4 (2), 149–160.
Dyer, Jr., W. G. (1989). ‘Integrating professional management into a family-owned business.’ Family Business Review 11 (3), 221–236.
Frtizsche, D. J. (1997). Business Ethics. New York, NY: McGraw-Hill.
Harris, D., J. I. Martinez, and J. Ward (1994). ‘Is strategy different for the family-owned business?’ Family Business Review 7 (2), 159–174.
Holland, P. G. and W. R. Boulton (1984). ‘Balancing the “family” and the “business” in the family business.’ Business Horizons 27, 16–21.
Lansberg, I. (1983). ‘Managing human resources in family firms.’ Organizational Dynamics, 39–46.
Poza, E. J. (1995). ‘Global competition and the family-owned business in Latin America.’ Business Review 8 (4), 301–311.
Poza, E. J. (1989). Smart Growth: Critical Choices for Business Continuity and Prosperity. San Francisco: Jossey-Bass.
Rarick, C. A. and J. Vitton (1997). ‘Mission statements make cents.’ Journal of Business Strategy, 11–12.
Scott, C. D., D. T. Jaffee, and G. R. Tobe (1993). Organizational Vision, Values and Mission: Building the Organization of Tomorrow. Menlo Park, CA: Crisp Publications, Inc.
Shankar, M. C. and J. H. Astrachan (1996). ‘Myths and realities: Family businesses contribution to the U.S. economy.’ Family Business Review 9 (2), 107–124.
Stoy Hayward (1990). Managing the Family Business in the U.K. London: Stoy Hayward.
Taguiri, R. and J. Davis (1992). ‘On the goals of successful family companies.’ Family Business Review 4 (1), 43–62.
Welsch, J. (1991). ‘Family enterprises on the United Kingdom, the Federal Republic of Germany, and Spain: A transnational comparison.’ Family Business Review 4 (2), 191–203.
Wong, S. L. (1993). ‘The Chinese family firm: A model.’ Family Business Review 6 (3), 327–340.
Author information
Authors and Affiliations
Rights and permissions
About this article
Cite this article
Dumas, C., Blodgett, M. Articulating Values to Inform Decision Making: Lessons from Family Firms Around the World. International Journal of Value-Based Management 12, 209–221 (1999). https://doi.org/10.1023/A:1007764112498
Issue Date:
DOI: https://doi.org/10.1023/A:1007764112498