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Values And Goals In The Management Of Romanian Family Businesses

Author

Listed:
  • Răzvan Cristian MUSCĂ

    (Doctoral School of Economics and Business Administration, West University of Timisoara, Romania)

  • Maria Madela ABRUDAN

    (Management-Marketing Department, Faculty of Economic Sciences, University of Oradea, Romania)

  • Nicolae Aurelian BIBU

    (Management Department, Faculty of Economics and Business Administration, West University Timișoara, Romania)

Abstract

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.

Suggested Citation

  • Răzvan Cristian MUSCĂ & Maria Madela ABRUDAN & Nicolae Aurelian BIBU, 2024. "Values And Goals In The Management Of Romanian Family Businesses," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 33(1), pages 549-558, July.
    • Handle: RePEc:ora:journl:v:33:y:2024:i:1:p:549-558
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    References listed on IDEAS

    as
    1. Thomas Richter, 2016. "A Conceptual Culture Model for Design Science Research," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 6(3), pages 1-19, March.
    2. Thomas Richter, 2016. "A Conceptual Culture Model for Design Science Research," International Journal of Business and Social Research, LAR Center Press, vol. 6(3), pages 1-19, March.
    3. Isabelle Le Breton–Miller & Danny Miller, 2015. "The Arts and Family Business: Linking Family Business Resources and Performance to Industry Characteristics," Entrepreneurship Theory and Practice, , vol. 39(6), pages 1349-1370, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    family business; values; goals; management; Romania;
    All these keywords.

    JEL classification:

    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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