Family Businesses Research
This research paper discusses issues concerning family business. The paper will be divided into: the purpose of the study section which will be able to is to compare and measure differences of the levels the family business. Under the methodology/ approach and design section, this research used survey method, ANCOVA analysis was used to determine the differences of the family business, and later pairwise comparison was used to determine the planning succession of the family businesses in the different countries. Findings; the paper found that there was significant statistical differences in the family business in some of the countries however in a country like India there was not differences. In the literature review section there was large research work done under business research.
Keywords: Family business, succession planning and Family firms
Some of the most researched work of the decade is the interpersonal family dynamics and succession family business planning. In this research the most important aspect is how the business top managers face succession planning. The most vital section for the review of the business succession plans goes to the family firms. The most importance of succession planning is emphasized on the practitioner oriented study as many books cover family business management. This research analyzes data from database of 673 family businesses in seen countries. The purpose of the research was to compare and measure the differences in the level of succession planning.
Does succession planning affect the running of small and big business? How does succession planning affect the business? What are the possible strategies that the countries will used to solve business succession planning if it’s on a bad stand?
Research Hypothesis/ Purpose of Study
The degree of family business succession planning varies significantly by country. The purpose of the research was to compare and measure the differences in the level of succession planning.
Limitation of study
i. The use of single self reported data and single measure of succession planning was a being problem for the study
ii. The use of a small sample size and that there existed large number of employees in some of the countries. This led to biasness.
The earliest analysis of succession of family business based its research on the common resistance or unwillingness of the first family business owners to control their business to the next successors. With reference to this many theories and explanations have been suggested to explain the poor succession rates in the past. Some of these theories and explanations are the fear of the business failure in terms of income and performance, the psychological loss of image and role, and unpredictable managerial ability of the family successors. Some models have been raised to be able to identify and describe the variable that leads to effective business succession. Some of the variables evaluated are business specific, successor related, succession process related, family specific, and predecessor related.
Some of the factors that influence the success of the business are important to be discussed. This includes continuity and the culture of family firms and cross family relationships. The comparison of development and successor planning in non-family and family firms is also important in order to link relationship oriented forms of successor development.
The data was collected using a survey method. The survey questions were obtained from and existing published family business review. The survey instrument was accompanied by verbal instruction in my country but those that were supposed to be conducted in other countries were accompanied by cover letters. The reason for choosing this research method was that the respondents could easily find the definition of the family business and it provided close analysis of feedback.
The sample designed was constructed in a way to provide a large global coverage. This was done to avoid sample biasness. The definition of the population was by listing of the family businesses using a simple random sample.
The dependent variables were tested using Likert scale of 1-7, 7 showing the greatest move of succession planning. For the test of the hypothesis the country was used as the independent variables. To be able to control numbers of employees, the age of the family business and the the type of business ownership the study used covariates.
To be able to control numbers of employees, the age of the family business and the type of business ownership the study used ANCOVA analysis was used. Bivariate correlation was run alongside the covariates. After using the four correlations the effects was very low hence it was concluded that multicollinearity was not problematic.
I recommended that further research be done that will include data triangulation and multiple measures in family business succession planning. Larger sample size and inclusion of the small business in future research was also recommended.
Limitation of study
iii. The use of single self reported data and single measure of succession planning was a being problem for the study
iv. The use of a small sample size and that there existed large number of employees in some of the countries. This led to biasness.
The importance of this study was to provide knowledge in the succession of family business in the world. The fear that exists between managers of the family business should be dropped and pave way for future successors.
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