Family Business Image and Reputation. A Model of the Influencing Factors, Actions, and Effects

Abstract

One of the key elements for family business success lies in the fact that they are being perceived as companies' part of the community with an approachable image, projecting a human figure, and contributing to the local economy. Nowadays, brands are not only offering functional but also emotional benefits, seeking to be distinguished as generating positive experiences. Family businesses are being associated with the socially emerging values of modern branding. Family companies have been traditionally recognized for their trustworthiness and integrity, but now they must pay more attention to their image and to develop an intelligent strategy to protect it and the company's reputation since it is an intangible asset, recognized and assessed by the stakeholders. The family business image and reputation are influencing the companies both financial and non-financial factors, these relations being the subject of several studies. This paper's purpose is to explore the knowledge surrounding these constructs and to integrate the findings into a more comprehensive model of the influencing factors and their relationships.