Family Business Innovativeness: A Tool for Successful Succession?

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dc.contributor.authorSkrbková, Denisa
dc.contributor.authorRydvalová, Petra
dc.contributor.authorLinhart, Ondřej
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2023-09-27T12:40:58Z
dc.date.available2023-09-27T12:40:58Z
dc.description.abstractFamily 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.en
dc.formattext
dc.identifier.doi10.15240/tul/009/lef-2023-17
dc.identifier.isbn978-80-7494-627-1
dc.identifier.urihttps://dspace.tul.cz/handle/15240/172833
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
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dc.relation.ispartofLiberecké ekonomické fórum 2023cs
dc.relation.ispartofLiberec Economic Forum 2023en
dc.subjectfamily firmsen
dc.subjectsuccession intentionen
dc.subjectpotential successoren
dc.subjectinnovationen
dc.subjectmillennialsen
dc.subject.classificationO30
dc.subject.classificationM21
dc.subject.classificationJ53
dc.titleFamily Business Innovativeness: A Tool for Successful Succession?en
dc.typeproceeding paperen
local.accessopen
local.citation.epage161
local.citation.spage152
local.facultyFaculty of Economics
local.fulltextyes
local.relation.abbreviationLEFcs
local.relation.abbreviationLEFen
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