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1 – 10 of over 100000Anneleen Michiels and Claudia Binz Astrachan
The primary aim is to renew academic discourse on financial education in business families. It emphasizes the need for effective financial literacy programs to foster a healthier…
Abstract
Purpose
The primary aim is to renew academic discourse on financial education in business families. It emphasizes the need for effective financial literacy programs to foster a healthier relationship with money, addressing both technical aspects of finance and its psychological and relational impacts among family members.
Design/methodology/approach
This perspective article explores the impact of money education within business families. It discusses the psychological effects of money education on family dynamics and decision-making in family businesses. The research draws on previous studies, surveys and practical examples to highlight the importance of financial education and its implications on family and business sustainability.
Findings
Financial education is essential in business families as it enables more meaningful discussions on money and wealth, fostering informed decisions and decreasing conflict. Yet, it is often overlooked. There is a need for academic research into effective strategies for financial education for family members and the effects of financial literacy, or its absence, on various aspects of the business and the family system. The article presents a selection of pertinent questions for future research in this domain.
Originality/value
This article contributes to the family business field by underscoring the gap in scholarly research on money education within family businesses. It advocates for comprehensive financial education strategies that balance technical knowledge with an understanding of the psychological and relational aspects of money.
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Keywords
This perspective article aims to summarise the understanding of the link between regional development and family business and explore potential pathways for further investigations.
Abstract
Purpose
This perspective article aims to summarise the understanding of the link between regional development and family business and explore potential pathways for further investigations.
Design/methodology/approach
This study employed a scoping review methodology which attempts to explore a new topic of study and unveil its main concepts and relationships.
Findings
This study emphasises the need to enhance the cross-fertilisation of knowledge to bridge the gap between studies on regional development and family business. In addition to the traditional research pathways towards discerning the impact of formal and informal institutional contexts and economic and geographical locations on family business behaviour and performance, this perspective article encourages future researchers to delve into the regional-level mechanisms through which family businesses can influence and contribute to regional economic and social outcomes.
Originality/value
This perspective study employs a context theorising lens to examine the connection between regional development and family business.
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Liliana Dewi, Eko Budi Santoso and Kazia Laturette
This study aims to see the importance of the father's role and the responsibility of ownership in three family companies in Indonesia. The family company's success cannot be…
Abstract
This study aims to see the importance of the father's role and the responsibility of ownership in three family companies in Indonesia. The family company's success cannot be separated from the father's role, responsible as the family company's owner. The study used a qualitative approach method. This study is based on interviews with three different family companies. Our findings present that those fathers who have prepared early and involve the second generation in the family business are more adaptable to business. An interesting finding is that it depends, however, on the interests of the next generation. For example, if the next generation prefers operations, this is not easy to reconcile with their father's desire to focus on marketing. In the twenty-first century, especially during the COVID-19 pandemic, entrepreneurship has changed. The family businessman's role is increasingly important amid market dynamics so that it affects globally.
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Carmen Nebot and Javier Morales Mediano
The principal objective of this study is to identify and recommend auspicious research directions within the field of family business research, with a specific focus on the wealth…
Abstract
Purpose
The principal objective of this study is to identify and recommend auspicious research directions within the field of family business research, with a specific focus on the wealth creator. In conjunction with these research trajectories, the paper also aims to elucidate the potential implications of cultivating these lines of inquiry on the existing family business literature.
Design/methodology/approach
This perspective paper adopts a comprehensive approach to examine the multifaceted role of the wealth creator in the context of family businesses. It reviews the last decades of research that resulted in the identification of this role within family business and proposes future research avenues to further address their characterization and importance.
Findings
Investigating the wealth creator's attributes can provide insights into their role, the importance of timely identification and its preparatory elements. Furthermore, this exploration can shed light on the dynamics of inter-family relationships within family businesses and enrich the literature on power transition and continuity in family enterprises. Additionally, the maturation of the wealth creator concept may significantly impact the management of wealth portfolios, facilitating smoother wealth transfer, strategic portfolio management and the preservation of multi-generational wealth.
Originality/value
This research offers a diverse understanding of the role of the wealth creator in family businesses. The findings also enhance the comprehension of family business dynamics, enriching the literature on succession. Lastly, the offered research avenues contribute to addressing the challenges of sustaining family wealth and ensuring the continuity of family businesses across generations.
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Doreen Nyarko Anyamesem Odame and Robert E. Hinson
Despite the potential benefits of family businesses, their dynamics present peculiar challenges that hinder the realisation of their full potential. This paper sought to assess…
Abstract
Purpose
Despite the potential benefits of family businesses, their dynamics present peculiar challenges that hinder the realisation of their full potential. This paper sought to assess the relationship between family dynamics and business development in Africa. The authors explored the dynamics of African family structures and how these structures impact family businesses.
Design/methodology/approach
The paper adopted an analytical and interpretative approach to existing literature and contemporary practices in family business operations. The approach helped to synthesise emerging trends in family business operations and offered novel insights into family-owned businesses.
Findings
The findings revealed that, though family businesses have a lot to contribute to development, family dynamics can threaten their sustainability if not well moderated. Based on the findings, the authors recommend trust and transparency as critical pillars for sustained family-owned business growth. They recommend further that communication channels, documented policies and procedures and well-established feedback channels are strategies that can guide stakeholders in family businesses to build trust and transparency in the business.
Originality/value
The paper throws light on the unique contributions of family businesses to communities and individuals and the Sustainable Development Goals (SDG). It is also an eye-opener to this relatively grey area and opens deeper discussions about sustaining family businesses.
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