Purpose: Despite the great importance attributed to values in the family business, few studies have focused on their importance and on how such values influence the way family businesses behave over time. Using Aristotelian virtues as our main framework, the purpose of this paper is to...

Purpose: Despite agreement on the importance of adopting governance structures for developing competitive advantage, we still know little about why or how governance mechanisms are adopted in the first place. We also acknowledge that family businesses with formal governance mechanisms in place...