The Influence of Family Ownership on Budgeting Practices in Czech Firms

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F46747885%3A24310%2F24%3A00013092" target="_blank" >RIV/46747885:24310/24:00013092 - isvavai.cz</a>

Výsledek na webu

<a href="https://aak.slu.cz/getrevsrc.php?identification=673895466902f&mag=aak&raid=135&type=art&ver=2" target="_blank" >https://aak.slu.cz/getrevsrc.php?identification=673895466902f&mag=aak&raid=135&type=art&ver=2</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.25142/aak.2024.012" target="_blank" >10.25142/aak.2024.012</a>

Jazyk výsledku

angličtina

Název v původním jazyce

The Influence of Family Ownership on Budgeting Practices in Czech Firms

Popis výsledku v původním jazyce

The financial decision-making processes in family-owned enterprises have become a prominent subject due to the notable influence these businesses exert on national economies. This article seeks to identify and compare the standard budgeting practices of family and non-family firms within the Czech Republic, addressing a considerable gap in research and empirical confirmation concerning family businesses. While no significant differences were found in most financial management tools, the study identified differences in budgeting instruments, particularly in preparing income statements and budget monitoring and control frequency. Family businesses tend to involve owners in budget preparation, whereas non-family firms delegate this task to financial departments. Despite the lack of statistical significance in many areas, the study suggests that family businesses may face unique challenges in financial management due to factors like family dynamics and succession planning. Traditional budgeting methods remain dominant, with minimal adoption of modern approaches such as activity-based or flexible budgeting. To accomplish this objective, the study employs statistical analysis to identify potential familial impacts on different budgeting facets. The empirical research has been conducted through a questionnaire survey. Overall, the study provides valuable insights into the budgeting principles employed by Czech family businesses, encompassing the influence of family involvement, traditional budgeting criticism, ownership structure, financial decision-making, and business stability.

Název v anglickém jazyce

The Influence of Family Ownership on Budgeting Practices in Czech Firms

Popis výsledku anglicky

The financial decision-making processes in family-owned enterprises have become a prominent subject due to the notable influence these businesses exert on national economies. This article seeks to identify and compare the standard budgeting practices of family and non-family firms within the Czech Republic, addressing a considerable gap in research and empirical confirmation concerning family businesses. While no significant differences were found in most financial management tools, the study identified differences in budgeting instruments, particularly in preparing income statements and budget monitoring and control frequency. Family businesses tend to involve owners in budget preparation, whereas non-family firms delegate this task to financial departments. Despite the lack of statistical significance in many areas, the study suggests that family businesses may face unique challenges in financial management due to factors like family dynamics and succession planning. Traditional budgeting methods remain dominant, with minimal adoption of modern approaches such as activity-based or flexible budgeting. To accomplish this objective, the study employs statistical analysis to identify potential familial impacts on different budgeting facets. The empirical research has been conducted through a questionnaire survey. Overall, the study provides valuable insights into the budgeting principles employed by Czech family businesses, encompassing the influence of family involvement, traditional budgeting criticism, ownership structure, financial decision-making, and business stability.

Druh

J_ost - Ostatní články v recenzovaných periodicích

CEP obor

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OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Acta academica karviniensia

ISSN

2533-7610

e-ISSN

—

Svazek periodika

24

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

16

Strana od-do

68-83

Kód UT WoS článku

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EID výsledku v databázi Scopus

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