Family business innovativeness: a tool for successful succession?
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F46747885%3A24310%2F23%3A00011414" target="_blank" >RIV/46747885:24310/23:00011414 - isvavai.cz</a>
Result on the web
<a href="https://doi.org/10.15240/tul/009/lef-2023-17" target="_blank" >https://doi.org/10.15240/tul/009/lef-2023-17</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.15240/tul/009/lef-2023-17" target="_blank" >10.15240/tul/009/lef-2023-17</a>
Alternative languages
Result language
angličtina
Original language name
Family business innovativeness: a tool for successful succession?
Original language description
Family businesses are founded with a vision of long-term sustainability and longevity over generations. Therefore, succession in a family business is an important prerequisite for achieving this goal, representing one of the greatest challenges for contemporary family businesses. We are now in an era in which the millennial generation, which is known for their interest in innovation and technology, is among the potential successors. However, the relationship between family business innovation as a potential motivating factor and the next generation’s intention to take over the family business has not been sufficiently investigated. This study examines the relationship between family businesses’ innovativeness and potential successors’ intention to take over the family business. On a sample of 18,000 responses from university students in the role of a potential successor to a family business, we demonstrate a positive correlation between the intention to take over a family business and the innovativeness of that business. Although the Cramér’s V coefficient indicates weak association, it is evident that the relative number of potential successors of family businesses increases with a higher rating of innovativeness. We also show that this trend has not changed over the last five years. The innovativeness of the family business plays an important role in the next generation‘s decision whether to continue with the business and ensure the longevity of the family business over generations. Our findings may therefore be relevant for owners of family businesses in addressing potential succession issues.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
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OECD FORD branch
50200 - Economics and Business
Result continuities
Project
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Continuities
S - Specificky vyzkum na vysokych skolach
Others
Publication year
2023
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
Liberec Economic Forum 2023, 5th – 6 th September 2023, Liberec, Czech Republic, EU
ISBN
978-80-7494-672-1
ISSN
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e-ISSN
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Number of pages
10
Pages from-to
152-161
Publisher name
Technical University of Liberec,
Place of publication
Liberec
Event location
Liberec
Event date
Jan 1, 2023
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
001582505100017