Fernández-Roca, Fco. Javier2016-05-052016-05-052012Business History, 54(7): 1023 - 1054.0007-679110.1080/00076791.2012.692077http://hdl.handle.net/10433/1944This 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.application/pdfenTaylor & Francisfamily firmscotton firmsstrategiesSpainThe Strategies of the Spanish cotton textile companies before the Civil War: the road to longevityjournal articleopen access