Vitality and continuity of family businesses
Abstract
The article aims to explain the reasons and the methods for evaluating the vitality of the family businesses with a focus on a country where family businesses were violently interrupted by forty years of the socialist regime. The intention is to find out, in connection with the vitality of family businesses, whether it is possible to define the factors that enabled the subsequent continuity of this type of business, for instance, the sector that is relevant to the region. The authors draw on a resource-based view as well as the specifics of the family-owned business in an institutional context. They comment on the behaviour of family business from three perspectives – legal, managerial and economic. The intention of knowledge/evaluation system presented is to find the weaknesses in the family business structures in the Czech Republic, which opens the opportunity for the succession process and the subsequent professionalization of their solutions. The methodology is presented in ten case studies. The results of the evaluation showed considerable compliance with those assumptions defined in the literature on those family businesses that continued uninterrupted.
Keyword : family business, continuity, succession, resource-based view, adaptation, tradition, vitality
How to Cite
Rydvalova, P., & Antlova, K. (2020). Vitality and continuity of family businesses. Journal of Business Economics and Management, 21(5), 1432-1450. https://doi.org/10.3846/jbem.2020.13433
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Administrativní registr ekonomických subjektů. (2018). Registry of economic subjects. Ministry of Finance of the Czech Republic. https://wwwinfo.mfcr.cz/ares/ares_es.html.cz
Alayo, M., Iturralde, T., Maseda, A., & Aparicio, G. (2020). Mapping family firm internationalization research. Review of Managerial Science. https://doi.org/10.1007/s11846-020-00404-1
Alonso, D., Kok, S., & O’Shea, M. (2018). Family businesses and adaptation: A dynamic capabilities approach. Journal of Family and Economic Issues, 39, 683–698. https://doi.org/10.1007/s10834-018-9586-3
Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking and Finance, 36(6), 1744–1758. https://doi.org/10.1016/j.jbankfin.2012.01.018
Antlova, K., Rydvalova, P., & Popelinsky, L. (2017). Knowledge-based system for assessing vitality of family businesses in the Czech Republic. In Proceedings of 13th International Conference on Liberec Economic Forum (pp. 181–187). Technical University of Liberec.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120. https://doi.org/10.1177/014920639101700108
Battisti, G., & Iona, A. (2009). The intra-firm diffusion of complementary innovations: Evidence from the adoption of management practices by British establishments. Research Policy, 38(8), 1326–1339. https://doi.org/10.1016/j.respol.2009.06.002
Beck, L., Janssens, W., Debruyne, M., & Lommelen, T. (2011). A study of relationship between generation, market orientation and innovation in family firms. Family Business Review, 24(3), 252–272. https://doi.org/10.1177/0894486511409210
Campbell, K., & Jerzemowska, M. (2017). Contested takeovers of family firms and socioemotional wealth: a case study. Baltic Journal of Management, 12(4), 447–463. https://doi.org/10.1108/BJM-12-2016-0277
Cabrera-Suarez, M. K., Garcia-Almeida, D. J., & De Saa-Perez, P. (2018). A dynamic network model of the successor’s knowledge construction from the resource- and knowledge-based view of the family firm. Family Business Review, 31(2), 178–197. https://doi.org/10.1177/0894486518776867
Cano-Rubio, M., Fuentes-Lombardo, G., & Vallejo-Martos, M. C. (2017). Influence of the lack of a standard definition of “family business” on research into their international strategies. European Research on Management and Business Economics, 23(3), 132–146. https://doi.org/10.1016/j.iedeen.2016.10.002
Chirico, F., & Nordqvist, M. (2010). Dynamic capabilities and transgenerational value creation in family firms: The role of organizational culture. International Small Business Journal, 28(5), 487–504. https://doi.org/10.1177/0266242610370402
Chrisman, J. J., Chua, J. H., & Sharma, P. (2005a). Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555–576. https://doi.org/10.1111/j.1540-6520.2005.00098.x
Chrisman, J., Chua, J., & Steier, L. (2005b). Sources and consequences of distinctive familiness: An introduction. Family Business Review, 15(1), 45–58.
Chua, H. J., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behaviour. Entrepreneurship: Theory and Practice, 23(4), 19–39. https://doi.org/10.1177/104225879902300402
Coase, R. H. (1937). The nature of the firm. Economica, 4(16), 386–405. https://doi.org/10.1111/j.1468-0335.1937.tb00002.x
Corral, S. L., & Rebori, A. (2019). Diversification of the family business in emerging countries from the perspective of socio-emotional wealth. Cuadernos de Administracion, 35(63), 89–100. https://doi.org/10.25100/cdea.v35i63.6938
Craig, J. B. L., & Moores, K. (2006). A 10-year longitudinal investigation of strategy, systems, and environment on innovation in family firms. Family Business Review, 19(1), 1–10. https://doi.org/10.1111/j.1741-6248.2006.00056.x
Craig, J., & Dibrell, C. (2006). The natural environment, innovation, and firm performance: A comparative study. Family Business Review, 19(4), 275–288. https://doi.org/10.1111/j.1741-6248.2006.00075.x
Crook, T. R., Ketchen Jr., D., Combs, J. G., & Todd, S. Y. (2008). Strategic resources and performance: A meta-analysis. Strategic Management Journal, 29(11), 1141–1154. https://doi.org/10.1002/smj.703
Cucculelli, M., & Storai, D. (2015). Family firms and industrial districts: Evidence from the Italian manufacturing industry. Journal of Family Business Strategy, 6(4), 234–246. https://doi.org/10.1016/j.jfbs.2015.07.002
Dalpiaz, E., Tracey, P., & Phillips, N. (2014). Succession narratives in family business: The case of Alessi. Entrepreneurship Theory and Practice, 38(6), 1375–1394. https://doi.org/10.1111/etap.12129
Dana, L., & Ramadani, V. (2015). Family businesses in transition economies. Springer. https://doi.org/10.1007/978-3-319-14209-8
Denzin, N. K., & Lincoln, Y. S. (Eds.). (1994). Handbook of qualitative research. Sage.
De Massis, A., Frattini, F., Kotlar, J., Petruzzelli, A. M., & Wright, M. (2016). Innovation through tradition: lessons from innovative family businesses and directions for future research. Academy of Management Perspectives, 30(1), 93–116. https://doi.org/10.5465/amp.2015.0017
Duart, A., Kok, S., & O’Shea, M. (2018). Family businesses and adaptation: A dynamic capabilities approach. Journal of Family and Economic Issues, 39, 683–698. https://doi.org/10.1007/s10834-018-9586-3
Fang, H., Memili, E., Chrisman, J. J., & Welsh, D. (2012). Family firms’ professionalization. Small Business Institute Journal, 8(2), 12–34.
Feliu, N., & Botero, I. C. (2016). Philanthropy in family enterprises: A review of literature. Family Business Review, 29(1), 121–141. https://doi.org/10.1177/0894486515610962
Felzensztein, C., Deans, K. R., & Dana, L.-P. (2018). Small firms in regional clusters: Local networks and internationalization in the Southern Hemisphere. Journal of Small Business Management, 57(2), 496–516. https://doi.org/10.1111/jsbm.12388
Fox-Wolfgramm, S. J. (1997). Towards developing a methodology for doing qualitative research: The dynamic-comparative case study method. Scandinavian Journal of Management, 13(4), 439–455. https://doi.org/10.1016/S0956-5221(97)00028-6
Frank, H., Kessler, A., Rusch, T., Suess-Reyes, J., & Weismeier-Sammer, D. (2017). Capturing the familiness of family businesses. Entrepreneurship Theory and Practice, 41(5), 701–742. https://doi.org/10.1111/etap.12229
Hatum, A., & Pettigrew, A. (2004). Adaptation under environmental turmoil: Organizational flexibility in family-owned firms. Family Business Review, 17(3), 237–258. https://doi.org/10.1111/j.1741-6248.2004.00016.x
Hlavacka, M. & Bek, P. (2018). Family entrepreneurship in modern time. AV CR.
Kappel, R. F. (1960). Vitality in a business enterprise. McGrow-Hill Book Company.
Konopaski, M., Jack, S., & Hamilton, J. (2015). How family business members learn about continuity. Academy of Management Learning & Education, 14(3), 347–364. https://doi.org/10.5465/amle.2014.0244
Lee, T. (2019). Management ties and firm performance: Influence of family governance. Journal of Family Business Strategy, 10(2), 105–118. https://doi.org/10.1016/j.jfbs.2018.12.003
Leiss, G. & Zehrer, A. (2018). Intergenerational communication in family firm succession. Journal of Family Business Management, 8(1), 75–90. https://doi.org/10.1108/JFBM-09-2017-0025
Lumpkin, G. T., & Brigham, K. H. (2011). Long-term orientation and intertemporal choice in family firms. Entrepreneurship: Theory and Practice, 35(6), 1149–1169. https://doi.org/10.1111/j.1540-6520.2011.00495.x
Marshall, A. (2013). Principles of economics (8th ed.). Palgrave Macmillan (Original work published 1890).
Maxwell, J. A. (2012). Qualitative research design (3rd ed.). Sage.
Miller, D., & Breton-Miller, L. (2006). Family governance and firm performance. Family Business Review, 19(1), 73–87. https://doi.org/10.1111/j.1741-6248.2006.00063.x
Ministry of Industry and Trade. (2019). Family businesses lived to see the definition of family business approved by the government. https://www.mpo.cz/en/guidepost/for-the-media/press-releases/familybusinesses-lived-to-see-the-definition-of-family-business-approved-by-the-government---246241
Miller, D., Le Breton, I., Miller, R., Lesterc. A., & Cannella, A. (2007) Are family firms really superior performers?, Journal of Corporate Finance, 13(5), 829–858. https://doi.org/10.1016/j.jcorpfin.2007.03.004
Naldi, L., Cennamo, C., Corbetta, G. & Gomez-Mejia, L. (2013). Preserving socioemotional wealth in family firms: Asset or liability? Theory and Practice, 37(6), 1341–1360. https://doi.org/10.1111/etap.12069
Norton, D. P., & Kaplan, R. S. (1996). The balanced scorecard. Harvard Business School Press.
Parada, J. J. (2001). Original institutional economics. Oeconomicus, V(Fall 2001), 46–60.
Perry, C. (1998). Processes of a case study methodology for postgraduate research in marketing. The European Journal of Marketing, 32(9–10), 785–802. https://doi.org/10.1108/03090569810232237
Pollak, H. (2003). How to restore the viability of downstream businesses. C. H. Beck.
Rybka, Z. (2017). Principles of the Bata management system (3rd ed.). The Alumni Club of the Bata School of Work.
Saiz-Álvarez, J. M., Leitão, J., & Palma-Ruiz, J. M. (2019). Entrepreneurship and family business vitality. Handbook of Research on Entrepreneurial Leadership and Competitive Strategy. Springer International Publishing. https://doi.org/10.4018/978-1-5225-8012-6
Strach, P. (2007). Writing teaching and research case studies. Acta Oeconomica Pragensia, 15(3), 22–36. https://doi.org/10.18267/j.aop.62
Tan, B. I., Wong, K. L., & Choong, C. K. (2015). Can TQM improve the sustainability of family owned business? International Journal of Innovation and Learning, 17(2), 174–186. https://doi.org/10.1504/IJIL.2015.067406
Teece, D. J., Pisano, G. & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
Teece, D. J. (2018). Business models and dynamic capabilities. Long Range Planning, 51(1), 40–49. https://doi.org/10.1016/j.lrp.2017.06.007
Teichova, A. (2010). The Czechoslovak economy 1918–1980. Routledge revivals. Routledge.
Tobak, J., Nagy, A., Peto, K., Fenyves, V., & Nabradi, A. (2018). The main factors determining effective operation in case of a family business. International Journal of Entrepreneurial Behaviour & Research, 24(6), 1065–1074 https://doi.org/10.1108/IJEBR-04-2018-0203
Technická Univerzita v Liberci. (2018). Method of evaluating the family business vitality – brief summary. https://efis.tul.cz/td03000035/upload/Method_of_Evaluating_the_Family_Business_Vitality___Brief_Summary.pdf
Veblen, T. (2003). The theory of business enterprise. C. Scribner’s Sons. Econ. Papers. https://socialsciences.mcmaster.ca/econ/ugcm/3ll3/veblen/busent/index.html
Veider, V., & Kallmuenzer, A. (2016). Assessing long-term orientation among founder- and descendantled firms. Journal of Family Business Management, 6(1), 2–22. https://doi.org/10.1108/JFBM-07-2015-0027
Westhead, P., & Howorth, C. (2006). Identification of different types of private family firms. Handbook of Research on Family Business. (pp. 180–195). Edward Elgar. https://doi.org/10.4337/9781847204394.00020
Williams, R. I., & Mullane, J. (2019). Family leadership succession and firm performance. Knowledge and Process Management, 26(1), 32–40. https://doi.org/10.1002/kpm.1594
Zehrer, A., & Leiss, G. (2020). Intergenerational communication barriers and pitfalls of business families in transition-a qualitative action research approach. Corporate Communications, 25(3). https://doi.org/10.1108/CCIJ-03-2020-0056
Zellweger, T. (2017). Managing the family business. Edward Elgar Publishing.
Alayo, M., Iturralde, T., Maseda, A., & Aparicio, G. (2020). Mapping family firm internationalization research. Review of Managerial Science. https://doi.org/10.1007/s11846-020-00404-1
Alonso, D., Kok, S., & O’Shea, M. (2018). Family businesses and adaptation: A dynamic capabilities approach. Journal of Family and Economic Issues, 39, 683–698. https://doi.org/10.1007/s10834-018-9586-3
Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking and Finance, 36(6), 1744–1758. https://doi.org/10.1016/j.jbankfin.2012.01.018
Antlova, K., Rydvalova, P., & Popelinsky, L. (2017). Knowledge-based system for assessing vitality of family businesses in the Czech Republic. In Proceedings of 13th International Conference on Liberec Economic Forum (pp. 181–187). Technical University of Liberec.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120. https://doi.org/10.1177/014920639101700108
Battisti, G., & Iona, A. (2009). The intra-firm diffusion of complementary innovations: Evidence from the adoption of management practices by British establishments. Research Policy, 38(8), 1326–1339. https://doi.org/10.1016/j.respol.2009.06.002
Beck, L., Janssens, W., Debruyne, M., & Lommelen, T. (2011). A study of relationship between generation, market orientation and innovation in family firms. Family Business Review, 24(3), 252–272. https://doi.org/10.1177/0894486511409210
Campbell, K., & Jerzemowska, M. (2017). Contested takeovers of family firms and socioemotional wealth: a case study. Baltic Journal of Management, 12(4), 447–463. https://doi.org/10.1108/BJM-12-2016-0277
Cabrera-Suarez, M. K., Garcia-Almeida, D. J., & De Saa-Perez, P. (2018). A dynamic network model of the successor’s knowledge construction from the resource- and knowledge-based view of the family firm. Family Business Review, 31(2), 178–197. https://doi.org/10.1177/0894486518776867
Cano-Rubio, M., Fuentes-Lombardo, G., & Vallejo-Martos, M. C. (2017). Influence of the lack of a standard definition of “family business” on research into their international strategies. European Research on Management and Business Economics, 23(3), 132–146. https://doi.org/10.1016/j.iedeen.2016.10.002
Chirico, F., & Nordqvist, M. (2010). Dynamic capabilities and transgenerational value creation in family firms: The role of organizational culture. International Small Business Journal, 28(5), 487–504. https://doi.org/10.1177/0266242610370402
Chrisman, J. J., Chua, J. H., & Sharma, P. (2005a). Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555–576. https://doi.org/10.1111/j.1540-6520.2005.00098.x
Chrisman, J., Chua, J., & Steier, L. (2005b). Sources and consequences of distinctive familiness: An introduction. Family Business Review, 15(1), 45–58.
Chua, H. J., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behaviour. Entrepreneurship: Theory and Practice, 23(4), 19–39. https://doi.org/10.1177/104225879902300402
Coase, R. H. (1937). The nature of the firm. Economica, 4(16), 386–405. https://doi.org/10.1111/j.1468-0335.1937.tb00002.x
Corral, S. L., & Rebori, A. (2019). Diversification of the family business in emerging countries from the perspective of socio-emotional wealth. Cuadernos de Administracion, 35(63), 89–100. https://doi.org/10.25100/cdea.v35i63.6938
Craig, J. B. L., & Moores, K. (2006). A 10-year longitudinal investigation of strategy, systems, and environment on innovation in family firms. Family Business Review, 19(1), 1–10. https://doi.org/10.1111/j.1741-6248.2006.00056.x
Craig, J., & Dibrell, C. (2006). The natural environment, innovation, and firm performance: A comparative study. Family Business Review, 19(4), 275–288. https://doi.org/10.1111/j.1741-6248.2006.00075.x
Crook, T. R., Ketchen Jr., D., Combs, J. G., & Todd, S. Y. (2008). Strategic resources and performance: A meta-analysis. Strategic Management Journal, 29(11), 1141–1154. https://doi.org/10.1002/smj.703
Cucculelli, M., & Storai, D. (2015). Family firms and industrial districts: Evidence from the Italian manufacturing industry. Journal of Family Business Strategy, 6(4), 234–246. https://doi.org/10.1016/j.jfbs.2015.07.002
Dalpiaz, E., Tracey, P., & Phillips, N. (2014). Succession narratives in family business: The case of Alessi. Entrepreneurship Theory and Practice, 38(6), 1375–1394. https://doi.org/10.1111/etap.12129
Dana, L., & Ramadani, V. (2015). Family businesses in transition economies. Springer. https://doi.org/10.1007/978-3-319-14209-8
Denzin, N. K., & Lincoln, Y. S. (Eds.). (1994). Handbook of qualitative research. Sage.
De Massis, A., Frattini, F., Kotlar, J., Petruzzelli, A. M., & Wright, M. (2016). Innovation through tradition: lessons from innovative family businesses and directions for future research. Academy of Management Perspectives, 30(1), 93–116. https://doi.org/10.5465/amp.2015.0017
Duart, A., Kok, S., & O’Shea, M. (2018). Family businesses and adaptation: A dynamic capabilities approach. Journal of Family and Economic Issues, 39, 683–698. https://doi.org/10.1007/s10834-018-9586-3
Fang, H., Memili, E., Chrisman, J. J., & Welsh, D. (2012). Family firms’ professionalization. Small Business Institute Journal, 8(2), 12–34.
Feliu, N., & Botero, I. C. (2016). Philanthropy in family enterprises: A review of literature. Family Business Review, 29(1), 121–141. https://doi.org/10.1177/0894486515610962
Felzensztein, C., Deans, K. R., & Dana, L.-P. (2018). Small firms in regional clusters: Local networks and internationalization in the Southern Hemisphere. Journal of Small Business Management, 57(2), 496–516. https://doi.org/10.1111/jsbm.12388
Fox-Wolfgramm, S. J. (1997). Towards developing a methodology for doing qualitative research: The dynamic-comparative case study method. Scandinavian Journal of Management, 13(4), 439–455. https://doi.org/10.1016/S0956-5221(97)00028-6
Frank, H., Kessler, A., Rusch, T., Suess-Reyes, J., & Weismeier-Sammer, D. (2017). Capturing the familiness of family businesses. Entrepreneurship Theory and Practice, 41(5), 701–742. https://doi.org/10.1111/etap.12229
Hatum, A., & Pettigrew, A. (2004). Adaptation under environmental turmoil: Organizational flexibility in family-owned firms. Family Business Review, 17(3), 237–258. https://doi.org/10.1111/j.1741-6248.2004.00016.x
Hlavacka, M. & Bek, P. (2018). Family entrepreneurship in modern time. AV CR.
Kappel, R. F. (1960). Vitality in a business enterprise. McGrow-Hill Book Company.
Konopaski, M., Jack, S., & Hamilton, J. (2015). How family business members learn about continuity. Academy of Management Learning & Education, 14(3), 347–364. https://doi.org/10.5465/amle.2014.0244
Lee, T. (2019). Management ties and firm performance: Influence of family governance. Journal of Family Business Strategy, 10(2), 105–118. https://doi.org/10.1016/j.jfbs.2018.12.003
Leiss, G. & Zehrer, A. (2018). Intergenerational communication in family firm succession. Journal of Family Business Management, 8(1), 75–90. https://doi.org/10.1108/JFBM-09-2017-0025
Lumpkin, G. T., & Brigham, K. H. (2011). Long-term orientation and intertemporal choice in family firms. Entrepreneurship: Theory and Practice, 35(6), 1149–1169. https://doi.org/10.1111/j.1540-6520.2011.00495.x
Marshall, A. (2013). Principles of economics (8th ed.). Palgrave Macmillan (Original work published 1890).
Maxwell, J. A. (2012). Qualitative research design (3rd ed.). Sage.
Miller, D., & Breton-Miller, L. (2006). Family governance and firm performance. Family Business Review, 19(1), 73–87. https://doi.org/10.1111/j.1741-6248.2006.00063.x
Ministry of Industry and Trade. (2019). Family businesses lived to see the definition of family business approved by the government. https://www.mpo.cz/en/guidepost/for-the-media/press-releases/familybusinesses-lived-to-see-the-definition-of-family-business-approved-by-the-government---246241
Miller, D., Le Breton, I., Miller, R., Lesterc. A., & Cannella, A. (2007) Are family firms really superior performers?, Journal of Corporate Finance, 13(5), 829–858. https://doi.org/10.1016/j.jcorpfin.2007.03.004
Naldi, L., Cennamo, C., Corbetta, G. & Gomez-Mejia, L. (2013). Preserving socioemotional wealth in family firms: Asset or liability? Theory and Practice, 37(6), 1341–1360. https://doi.org/10.1111/etap.12069
Norton, D. P., & Kaplan, R. S. (1996). The balanced scorecard. Harvard Business School Press.
Parada, J. J. (2001). Original institutional economics. Oeconomicus, V(Fall 2001), 46–60.
Perry, C. (1998). Processes of a case study methodology for postgraduate research in marketing. The European Journal of Marketing, 32(9–10), 785–802. https://doi.org/10.1108/03090569810232237
Pollak, H. (2003). How to restore the viability of downstream businesses. C. H. Beck.
Rybka, Z. (2017). Principles of the Bata management system (3rd ed.). The Alumni Club of the Bata School of Work.
Saiz-Álvarez, J. M., Leitão, J., & Palma-Ruiz, J. M. (2019). Entrepreneurship and family business vitality. Handbook of Research on Entrepreneurial Leadership and Competitive Strategy. Springer International Publishing. https://doi.org/10.4018/978-1-5225-8012-6
Strach, P. (2007). Writing teaching and research case studies. Acta Oeconomica Pragensia, 15(3), 22–36. https://doi.org/10.18267/j.aop.62
Tan, B. I., Wong, K. L., & Choong, C. K. (2015). Can TQM improve the sustainability of family owned business? International Journal of Innovation and Learning, 17(2), 174–186. https://doi.org/10.1504/IJIL.2015.067406
Teece, D. J., Pisano, G. & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
Teece, D. J. (2018). Business models and dynamic capabilities. Long Range Planning, 51(1), 40–49. https://doi.org/10.1016/j.lrp.2017.06.007
Teichova, A. (2010). The Czechoslovak economy 1918–1980. Routledge revivals. Routledge.
Tobak, J., Nagy, A., Peto, K., Fenyves, V., & Nabradi, A. (2018). The main factors determining effective operation in case of a family business. International Journal of Entrepreneurial Behaviour & Research, 24(6), 1065–1074 https://doi.org/10.1108/IJEBR-04-2018-0203
Technická Univerzita v Liberci. (2018). Method of evaluating the family business vitality – brief summary. https://efis.tul.cz/td03000035/upload/Method_of_Evaluating_the_Family_Business_Vitality___Brief_Summary.pdf
Veblen, T. (2003). The theory of business enterprise. C. Scribner’s Sons. Econ. Papers. https://socialsciences.mcmaster.ca/econ/ugcm/3ll3/veblen/busent/index.html
Veider, V., & Kallmuenzer, A. (2016). Assessing long-term orientation among founder- and descendantled firms. Journal of Family Business Management, 6(1), 2–22. https://doi.org/10.1108/JFBM-07-2015-0027
Westhead, P., & Howorth, C. (2006). Identification of different types of private family firms. Handbook of Research on Family Business. (pp. 180–195). Edward Elgar. https://doi.org/10.4337/9781847204394.00020
Williams, R. I., & Mullane, J. (2019). Family leadership succession and firm performance. Knowledge and Process Management, 26(1), 32–40. https://doi.org/10.1002/kpm.1594
Zehrer, A., & Leiss, G. (2020). Intergenerational communication barriers and pitfalls of business families in transition-a qualitative action research approach. Corporate Communications, 25(3). https://doi.org/10.1108/CCIJ-03-2020-0056
Zellweger, T. (2017). Managing the family business. Edward Elgar Publishing.