This study clarifies how family firms use the vesting provision of incentive grants and calibrate the interests of non-family executives so that they merge better with the firms’ interests. Given the risks that family firms confront when they are considering strategic decisions, this study finds that family-owned firms provide more risk-based incentives to their non-family executives, primarily when the firms are performing below their aspirational level. Moreover, these firms rely more often on relative performance measures to assess the efficacy of their non-family executives as their performance deteriorates. These findings stand in stark contrast with the literature on this topic, which suggests that firms always use risk-based incentives and absolute performance measures to reward their executives regardless of the firms’ performance.

Family businesses are an important institution in any economy, as they contribute to the economic development of the nation, provide employment and support the needs of the society. Unresolved conflicts in a family business can hamper the economic growth, bring distress to the family and the people employed in the family business. Studies on conflicts have been a fascinating area for researchers.Studies on conflict range from intrapersonal to interpersonal, among nations, among trade unions and even among different interest groups. What is more alluring is to study conflicts in a family business, for they exhibit a uniqueinteraction among blood relations working together in a commercialenterprise. In the Indian context, understanding of conflicts is minimalas they are either ignored or suppressed. Its prominence is seen only atthe last phase when conflicts are manifested openly leading to disruption.There is a need to study conflicts in initial and middle phases in order to avert suchhuge losses. In this study the main methods included were chronological development of conflicts through case studies and cross sectional survey of 90 family businesses. System’s theory was used to study the nature of conflicts in family business. The family and business features were included in the study to provide a better understanding of conflict in family businesses. Studies have identified different conflicts like succession conflict, relationship conflict, work-family conflict and others. These studies have focused on uni dimensional or two dimensional perspective of conflicts. Conflicts do not occur in isolation and thus there was a need for a multi-dimensional perspective on conflicts in family business.This would in turn ensure better conflict management and resolution techniques. The multi-dimensional model included individual, familyand business characteristics to study their influence on different conflicts in family business. The model also examined how conflicts impact the individual, family and business at different levels. Thus variableslike family climate, psychological stress and business performance were included. There were six major conflicts relevant to family business that were identified and studied. They were, succession management and planning conflict, relationship conflict, process conflict, role conflict and work family conflict.To capture the different conflicts, the Family Business Issues (FBI) scale was developed. It was found that family business owners experienced different types of conflicts in varying degrees. The majorcontributions of the study are the development and standardization of ameasure called Family Business Issues Scale.This is useful to identify the areas that require attention with respect to conflict management for family businesses.It canbe used as a screening tool by consultants and practitioners working with family businesses. Family Business Performance questionnaire was constructed to capture the perceived business performance of the family businesses. Perceived Stress Scale, a standardized measure was used to capture the psychological stress among family business owners. These measures were used to capture the variables under study. Regression models werebuilt to test the hypothesis. Results of the survey were compared with descriptive longitudinal case studies. Triangulation of data from the empirical study from90 family business respondents and 4 case studies led to better understanding of nature and growth of conflicts.The results suggest that conflicts in family business occur in varying degrees, they work in a combination with family, business and individual characteristics. The sector of business, family type, type of business and generation do play significant roles in combination with conflicts to impact the family and business. The study highlights the strong influence the family systemsand business systems have on each other.The findings of the study can be a guide to researchers,theorists and consultants. The thesis proceeds in the following order, chapter one provides introduction to the concepts referred to in the study. Chapter two provides review of literature on conflicts in family business, types of conflicts, its impact on the individual, family and business. Chapter three explains the objectives, conceptual model, methodology, sample description, hypothesis developed for the study. Chapter four provides details about conflicts in family business and its antecedents and discusses ANOVA and Tukey’s results for the variables under study. It also provides information about questionnaire development and factor analysis results. Chapter five explains the regression models built to test the impact of family business conflicts on psychological stress, family climate and business performance.Chapter six provides details of the in depth case studies of four family business owners, themes that emerged, triangulation of results using the survey and case studies. Chapter seven deals with conclusions, suggestions, limitations and scope for future study. Implications of this study for research and practice are also discussed.

<p>Abstract</p><p>Problem According to previous research a successful succession requires a long-term plan. This is since the main problem causing companies to fail in succes-sions is seen to be the absence of planning, or that planning is not done well enough. But when the next generation is found outside the family or the family business, the succession is done quite fast, so long-term planning in advance does not seem to be that important after all. Therefore I question the importance of long-term planning, and what it includes, since I believe the outcome is decided by several interacting factors, and not by one alone.</p><p>Purpose The purpose with this thesis is to contribute to the debate concerning the need of long-term preparation before transitions of family businesses are done. This is done by comparing the characteristics of two successful suc-cession processes. One is a family business that has undertaken a shift within the family, and the other is a family business that has been sold ex-ternally. It will also take into account the kind of advices that comes from interviews with representatives of one bank and two audit firms, in order to find out their general view of the process.</p><p>Method This study was conducted through a qualitative method. The data was col-lected by interviewing representatives from two family businesses that have undertaken successions. In addition data was collected from representatives from one bank, and two audit firms. The characteristics in the data from these interviews have been compared to each other, and also to literature and research within the subject.</p><p>Conclusion Based on this study, I believe a view that takes into account all aspects is needed, since all aspects are equal important when a company undertakes a succession. As a result of this, long-term planning should not be seen as an aspect more important than any other. From the ancestors´ point of view long-term planning is foremost about how well-prepared the succession of the company has been, and the time until the succession is done. Long-term planning seen from the successors´ view is the time from when the succes-sion is done, and forward. This includes for example how the handing over process should be done, and how to secure that important knowledge stays within the company.</p>

Abstract Problem According to previous research a successful succession requires a long-term plan. This is since the main problem causing companies to fail in succes-sions is seen to be the absence of planning, or that planning is not done well enough. But when the next generation is found outside the family or the family business, the succession is done quite fast, so long-term planning in advance does not seem to be that important after all. Therefore I question the importance of long-term planning, and what it includes, since I believe the outcome is decided by several interacting factors, and not by one alone. Purpose The purpose with this thesis is to contribute to the debate concerning the need of long-term preparation before transitions of family businesses are done. This is done by comparing the characteristics of two successful suc-cession processes. One is a family business that has undertaken a shift within the family, and the other is a family business that has been sold ex-ternally. It will also take into account the kind of advices that comes from interviews with representatives of one bank and two audit firms, in order to find out their general view of the process. Method This study was conducted through a qualitative method. The data was col-lected by interviewing representatives from two family businesses that have undertaken successions. In addition data was collected from representatives from one bank, and two audit firms. The characteristics in the data from these interviews have been compared to each other, and also to literature and research within the subject. Conclusion Based on this study, I believe a view that takes into account all aspects is needed, since all aspects are equal important when a company undertakes a succession. As a result of this, long-term planning should not be seen as an aspect more important than any other. From the ancestors´ point of view long-term planning is foremost about how well-prepared the succession of the company has been, and the time until the succession is done. Long-term planning seen from the successors´ view is the time from when the succes-sion is done, and forward. This includes for example how the handing over process should be done, and how to secure that important knowledge stays within the company.

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Small and medium-sized businesses are a major contributor to many economies, but it is lesser known that some of these are also classified as family businesses. These family businesses are created due to the entrepreneurial mind set and ability of one or more of its founders, who identify an opportunity and seek to exploit such an opportunity. To be able to survive, sustain and grow the business they need to maintain at least their entrepreneurial orientation through other generations. Although these businesses face similar challenges, the literature showed that family businesses are very different to other non-family businesses due to their uniqueness and the overlapping of the family relationships. Family businesses represent a large proportion of the businesses registered world-wide, and they make an important contribution to economic growth and wealth creation in the world. South Africa is no exception and it is estimated by scholars that for the last 300 years family businesses have contributed to the South African economy. However, very few of these businesses will continue to exist after the first generation because of succession failure. This results in a great loss in skills and wealth transfer, and a change in the contribution to economic growth. Family business leaders need to learn how to manage the factors that affect the succession process. Researchers in family business literature acknowledge that leadership is vital to the success and survival of the firm. Leadership can be seen as a process of influencing the activities of an organised group in its efforts towards goal setting and goal achievement. Interestingly, family business researchers typically refer to succession and not leadership succession, and additionally, there is little crossover between the two fields of study and scholars rarely reference one another. Bridging this gap will greatly benefit the family business literature and will enhance the understanding of both fields of study. Therefore, the high failure rate for family businesses in the second and later generations has led to the problem that the succeeding generations might not have developed sufficient leadership practices to sustain the business performance of the family business. The aim of this study was to investigate whether there is a relationship between leadership practices and business performance. The results of this quantitative correlational study indicate that positive significant correlations exist between the occurrence of leadership practices and measures of business performance for first generation leaders of the selected family businesses. In addition, a disparity was found where effectively only two correlations existed between the variables for the second generation leaders. These results illuminate the potential differences in the ways that first and second generation leaders‘ lead family businesses. By empirically investigating the leadership practices of leaders in family businesses, this study has added to the limited quantity of leadership-related topics in family business literature. By way of the conceptual model developed in this study, a significant contribution has been made towards understanding the possible impact leadership practices have on business performance in these selected family businesses. As a result, this study presents propositions to assist founders to train future and existing family business leaders in leadership practices. / PhD (Business Management), North-West University, Vaal Triangle Campus, 2014

Small and medium-sized businesses are a major contributor to many economies, but it is lesser known that some of these are also classified as family businesses. These family businesses are created due to the entrepreneurial mind set and ability of one or more of its founders, who identify an opportunity and seek to exploit such an opportunity. To be able to survive, sustain and grow the business they need to maintain at least their entrepreneurial orientation through other generations. Although these businesses face similar challenges, the literature showed that family businesses are very different to other non-family businesses due to their uniqueness and the overlapping of the family relationships. Family businesses represent a large proportion of the businesses registered world-wide, and they make an important contribution to economic growth and wealth creation in the world. South Africa is no exception and it is estimated by scholars that for the last 300 years family businesses have contributed to the South African economy. However, very few of these businesses will continue to exist after the first generation because of succession failure. This results in a great loss in skills and wealth transfer, and a change in the contribution to economic growth. Family business leaders need to learn how to manage the factors that affect the succession process. Researchers in family business literature acknowledge that leadership is vital to the success and survival of the firm. Leadership can be seen as a process of influencing the activities of an organised group in its efforts towards goal setting and goal achievement. Interestingly, family business researchers typically refer to succession and not leadership succession, and additionally, there is little crossover between the two fields of study and scholars rarely reference one another. Bridging this gap will greatly benefit the family business literature and will enhance the understanding of both fields of study. Therefore, the high failure rate for family businesses in the second and later generations has led to the problem that the succeeding generations might not have developed sufficient leadership practices to sustain the business performance of the family business. The aim of this study was to investigate whether there is a relationship between leadership practices and business performance. The results of this quantitative correlational study indicate that positive significant correlations exist between the occurrence of leadership practices and measures of business performance for first generation leaders of the selected family businesses. In addition, a disparity was found where effectively only two correlations existed between the variables for the second generation leaders. These results illuminate the potential differences in the ways that first and second generation leaders‘ lead family businesses. By empirically investigating the leadership practices of leaders in family businesses, this study has added to the limited quantity of leadership-related topics in family business literature. By way of the conceptual model developed in this study, a significant contribution has been made towards understanding the possible impact leadership practices have on business performance in these selected family businesses. As a result, this study presents propositions to assist founders to train future and existing family business leaders in leadership practices. / PhD (Business Management), North-West University, Vaal Triangle Campus, 2014

The following thesis will examine, and utilize, an in-depth case study of a family business turnaround by a new change leader. Theory will be used to explore and extend existing models concerning family business, organizational crisis, turnaround, and leadership. A non-sequential model will be developed that looks into the past in order to understand the present and seek out strategies for the future. Interviews were conducted with the Senior Leadership Team (SLT) of the firm and will be analyzed and discussed in the subsequent sections along with a theoretical framework. These analyses will help the authors answer their research questions in order to fulfill the purpose and ultimately formulate a model.

Individuals with developmental disabilities, especially those with high support needs, are less likely to obtain competitive employment through traditional means than their neurotypical peers. This qualitative phenomenological study explored the lived experience of seven familial entrepreneurs who responded to the lack of opportunities for their loved ones by creating a business to provide them a job. Findings from this study revealed that familial entrepreneurship is a hybrid-type of employment that has similar characteristics to traditional pathways of employment, but is distinct. It offers a post-secondary option in an environment where individuals with developmental disabilities can develop work skills, have social relationships, interact with members of the community, and in some situations, earn income. The businesses also provide training programs, settings for evaluations and assessments, and become vendors of government-supported employment programs, expanding their impact from the person they are designed to support, to the broader community. Employees and participants at the businesses experience an improvement in quality of life, access to a supportive community, and belonging. For the familial entrepreneurs, the study found that they encounter an immense learning curve in the areas of industry knowledge; business practice; supervising, employing and training individuals with developmental disabilities; and how to gather resources and support. This study also revealed that more clarity is needed to determine if this pathway can provide long-term sustainable employment outcomes. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2019. / FAU Electronic Theses and Dissertations Collection

Leaders of family-owned businesses pay more attention to the attainment of personal and organizational objectives than to leadership succession plans for continuity when they leave the business. Despite the significant contributions of family-owned businesses to the social and economic development of nations, founders and leaders still contend with the challenge of leadership transfer to the next generation. The purpose of this transcendental phenomenology study was to examine the lived experiences of past and current leaders of family-owned businesses in Lagos regarding the challenge of preparing the next generation for leadership succession. The theory of knowledge transfer formed the conceptual framework for the study. Purposeful sampling method was used to select 15 business owners and leaders from 5 family-owned businesses in Lagos. Data collection methods included in-depth and open-ended telephone interviews. The Steve-Colaizzi-Keen design was used to analyze, and code data to identify prevailing themes. Eight themes emerged in the study of which six corroborate some current studies on leadership succession, while the remaining two new themes could be described as potential gaps in the literature. The study findings may help resolve complexities of determining, choosing, and mentoring potential leaders for eventual takeover when there is a vacuum. The results of the study highlighted the need for education or a foundation to support family-owned businesses in southwest Nigeria in the transfer of leadership to successive generations. This could prevent family-owned businesses from going into extinction at the exit of the founders.