scholarly journals A családi vállalkozások pénzügyi sajátosságai (Specialities of Family Business Finances)

2012 ◽  
pp. 15-24
Author(s):  
Judit Csákné Filep
Keyword(s):  
Family Business ◽  
Financial Management ◽  
Family Businesses ◽  
The Family ◽  
Financial Challenges ◽  
Basic Characteristics ◽  
Relationship Of ◽  
The Relationship

A tanulmány a család és a vállalkozás pénzügyeinek kapcsolata, az utódlás finanszírozásának kérdései, a pénzügyi menedzsment, a hitelfelvétel és eladósodottság, a tőke forrása, a családon kívüli tőkebevonás és az eladás pénzügyi vonatkozásai mentén vizsgálja a családi vállalkozások pénzügyei sajátosságait. Ilyen sajátosságok bőséggel vannak, a családi cégek a nem családiaktól számos vonásukban különböznek, még pénzügyi tekintetben is egyedi jellemzőkkel bírnak. Ezek a pénzügyi ismérvek nem a szektorra jellemző diszfunkcionalitások, hanem a családi cégek alapvető jellemzőiből fakadó üzleti viselkedésmódok. A szerző jelen munkájában arra vállalkozik, hogy rávilágítson a családi vállalkozások pénzügyeinek ismérveire. ______ Family businesses play an important role in every economy of the world’s countries and they differ from non-family ones along several features. They have also unique characteristics in their financial affairs. The author of this work undertakes to highlight that the characteristics of family business finances are not improper functionalities of the sector but unique business behaviours of family businesses stemming from their basic characteristics. The study examines the peculiarities of family business finances along the relationship of financial affairs of the family and the business, the financial challenges of succession, the financial management, the source of the borrowing and the capital, the indebtedness and the financial aspects of selling.

scholarly journals Comparison of Family Business Supply Chain Integration of International and Non-International Food Industry Sector of Michoacán

2021 ◽  
Vol 11 (2) ◽  
Author(s):  
Bertha Molina-Quintana ◽  
María Berta Quintana-León
Keyword(s):  
Supply Chain ◽  
Family Business ◽  
Measurement Instrument ◽  
Family Businesses ◽  
Supply Chain Integration ◽  
Manufacturing Companies ◽  
Food Sector ◽  
The Family ◽  
Relationship Of ◽  
The Relationship

The purpose of this research is to compare the integration of the supply chain of international family businesses with the integration of the supply chain of non-international family businesses in the food sector of Michoacán, Mexico, in order to analyze whether there are differences between the relationship of companies with their suppliers and customers given the international context. The supply chain integration is measured through the methodology of arcs of integration, to graphically represent the integration towards suppliers or customers, illustrated through an arc. The measurement instrument was applied to 93 family food manufacturing companies, of which only 14 companies participate in the international market. Statistics such as ANOVA is used to analyze the data and obtain valid results. The study determined that the internationalization of the family business contributes significantly to the integration of the supply chain in terms of suppliers, but not in terms of customers.

Family succession, professionalization and internationalization: a study of Brazilian family businesses

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Augusto Dalmoro Costa ◽  
Aurora Carneiro Zen ◽  
Everson dos Santos Spindler
Keyword(s):  
Family Business ◽  
Family Members ◽  
Secondary Data ◽  
Family Businesses ◽  
Three Dimensions ◽  
Content Type ◽  
The Family ◽  
Two Generations ◽  
Internationalization Strategies ◽  
The Relationship

PurposeThe purpose of this paper is to investigate the relationship between family succession, professionalization and internationalization in family businesses within the Brazilian context.Design/methodology/approachThe paper presents a multiple-case study method with three Brazilian family businesses that have at least two generations of the owning family involved in the business and an international presence of at least three years. In-depth interviews and secondary data were undertaken with family and non-family members of each case.FindingsThe authors' results show that a family business can boost its internationalization by introducing both succession planning and professionalization on international activities. As family members tend to be more risk-averse and focused on keeping the family business within the family, professionalization is a way of improving the firm's ability to expand internationally. This process tends to lead to lower performance by the firm for the first few months or the first year after the investment, but afterward, international performance tends to grow exponentially.Originality/valueOnly a few studies have been concerned on the relationship of these three dimensions. Thus, the research takes into account that professionalization and succession lead family businesses to improve their internationalization strategies.

Direct and indirect effect of entrepreneurial orientation, family involvement and gender on family business performance

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Erny Rachmawati ◽  
Suliyanto ◽  
Agus Suroso
Keyword(s):  
Family Involvement ◽  
Family Business ◽  
Entrepreneurial Orientation ◽  
Business Performance ◽  
Family Businesses ◽  
Future Research ◽  
Content Type ◽  
The Family ◽  
The Relationship

PurposeThis study aims to determine the direct effect of entrepreneurial orientation on family business performance. This study also discusses the role of family involvement as a mediating variable and the role of gender as a moderating variable in the relationship between entrepreneurial orientation and family business performance.Design/methodology/approachA total of 328 hotels in Yogyakarta, Indonesia, were selected as samples by the convenience sampling method. Primary data is collected through structured questionnaires that are delivered by themselves to key people in the hotel such as owners, directors and key staff (HRD, financial, relationship). Hypotheses are tested by structural equation modeling procedures using AMOS 22.0. Sobel test is used to determine the indirect effect of the mediation variable.FindingsThe results showed that entrepreneurial orientation had no significant effect on family business performance. Family involvement acts as a full mediation in the relationship between entrepreneurial orientation and family business performance. Gender acts as a moderating variable that can strengthen the relationship between entrepreneurial orientation and family business performance. The results showed support for previous research.Research limitations/implicationsThe results of the study cannot conclude the national family business because it adopts convenience sampling and the sampling area is limited in Yogyakarta. Future research can use a larger sample. This study only researches hotels managed by family businesses, so it is not feasible to conclude for family businesses in general. Future research may choose to use several types of family businesses so that more varied results can be obtained. Future research could also compare hotels managed by family businesses with non-family businesses. The results also found that in addition to gender roles, respondent heterogeneity was an important component in the study of social identity. Therefore, research examining the influence of different cultures on the relationship between entrepreneurial orientation and family business performance should be an extraordinary topic for future study. Other results from this study also indicate that there is a role for religion in improving hotel performance. Future research is needed to further explore Islamic business modeling for family businesses.Practical implicationsThis finding has significant implications that can help family businesses in developing strategies that are suitable for business management. Entrepreneurial orientation occupies a strategic position in developing sustainable competitive advantage in the family business of the tourism sector especially the hotel business in Yogyakarta for the better. Besides, the results of the study also showed that entrepreneurial orientation had no significant effect on performance. This relationship becomes significant when combined with active family involvement. This finding also shows that entrepreneurial orientation has the potential to have a more beneficial effect because of the active involvement of the family in helping with business management, alleviating business-related problems, and having a significant influence when the family also acts as management.Social implicationsResearch findings indicate the role of gender in strengthening the relationship between entrepreneurial orientation and family business performance. This provides a good position for women in the social environment to show achievement. To place women on the side of gender equality and justice in the family business in Indonesia. By opening wider access for Indonesian women in the realm of business management, expanding women's participation in a family business, increasing the role of control for women, and increasing women's knowledge and skills to increase the benefits in managing family businesses so that they have sustainable resilience in the face of global competition.Originality/valueThe results of this study provide a new model in providing an overview of the direct and indirect roles (mediating and moderating) in the assessment of family business performance. This study uses three variables which are important in performance appraisal, namely entrepreneurial orientation (independent variable), family involvement (mediating variable) and gender (moderating variable). Where research that combines these four variables, directly and indirectly, has never been done before.

scholarly journals The role of conflict in the adoption of governance practices in family businesses

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asael Islas-Moreno ◽  
Manrrubio Muñoz-Rodríguez ◽  
Vinicio Horacio Santoyo-Cortés ◽  
Enrique Genaro Martínez-González ◽  
Norman Aguilar-Gallegos ◽  
...  
Keyword(s):  
Family Business ◽  
Agricultural Sector ◽  
Family Businesses ◽  
Content Type ◽  
Governance Systems ◽  
The Family ◽  
Governance Practices ◽  
Multiple Case ◽  
The Relationship

PurposeLittle is known regarding triggers in the adoption of governance practices within family businesses. Enterprises can implement governance practices to avoid re-arising conflicts lived in the past. Moreover, the type of conflicts experienced can determine the order in which different types of governance practices are adopted, another issue that requires further investigation. To address these knowledge gaps, this study gathers evidence into how the adoption of governance practices is linked to the conflicts experienced in family businesses and how this adoption evolves.Design/methodology/approachA multiple case study was conducted with 15 family businesses in the agricultural sector. The conflicts experienced throughout the enterprises' trajectories and the governance practices adopted were analysed and classified according to their relationship with the family, business and ownership subsystems.FindingsThe study shows that there is no direct link between the conflicts experienced and the governance practices adopted in family businesses. The most recurrent conflicts have to do with the relationship between family and ownership; however, the adoption of governance practices is centred on the relationship between business and ownership. The practices that mediate the relationship between family and business are adopted second, and the practices that mediate the relationship between family and ownership are adopted last.Originality/valueThe study applies a classification of conflicts and governance practices that adjusts to the complexity of the family business. The research contributes to the field by providing an understanding of the integration of knowledge about the family business, governance systems and conflict.

Succession planning and family business performance in SMEs

2017 ◽  
Vol 36 (3) ◽  
pp. 330-347 ◽  
Author(s):  
Mozhdeh Mokhber ◽  
Tan Gi Gi ◽  
Siti Zaleha Abdul Rasid ◽  
Amin Vakilbashi ◽  
Noraiza Mohd Zamil ◽  
...  
Keyword(s):  
Family Business ◽  
Succession Planning ◽  
Business Performance ◽  
Positive Impact ◽  
Family Businesses ◽  
Related Factors ◽  
Content Type ◽  
The Family ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to examine the impact of preparation level of heirs and the relationship between family and business members on the performance of family business in small- and medium-sized enterprises (SMEs) in Malaysia. Design/methodology/approach A quantitative research design involving the use of a survey questionnaire was implemented to investigate the influences of succession planning factors on the performance of family business in SMEs. The survey was conducted on 50 family business successors in Malaysian SMEs. Findings The result showed that the two studied factors – preparation level of heirs and the relationship between family and business members – have a positive impact on the performance of family business. Research limitations/implications The research concentrated on the performance of family business in SMEs in Malaysia’s southern region. The generalization therefore must be made very cautiously to the overall Malaysian SMEs. Practical implications The findings help family businesses to better understand the importance of the preparation level of heirs and the relationship between family and business members on business performance. This study shows the importance of key factors influencing succession planning so that the successor to the family business can bring the family firm to the next stage of success. Originality/value This study serves as a reference or guide for the management of family businesses to better understand the important factors for effective succession planning. It considers the best possible preparation and family-related factors affecting the end results of business, particularly in Malaysian SMEs.

Differences in management styles, levels of profitability, and performance across generations, and the development of the Family Business Success Model

2019 ◽  
Vol 32 (1) ◽  
pp. 32-50 ◽  
Author(s):  
Josiane Fahed Sreih ◽  
Robert N. Lussier ◽  
Matthew C. Sonfield
Keyword(s):  
Family Business ◽  
Financial Management ◽  
Emerging Market ◽  
Business Owners ◽  
Family Businesses ◽  
Business Success ◽  
Content Type ◽  
Success Model ◽  
The Family ◽  
Probability Of Success

Purpose The purpose of this paper is to, first, investigate the differences between generations in family businesses and, second, develop and verify the Family Business Success Model ability to improve the probability of business success measured by perceived profits, growth and meeting the owners’ expectations. Design/methodology/approach Data were collected through questionnaires and personal interviews. Overall, 98 usable questionnaires were collected for statistical analysis with a response rate of 82 percent. Findings One-way ANOVA hypotheses testing of the variables found four significant differences between generations. Regression analysis found the Family Business Success Model to be significant. Family business owners can improve the probability of success by utilizing a team-management decision-making approach, effectively handling conflict effectively, formulating specific succession plans, developing strategic plans, using sophisticated financial management methods, dealing effectively with the founder’s influence and if they seek to grow, they should consider going public. Practical implications This study provides family business owners, managers, educators and public policy makers with the means to help family businesses survive and grow effectively throughout generations by using the Family Business Success Model. In addition, this study can help consultants and advisors of family businesses to understand the differences between the first, second and third generation family businesses from a holistic perspective and help them implement the family business model. Originality/value This study contributes to the literature as one of the few studies in the Lebanese emerging market that examines how the first, second and third generations of family businesses differ. More importantly, it develops a Family Business Success Model that improves the probability of success.

Organizational Stories in a Family-Owned Business

1992 ◽  
Vol 5 (1) ◽  
pp. 3-24 ◽  
Author(s):  
Marion McCollom
Keyword(s):  
Family Business ◽  
System Dynamic ◽  
Business Systems ◽  
Business System ◽  
Retail Business ◽  
The Family ◽  
Organizational Stories ◽  
Relationship Of ◽  
The Relationship

This article explores the relationship of the family and business systems in a family-owned retail business. A group of 565 organizational stories collected in in-depth fieldwork is analyzed to reveal how family and nonfamily employees experience membership in a family business system. The argument is made that the stories reflect, in the events they describe and in the interpretations they offer, the day-to-day processes by which relations between the family and business systems are created and sustained. At Esteys, organizational stories help to construct a system dynamic that reinforces the family's influence over the business.

The influence of family business size on management activities, styles and characteristics

2008 ◽  
Vol 11 (2) ◽  
pp. 47-56 ◽  
Author(s):  
Matthew C. Sonfield ◽  
Robert N. Lussier
Keyword(s):  
Statistical Analysis ◽  
Empirical Study ◽  
Family Business ◽  
Financial Management ◽  
Family Members ◽  
Family Firm ◽  
American Family ◽  
Business Size ◽  
Relationship Of ◽  
The Relationship

This is an empirical study of family firm size, as measured by the number of employees, and the relationship of a firmʼs size to a variety of management activities, styles, and characteristics. A statistical analysis of data drawn from 159 American family businesses indicates significant differences by size with regard to the number of nonfamily members in top management, use of outside advisors, time spent engaged in strategic management, use of sophisticated methods of financial management, proportion of women family members involved in firm management, and level of conflict between family members. Implications are offered for family firm owner-managers, for those who assist such businesses, and for researchers in the field of family business.

scholarly journals Cultural Specificities of Succession’ Failure and Success in the Context of Unlisted Moroccan Family-Owned Businesses

2021 ◽  
Vol 12 (1) ◽  
pp. 130
Author(s):  
Azzeddine Allioui ◽  
Badr Habba ◽  
Taib Berrada El Azizi
Keyword(s):  
Family Business ◽  
Succession Planning ◽  
Large Family ◽  
Family Businesses ◽  
Structured Interviews ◽  
Succession Plan ◽  
The Family ◽  
Moroccan Family ◽  
Cultural Constraints ◽  
The Relationship

The purpose of this research aims to study the relationship between the cultural specificities of the Moroccan context and the success or failure of succession strategies (in terms of planning and process) in the case of Moroccan unlisted family businesses. Our study covered a sample of 20 unlisted Moroccan family businesses, 8 of which are SMEs, 6 are large firms, and 6 are VSEs, through a qualitative research based on semi-structured interviews with the managers of family businesses. Our results explain the influence of Moroccan cultural specificities on the success or failure of the transfer of family businesses. Indeed, these influences essentially manifest themselves in three antecedents: the succession planning that already reflects the intention to pass on the family business to the next generations, either by having a well-prepared plan, or an absence of a succession plan that leaves things to chance; the succession process that is influenced in part by specificities of Moroccan culture by granting privilege to the eldest male in the succession, and in another part this process becomes more rational by giving credit to successors competent to take over the family business in the case of large family businesses; and cultural constraints that are manifested mainly by the taboos surrounding the death of the predecessor and religious principles that similarly explain the different configurations of success or failure of the succession strategy of the family business. An extension of this work could be a multi-factor analysis in future researches.

scholarly journals Sustainability Practices in Australian Firms: The Effect of Family Control and the Generational Stage

2021 ◽  
Vol 13 (3) ◽  
pp. 1244
Author(s):  
Carlos Fernández-Méndez ◽  
Rubén Arrondo-García
Keyword(s):  
Risk Aversion ◽  
Family Business ◽  
First Generation ◽  
Central Element ◽  
Family Businesses ◽  
Family Control ◽  
The Family ◽  
Sustainability Practices ◽  
The Relationship ◽  
Generational Stage

This paper examines the effects of family control on a firm’s adoption of sustainability practices, with special attention given to the heterogeneity of the family business derived from the generational stage of the company. Using a panel of 166 Australian companies listed between 2011 and 2018, we found that family businesses have lower sustainability scores compared to non-family businesses, according to the predictions of the socioemotional wealth (SEW) approach. For a subsample of family businesses, we found that multi-generational family businesses score better on sustainability than firms managed by the founders (first-generation). The SEW perspective could explain the effects of family control based on the pursuit of non-economic goals and the higher risk-aversion of family businesses. The decline in non-economic goals resulting from the ageing of the company stimulates the adoption of better sustainability practices. The generational stage of a family business could be a moderator of the relationship between family control and the adoption of sustainability practices and is a central element in explaining the disparity in the sustainability policies within family businesses.

Sign in / Sign up

Export Citation Format

Share Document