Typology of value perceptions of family business owners depending on the level of financial stability of enterprises

Abstract

Family business is the basis of small and medium-sized enterprises all over the world. The article presents the results of an empirical study of the differences in the value perceptions of small family business owners, depending on the level of financial stability of the enterprises. The author’s methodology was used to collect data, based on prototypical situations relevant to both the family and business spheres. The empirical sample comprised 129 owners of family companies with varying levels of financial stability. Significant differences in value orientations were identified. The results served as the basis for describing three psychological types of family business owners: «The Formalist-Pragmatist», «The Ethical Leader» and «The Dynasty Builder». The study demonstrates an increase in the maturity of the collective subject of the business family as the financial health of the enterprise improves: from an externally dependent type to a socially responsible one, and further to a value-oriented, reflexive type.