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2025 AOM Annual Meeting

ENT

Session: 26124: Family Business Practices

12833: Resilient Roots? Value Systems and Strategic Adaptations in Family Firms During Exogenous Shocks (session 26124)

Tuesday, July 29, 2025
08:30 - 10:00 CEST (GMT+2)
Location: Bella Center: Hall B- B3-m3
Session Type: Paper Session
Orientation: Research
Shareable link: https://cdmcd.co/wjAzkv
This study offers a novel perspective on family firm (FF) value systems and strategic adaptation under exogenous shocks. FFs are typically portrayed as values-based entities whose key decision makers’ value systems remain relatively fixed and unchanged over time. While this unique values-based foundation of FFs is a distinctive strength, little is known about whether value systems of FFs remain unchanged over time, when FFs face persistent, exogenous shocks, and what this means for FFs’ strategic actions. Using a longitudinal multiple case study of eight FFs from eight countries, this study illustrates how and why a value system adapts during an exogenous shock – the Covid-19 pandemic – and what are the consequent strategic adaptations that follow the persistence or change of the value systems. Overall we propose a novel integrative framework of values-based strategizing as a means of theorizing organizational adaptation of FFs under exogenous shocks. This framework is based on our findings of a nuanced relationship between FF value system adaptations of three forms—value system perseverance, value system malleability, and value system reversal, and FFs’ strategic adaptations to withstand an exogenous shock like the Covid-19 pandemic.

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