Abstract
Sustainability has been interpreted in family business research as the outcome of typical organizational dynamics, such as a moderate aversion to risk and a lack of intent to innovate. Drawing on the systems theory, this study identifies the key drivers for a broader conceptualization of sustainability for family businesses, based on the interplay of three interacting systems. A multiple case study research design involving companies belonging to Les Henokiens (an association of bicentenary family businesses) has been conducted in this systemic conceptualization. Unlike the assumptions presented in other research, our proposals suggest that fluctuating levels of risk taking and propensity to innovate may be a management response that occurs when the equilibrium of these interacting systems is in danger. This study's contribution is that it validates the systems theory as the leading theoretical perspective in family business research, which may help overcome ‘management paradoxes’ resulting from the overlap of conflicting systems. © 2018 John Wiley & Sons, Ltd.
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