The electric power industry, as one of the country's critical infrastructures for economic and industrial development, requires effective management and governance systems at the level of specialized parent companies to ensure the continuity of reliable services, enhance organizational performance, and improve operational efficiency. In this context, parenting strategy serves as an important mechanism for creating synergies, optimizing resource allocation, developing organizational capabilities, and preventing value destruction, thereby enhancing value creation and overall performance within corporate groups. This study aims to develop a conceptual model of the decision-making logic employed by parent-company managers in formulating a value-creating parenting strategy. A qualitative research approach was adopted using thematic analysis. Data were collected through semi-structured interviews with 17 senior executives from Iran's electric power industry until theoretical saturation was achieved. Data coding, categorization, and thematic analysis were conducted using MAXQDA software. The findings resulted in the identification of 97 initial codes, which were organized into 10 thematic categories and three interrelated stages: (1) Identification of Strategic Parenting Issues (including the corporate mission and strategic agenda, the achievability of group objectives, environmental challenges, and internal organizational factors); (2) Strategic Diagnosis (including a dual internal assessment of the value-creating system and the organizational system, together with an external assessment of stakeholders, industry participants, and environmental trends); and (3) Value Creation (including the design of synergy opportunities and the formulation of appropriate governance and control strategies). The proposed conceptual model elucidates the decision-making logic and strategic reasoning adopted by parent company managers in selecting a value-creating parenting strategy and provides a practical framework for supporting strategic decision-making. The application of this model in Iran’s electricity industry can enhance the quality of parent company interventions, avoid initiatives that lack parenting advantage, reduce the risk of value destruction, strengthen sustainable synergies, and ultimately improve the productivity and performance of subsidiary companies.