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Company Values – A Case Study of the Family Enterprise August Storck KG

Author

Listed:
  • Nikodemska-Wołowik Anna Maria

    (University of Gdańsk, Faculty of Economics, Gdańsk, Poland)

  • Marjański Andrzej

    (University of Social Sciences Łódź, Poland)

  • Brack Anna

    (August Storck KG Berlin, Germany)

Abstract

Objective: The article’s purpose is twofold: 1) to demonstrate how a corporate culture influences an enterprise’s success, and 2) how important it is to follow its values throughout the business down to each individual employee.Methodology: The study shows how the structure of a business and its success are affected by being family-owned company. The paper is based on expert individual semi-structured in-depth interviews with selected board members as well as the Chief Operating Officer (COO) of a foreign subsidiary.Findings: The findings illustrate how the guidelines set up by the mother company affect daily activities. Furthermore, the results indicate how the company’s objectives are accompanied by the defined corporate values, and how they are transferred to the management team and each employee.Value Added: The study, which is rather of a practical nature, proposes some management rules applying to the daily work of the Board, the COOs and the units abroad. This policy gives an insight how the family enterprise communicates its values and beliefs in order to maintain definite working practices around the world.Recommendations: The paper gives an insight into the international market challenges for family-owned businesses, using August Storck KG as an example. In any firm, corporate culture should be built on stable and timeless values repetitively displayed, reflected in all activities and internalized by the entire team. The key is the need to connect the company’s goals with the values resulting from being a family business. Consequently, employees have a great interest in a positive development of the firm and hence give their best working expertise to ensure it.

Suggested Citation

  • Nikodemska-Wołowik Anna Maria & Marjański Andrzej & Brack Anna, 2019. "Company Values – A Case Study of the Family Enterprise August Storck KG," Journal of Intercultural Management, Sciendo, vol. 11(1), pages 5-22, March.
  • Handle: RePEc:vrs:joinma:v:11:y:2019:i:1:p:5-22:n:1
    DOI: 10.2478/joim-2019-0001
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    References listed on IDEAS

    as
    1. John Bingham & W. Gibb Dyer & Isaac Smith & Gregory Adams, 2011. "A Stakeholder Identity Orientation Approach to Corporate Social Performance in Family Firms," Journal of Business Ethics, Springer, vol. 99(4), pages 565-585, April.
    2. Rajat Panwar & Karen Paul & Erlend Nybakk & Eric Hansen & Derek Thompson, 2014. "The Legitimacy of CSR Actions of Publicly Traded Companies Versus Family-Owned Companies," Journal of Business Ethics, Springer, vol. 125(3), pages 481-496, December.
    3. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2015. "The value of corporate culture," Journal of Financial Economics, Elsevier, vol. 117(1), pages 60-76.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    family enterprise; company culture; corporate values; internal market; external market;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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