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.
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