1. bookVolume 11 (2019): Issue 1 (March 2019)
Journal Details
License
Format
Journal
eISSN
2543-831X
First Published
25 Apr 2014
Publication timeframe
4 times per year
Languages
English
access type Open Access

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

Published Online: 02 Jul 2019
Volume & Issue: Volume 11 (2019) - Issue 1 (March 2019)
Page range: 5 - 22
Journal Details
License
Format
Journal
eISSN
2543-831X
First Published
25 Apr 2014
Publication timeframe
4 times per year
Languages
English
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.

Keywords

JEL Classification

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