Despite important advances in family business research over the past decade, the effects of family ownership and control on firm performance and strategy remain equivocal. First, is family involvement beneficial or costly to the firm? Leading management and family business research theories proffer compelling arguments, but none have been able to present unassailable theoretical support for any one particular side. Second, how do family firms make capital structure decisions? Although there are widely-accepted theories of capital structure policy in the corporate finance literature, they have limited power in explaining financial decision making in family firms. Furthermore, empirical studies on both the performance and capital structure policy of family firms have generated mixed results. This divergence in theory and empirical evidence suggests that earlier studies have not been able to consider other critical factors that drive value creation and strategy formulation in family businesses. This dissertation addresses these gaps in the literature with two studies that are derived from the question of how the performance and behavior of “Overseas Chinese” family firms are influenced by Confucian values and practices. In the first study, I developed a theoretical framework based on social capital theory which posits that long-term orientation (LTO) acts as a mediator in the relationship between family ownership and control (FOC) and firm performance. In addition, I hypothesized that Confucian characteristics, such as filial piety (FIL), traditionalism (TRA), and guanxi (GUA), act as moderators in the model. In the second study, I built a framework using the theory of planned behavior, which explains how FOC and Confucian values jointly affect the firm’s capital structure decisions by influencing the decision maker’s beliefs and attitude toward debt, by fostering societal pressures regarding the use of debt, and by creating perceived behavioral controls in terms of risk exposure, family control, and the cost of debt. According to this framework, Confucian values moderate the relationship between FOC and financial leverage by reinforcing the family firm’s intention not to borrow. Using data from a sample of small- and medium-sized firms in the Philippines and the partial least squares structural equation modeling methodology (PLS-SEM), analysis reveals that LTO partly explains the positive influence of FOC on firm performance, and that TRA enhances the positive relationship between FOC and LTO. In the second study, the results suggest that firms which have a high degree of FOC borrow less. In addition, at high degrees of FIL, firms with a lower FOC have a lower financial leverage while firms with a higher level of FOC have a higher financial leverage. This dissertation contributes significantly to the family business management and family firm finance literature and the management literature in general. First, the social capital framework developed in the first study identifies specific circumstances in which family ownership and control can enhance firm value. Specifically, family firms are able to achieve better performance by promoting LTO in the organization, and cultural traits such as traditionalism enable the family business to achieve a higher degree of LTO. Second, the analytical framework based on the theory of planned behavior that was developed in the second study provides an alternative explanation for capital structure policy for small- and medium-sized private firms. The results of the study demonstrate that a high degree of family ownership and control results in use of less debt, and that Confucian values such as filial piety can moderate the firm’s bias against borrowing contingent on the degree of family ownership and control.

Abstract not available

Abstract not available

The purpose of this study is to investigate the influence of a daughter's managerial style and her personal relationship with her father in father-daughter work relationships in family-owned businesses. This research is an attempt to reveal daughters' perceptions of these occurrences and interactions which often are overlooked in current research and everyday practices. The theoretical framework stems from four distinct but connected areas of research: family-owned businesses, father/daughter relationships, father-son relationships in and outside of family-owned businesses, and men and women in management. The data in this study revealed that the majority of the daughters chose and implemented managerial styles different from their fathers'. However, the daughters reported that differences in style did not create substantial problems for their father/daughter work relationships. Six of the seven daughters reported that having had the experience of working outside of their family-owned businesses provided them the opportunity to develop their own personal differences in management styles. Yet, the apparent incongruence of these daughters' reports reveals that the daughters were more concerned with preserving intergenerational continuity than with facing up to conflicting beliefs in management. Furthermore, the research found that the decision-making styles in which the fathers and daughters engaged did differ and the differences affected their familial relationships in limited ways. Overall, the daughters perceived the interaction between their managerial style and personal relationships with their fathers to be compatible and not debilitating. / Graduation date: 1993

ABSTRACT In Taiwan, the private sector has played an important role in the development of the contemporary economy. Most of these companies are family-owned and are facing the challenge to transform themselves into professionally run corporate families because of the competition brought forth by the globalization of the world economy. The San-Shing Company has been a leader in the fastener industry and served as a good model of successful transformation from a family-owned company into a corporate family. Our study shows this success can be attributed to the following reasons. First, a family-owned company¡¦ financial crisis serves as a catalyst for transformation. Next, the role of the management team is critical. The team must succeed in securing the financial support while at the time severe the influence of the family owners. It team must also manage to maintain a high level of employee royalty. Finally, a strong support from the banks is necessary to provide not only financial support but also advices to the transformation.

M. Tech. Entrepreneurship / The world is experiencing remarkable social, political, economic and entrepreneurial changes and challenges. Some of these challenges relate to the incorporation of various social cultures to the business culture. Managers, businessmen and entrepreneurs need to reconcile the various cultural dimensions to survive in a highly competitive global market environment. When doing business with people it is important to understand what defines them and most people are defined by their social culture and tradition. Culture is therefore an important aspect in understanding how we all interact in our social and business lives. Culture creates the rules for social interaction that conditions how people will react to others within the business environment and that form of interaction occurs according to rules (norms) and values embedded in our various cultures. The purpose of the study is to investigate the influence of the Ubuntu philosophy and its practice on the functionality of family businesses.

This dissertation examines leadership and leadership development issues in family businesses. The data was collected during late 2003 through qualitative surveys and interviews with family businesses in South Africa. Research findings indicate family business leaders place high importance on selection and development of the next generation leader. The ability and desire ofthe next generation to lead the business is of concern to family business leaders as is the senior generation's ability to let go during transition. Non-family employees are valued as contributors to business success. Gaining the respect of employees is valued as an important aspect of next generation leadership development. Leadership development across generations in family businesses also occurs by the example and values of previous generations. Leadership development involves entering the business at a young age, learning to work hard, acquiring formal education, gaining independent work experience, and engaging in continuing education. Family business leadership needs for education and research include working with family and business dynamics, education in functional business areas, models for effective leadership transitions, forums for peer interaction, and tools for dealing with ownership and estate transitions. Stories told and retold in family businesses reflect sacrifice, fmancial and legal crisis, and disasters. The leadership lessons of theses stories center on hard work, persistence, vision and values, and recognition that the family business is about more than money. Conclusions include that leadership development in family businesses occurs through a synthesis of example from previous generation(s), work experience, and the process of earning employee respect. Recommendations are made for future research on (a) the role of example in family business leadership development, and (b) how stories play a role in passing on values to succeeding generations in family business. / Thesis (MBA)-University of Natal, Durban, 2003.

In summary, the original contribution to knowledge of this research-based thesis lies in the fact that, as far as can be determined from published sources, this is the first exploration into an area of complex cultural behaviour and family business enterprise, notably within the Singapore context and Chinese women managers. / The purpose of this study was to provide an exploratory study on the possible influence of the Chinese culture on Chinese women managers who are managing their family owned businesses in Singapore, to make a contribution to the research literature in the area of research design and to generate suggestions for future research. / There was only limited research literature published in this area. A review of this limited literature on the Chinese culture and Chinese women managers failed to provide a clear perspective on the use of any specific method to determine the cultural influence on Chinese women managers. Moreover, most of this available literature was not written by a Chinese Singaporean for the Chinese women in Singapore, whereby the proper contextual interpretations may be necessary to form a more complete understanding of the possible issues facing these women managers. / Since culture is not easily quantifiable and can be altered by the exposure to external factors, the research was designed to explore only a portion of the Chinese women managers in Singapore using a list of questions. By limiting the research to lower educated Chinese women with only one business outlet in Singapore, the researcher has intentions to keep the research participants in one homogenous group as much as possible. It is probable that the other categories of Chinese women managers such as the higher educated or those with multiple business outlets may exhibit similar behavioural patterns as those of the targeted group for this research. However, there is a risk that the behavioural pattern of this other group may be dissimilar and their inclusion may skew and distort the research findings. / A preliminary survey was carried out on a group of research participants using a questionnaire. The questionnaire was derived in order to ensure a uniform interview process for each research participant. The sample size was kept small based on a sampling technique known as purposeful sampling. The 'negotiated outcome' method was used, whereby the findings from the interviews were shared with the research participant in order to obtain their concurrence and to correct any error in the interpretation of the data. The information from this initial survey was analysed in order to identify commonalities and a second questionnaire was constructed based on the findings from the initial survey. / The second survey, or verification study, was carried out in a series of interviews on another set of research participants. Again, the purposeful sampling method was used to keep the sample size small and, thus, to keep the data manageable. The data from the verification survey was summarised and analysed. From the analysis, it was found that there were at least two aspects of the Chinese culture that was found to have an influence on the Chinese women managers. These two aspects are a) Greener Pastures for their Children and b) Lower Education Expectations. / In the first case, it was found that most of the Chinese women managers did not have any intention to hand over their business to their children, citing a common reason, that is the expectation that their children will fare better if they were to seek their career elsewhere instead of staying within the family business and perpetuating it. It was argued that the primary reason for this behaviour was that the Chinese women managers had earlier set low targets for their businesses and is subsequently discouraging their children from taking over the business out of motherly concern. / If the Chinese women managers have set lower business goals for themselves, and then expecting their children to pursue their career elsewhere because of this, it will mean there was no plan to maximize the business in the first place. And, if there was no plan or desire to maximize the business, then the ability of the business to achieve its full potential will not be possible. / The second finding was that many of these Chinese women managers had lower education expectations of themselves compared to their male siblings. This was likely to be an old cultural artifact that the Chinese women have failed to discard from the end of the Han dynasty. But by keeping to this mindset, the Chinese women are limiting themselves from attaining the highest academic achievements, and as a result they are being limited from experiencing their full potential. / This belief and practice is still observed in Singapore in this day and age. It this is allowed to propagate, future generations of Chinese Singapore women may be brought up with similar mindsets. This will have long term and far reaching impacts on the economy of the nation because a portion of the female population would not have been given the opportunity to pursue their academic qualifications to the maximum. / It is important, therefore, that the findings of this research be made known to the Chinese women in Singapore so as to create an awareness of this part of the Chinese culture that is silently propagated. This awareness will create a consciousness that, if proper assistance is provided, enable the present generation of Chinese Singaporean to nurture their children differently in order to avoid propagating such mindsets. / Thesis (PhDBusinessandManagement)--University of South Australia, 2005

Thesis (DBA(DoctorateofBusinessAdministration))--University of South Australia, 2004.

In summary, the original contribution to knowledge of this research-based thesis lies in the fact that, as far as can be determined from published sources, this is the first exploration into an area of complex cultural behaviour and family business enterprise, notably within the Singapore context and Chinese women managers. / The purpose of this study was to provide an exploratory study on the possible influence of the Chinese culture on Chinese women managers who are managing their family owned businesses in Singapore, to make a contribution to the research literature in the area of research design and to generate suggestions for future research. / There was only limited research literature published in this area. A review of this limited literature on the Chinese culture and Chinese women managers failed to provide a clear perspective on the use of any specific method to determine the cultural influence on Chinese women managers. Moreover, most of this available literature was not written by a Chinese Singaporean for the Chinese women in Singapore, whereby the proper contextual interpretations may be necessary to form a more complete understanding of the possible issues facing these women managers. / Since culture is not easily quantifiable and can be altered by the exposure to external factors, the research was designed to explore only a portion of the Chinese women managers in Singapore using a list of questions. By limiting the research to lower educated Chinese women with only one business outlet in Singapore, the researcher has intentions to keep the research participants in one homogenous group as much as possible. It is probable that the other categories of Chinese women managers such as the higher educated or those with multiple business outlets may exhibit similar behavioural patterns as those of the targeted group for this research. However, there is a risk that the behavioural pattern of this other group may be dissimilar and their inclusion may skew and distort the research findings. / A preliminary survey was carried out on a group of research participants using a questionnaire. The questionnaire was derived in order to ensure a uniform interview process for each research participant. The sample size was kept small based on a sampling technique known as purposeful sampling. The 'negotiated outcome' method was used, whereby the findings from the interviews were shared with the research participant in order to obtain their concurrence and to correct any error in the interpretation of the data. The information from this initial survey was analysed in order to identify commonalities and a second questionnaire was constructed based on the findings from the initial survey. / The second survey, or verification study, was carried out in a series of interviews on another set of research participants. Again, the purposeful sampling method was used to keep the sample size small and, thus, to keep the data manageable. The data from the verification survey was summarised and analysed. From the analysis, it was found that there were at least two aspects of the Chinese culture that was found to have an influence on the Chinese women managers. These two aspects are a) Greener Pastures for their Children and b) Lower Education Expectations. / In the first case, it was found that most of the Chinese women managers did not have any intention to hand over their business to their children, citing a common reason, that is the expectation that their children will fare better if they were to seek their career elsewhere instead of staying within the family business and perpetuating it. It was argued that the primary reason for this behaviour was that the Chinese women managers had earlier set low targets for their businesses and is subsequently discouraging their children from taking over the business out of motherly concern. / If the Chinese women managers have set lower business goals for themselves, and then expecting their children to pursue their career elsewhere because of this, it will mean there was no plan to maximize the business in the first place. And, if there was no plan or desire to maximize the business, then the ability of the business to achieve its full potential will not be possible. / The second finding was that many of these Chinese women managers had lower education expectations of themselves compared to their male siblings. This was likely to be an old cultural artifact that the Chinese women have failed to discard from the end of the Han dynasty. But by keeping to this mindset, the Chinese women are limiting themselves from attaining the highest academic achievements, and as a result they are being limited from experiencing their full potential. / This belief and practice is still observed in Singapore in this day and age. It this is allowed to propagate, future generations of Chinese Singapore women may be brought up with similar mindsets. This will have long term and far reaching impacts on the economy of the nation because a portion of the female population would not have been given the opportunity to pursue their academic qualifications to the maximum. / It is important, therefore, that the findings of this research be made known to the Chinese women in Singapore so as to create an awareness of this part of the Chinese culture that is silently propagated. This awareness will create a consciousness that, if proper assistance is provided, enable the present generation of Chinese Singaporean to nurture their children differently in order to avoid propagating such mindsets. / Thesis (PhDBusinessandManagement)--University of South Australia, 2005