The coexistence of family, ownership, and business: Conceptualizing entanglement and business family ownership
University of edinburgh MA Social Policy and Economics, United Kingdom.
Research Article
World Journal of Advanced Research and Reviews, 2024, 24(01), 2723–2734
Article DOI: 10.30574/wjarr.2024.24.1.2924
Publication history:
Received on 17 August 2024; revised on 21 October 2024; accepted on 25 October 2024
Abstract:
The primary objective of this research is to conduct a detailed analysis of the intricate interplay between family dynamics, ownership structures, and business operations in the context of family-owned firms. The study used a mixed-methods research design, which combines qualitative and quantitative research methodologies. Essentially, a multi-case study approach was used to investigate family-owned firms operating in several industries. Findings underscore the crucial significance of family engagement, the intricate influence of ownership structures and governance practices, the encountered difficulties, and the unique financial performance and strategic orientations of these firms. The increasing alignment of study findings stresses the importance of family involvement in promoting enhanced decision-making, long-term strategic outlooks, and organizational steadiness, ultimately leading to enhanced business results in family-owned firms. In addition, the implementation of appropriate governance mechanisms, such as the establishment of family councils and the promotion of diverse board compositions, plays a crucial role in facilitating seamless leadership transitions and exerting a favorable impact on corporate performance.
Keywords:
Business Family Ownership; Family Dynamics; Business Operations; Ownership Structures; Family-Owned Business; Ownership Structures
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0