FAMILY BUSINESS SUSTAINABILITY: DOES CULTURE AFFECT FAMILY BUSINESS SUCCESSION?
DOI:
https://doi.org/10.67199/dp9rae32Keywords:
Culture, family-owned businesses, founding generation, succession, sustainabilityAbstract
This study examined the effect of family culture and family business succession on family business sustainability among family-owned businesses in Cross River State, Nigeria. The study adopted a quantitative research approach using a descriptive survey design. The population comprised 210 employees drawn from 10 registered family businesses operating in Cross River State. Data were collected the use of questionnaire and analyzed using Structural Equation Modelling (SEM) with the aid of SPSS and AMOS software. Confirmatory Factor Analysis was conducted to establish the validity and reliability of the measurement model. The findings revealed that family culture has a significant positive effect on family business sustainability. The study also found that family business succession has a significant positive effect on family business sustainability. The results indicate that family businesses characterized by strong shared values, trust, commitment, family cohesion, and effective succession planning are more likely to achieve continuity and sustainability across generations. The study concludes that family culture and succession planning are critical determinants of family business sustainability. The study recommends that family business owners strengthen positive cultural values and institutionalize formal succession planning processes to ensure successful leadership transitions and long-term business continuity.
Keywords: Culture, family-owned businesses, founding generation, succession, sustainability.
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