Evolution of Family Business
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Evolution of Family Business

Continuity and Change in Latin America and Spain

Edited by Paloma Fernández Pérez and Andrea Lluch

Family businesses are everywhere, but there is little information regarding their growth and development. This book is one of the few to analyse the identity and evolution of the largest family businesses in Latin America and Spain. With contributions from 20 scholars from 12 different countries, the book compares the relationship of families in business within their national economies, foreign capital, migration, and politics. The authors deny the existence of a ‘Latin type’ of family capitalism in their countries, and highlight diversity, and national and regional differences.
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Chapter 11: Evolution of the Peruvian large family business, 1896–2012

Martín Monsalve Zanatti


This chapter analyses the evolution of Peruvian large family businesses from 1896 to 2012. The variables that guide this study are the changes in the investment strategies of the large family firms, the relationship between the family firms and the financial system, and their capacity to react and adapt to the challenges represented by government economic policies. Taking these variables into account, the aim of this chapter is to show which factors have determined the evolution of Peruvian family firms, the longevity of some of them and their capacity to face the current challenge of the internationalization process. This study is divided into three periods that correspond to characteristics of the Peruvian economy and politics: (a) the formation of the large family businesses (1896–1960); (b) family business and the formation of new business groups during State-driven development (1960–90); and (c) restructuring of the Peruvian large family business (1990–2012). The proposal of this chapter is that economic-political changes generate different types of managerial attitudes in family businesses and that the longevity of a firm depends on the skill of its leaders to interpret the periods of change, and the capacity of the company to adapt to them. In methodological terms, this analysis is based on the annual reports of the companies, journalistic sources for the different periods and secondary sources.

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