Purpose This study aims to examine how continuity is reproduced in ultra-long-lived family firms across major historical transitions. Rather than treating corporate longevity as the cumulative result of static success factors, it investigates how historically embedded governance arrangements are preserved, recalibrated or destabilized over time. Through a comparative analysis of Kongo Gumi and Marinelli Bell Foundry, the study asks why one firm lost independent family continuity while the other preserved it. Design/methodology/approach The study adopts a qualitative, comparative historical case-design based on company histories, scholarly works, archival and institutional records, published interviews and media sources. Using a four-act periodization, it analyzes the firms through the Subject–Environment–Resource–Mechanism (SER-M) framework, interpreted as observable states, mechanisms and transitions. Findings Continuity in ultra-long-lived family firms is reproduced through distinct governance pathways rather than a single formula. Kongo Gumi sustained continuity through capability-oriented succession, artisanal competence and temple-based trust, but later adaptation detached from its historically legitimate core amid market expansion, debt dependence and standardized institutional expectations. Marinelli preserved continuity through lineage-centered stewardship by re-embedding heritage within locality, public meaning and cultural renewal. The comparison shows that heritage, family control and craftsmanship enhance continuity only when reorganized through viable governance arrangements. The study derives five theoretical propositions concerning historical SER alignment, succession, stewardship, contextual ambidexterity and SER-M reconfiguration. Originality/value The study reframes corporate longevity as a contingent governance accomplishment and advances SER-M as a dynamic framework of states, mechanisms and transitions.
Park et al. (Thu,) studied this question.