“…Moreover, prior research has characterized the family‐owned firm as a company highly influenced by values created across generations (Merino, Monreal‐Pérez, & Sánchez‐Marín, 2015). Family firms, thereby, adopt a culture that is greatly rooted in the values and traditions (Daspit, Long, & Pearson, 2019) believing that family members have the power to make organizational decisions either as managers or owners (Sánchez‐Marín, Carrasco Hernández, del Valle, & Sastre‐Castillo, 2016). These firms adopt the early values established by the founder who takes the role of manager or owner and creates the foundation of organizational culture (Denison, Lief, & Ward, 2004; Laforet, 2016).…”