| Abstract: | This study, based on family business theories, offers an innovative vision of the Spanish cotton industry. It proves that Spanish cotton companies – just like their European counterparts – implemented a strategy that was consistent with their nature as family businesses and went beyond the economic-institutional frames within which they developed. The article identifies this strategy as ‘conservative’, because its main objectives were longevity and family control and because it was based on a high percentage of own resources, low levels of indebtedness and organic growth, thus sacrificing profitability for the sake of security. |
