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This study examines the corporate governance frameworks of family-owned enterprises in Botswana. Family enterprises constitute a fundamental component of the nation's private sector, accounting for over 70% of GDP and providing employment for approximately 60% of the labour force. Notwithstanding their economic significance, these firms encounter ongoing issues in governance, especially concerning leadership succession, board composition, and professionalisation. This study utilises agency theory, stewardship theory, and the resource-based view, employing a mixed-methods strategy that includes the distribution of 150 structured questionnaires across several sectors such as retail, agriculture, hospitality, and professional services. The results indicate that companies with formal governance frameworks, including independent professional boards, written succession plans, and family protocols, consistently excel in strategic decision-making, transparency, and long-term sustainability compared to their competitors. Nonetheless, obstacles to implementation persist, since numerous enterprises are impeded by cultural opposition to non-family leadership, insufficient understanding of governance mechanisms, and a tendency towards informal decision-making. The article finishes by providing pragmatic ideas for policymakers, entrepreneurs, and development agencies to enhance resilience and competitiveness in this crucial industry.

This study aimed to suggest strategies for running sustainable family-owned businesses in Thohoyandou, Limpopo Province, South Africa. While family-owned businesses contribute significantly to employment and local economic development, their survival is often threatened by challenges such as poor financial management, family disputes, inadequate planning, and lack of government support. Using a qualitative exploratory design, semi-structured interviews were conducted with ten family-owned businesses operating in diverse sectors. Thematic Content Analysis revealed that strategies for sustainability include strengthening financial management systems, investing in skills development, formalising succession planning, embracing innovation and technology, and building strong customer relationships. The study concludes that long-term sustainability can be achieved when family-owned businesses integrate modern business practices with their cultural strengths. It recommends structured training, adoption of governance mechanisms such as family councils, and targeted government support tailored to rural enterprises.

This study explores the challenges that impact the sustainability of family-owned businesses in Thohoyandou, Limpopo Province, South Africa. A qualitative design was employed, utilising semi-structured interviews with ten business owners and managers from diverse sectors, including transportation, construction, poultry farming, and retail. Thematic Content Analysis (TCA) was used to interpret the data. Findings revealed that poor financial management, skills shortages, over-expansion, limited government support, and family conflicts are the most significant threats to business survival. These internal and external constraints erode financial stability and governance structures, resulting in low longevity rates. The study recommends financial literacy training, formal governance mechanisms, succession planning, and simplified government support systems tailored for rural enterprises. Strengthening these aspects can enhance both sustainability and economic development in rural areas, such as Thohoyandou.

This study explores the complex dynamics of succession planning and conflict in family businesses in South Africa, with the objective of developing a theoretical framework to guide future research and practical interventions. A qualitative methodology was employed, using an interpretive research paradigm to gain in-depth insights into the lived experiences of family businesses. The study draws on a comprehensive review of literature to identify key themes, including governance structures, generational dynamics, cultural influences, and the role of communication in succession processes. Findings reveal that succession in South African family businesses is often hindered by a lack of formal planning, entrenched familial expectations, and unresolved interpersonal tensions. Cultural values and patriarchal norms also emerged as significant influences on how succession is perceived and enacted. The study concludes that effective succession planning in South African family businesses requires a context-sensitive approach that balances tradition with professionalization. It recommends the adoption of structured governance mechanisms, open communication strategies, and succession training for both incumbent and successor generations. This research present theoretical framework that integrates socio-cultural, organizational, and individual dimensions of succession planning and conflict management in family businesses.  

This paper sought to explore the factors influencing the intergenerational survival of FOPBCs in Zimbabwe. An exploratory research design was used to collect data from a population of 153 participants, made up of founders, managers, and inspectors working for FOPBCs in Harare, Zimbabwe. A 5-point Likert Scale questionnaire was designed and self-administered to the participants. Exploratory Factor Analysis (EFA) utilizing Principal Axis Factoring (PAF) extraction and Oblique with Kaizer Normalization Rotation, in IBM SPSS Statistics v 26, was used to examine the factors influencing survival of FOPBCs in Zimbabwe. An 8-factor solution, accounting for 84.76% of the total variance was established and all the factors were named accordingly. The factors which emanated from the EFA were succession planning, family entrepreneurial orientation, family total resources, leadership, management, strategic planning, corporate governance, and the external environment. The study concluded that, while all FOPBCs were affected by the external environment, firms capable of effectively implementing, monitoring, and controlling the other seven factors had higher chances of witnessing successful intergenerational business transitions. A clear strategy incorporating succession planning, family entrepreneurial orientation, family total resources, leadership, management at the same time upholding corporate governance practices will see FOPBCs surviving across generations.

The purpose of this study was to assess factors affecting succession planning in family-owned fish trading SMEs businesses in Mwanza city. The research utilized quantitative methodologies to evaluate the effect of individual, familial, and organizational factors on succession planning within family-owned small and medium-sized enterprises (SMEs) in Mwanza city. Chi-square analyses revealed that leadership, delegation, the ability to disassociate from the business, and successor preferences significantly influence succession planning. Moreover, the interest and abilities of the successor plays a crucial role in the planning process. The study further found that family-level factors, including traditions, compensating family members, formal communication forums, and the desire to maintain family control, also significantly affect succession planning. Regression analyses indicated that individual factors such as leadership, delegation, and the abilities of potential successors positively influenced succession planning. At the family level, practices like compensating family members and establishing formal communication channels significantly contributed to succession planning, while traditional practices like favouring the eldest son as a successor did not have a substantial impact. Additionally, the study identified that the readiness of the successor, the presence of a clear and documented succession plan, effective board governance, a well-defined organizational structure, and the existence of a written strategic plan were key predictors of successful succession planning. The findings suggest that businesses with well-defined and specific succession plans, identified successors, and active development plans for the next generation are more likely to achieve success in shaping succession planning within family-owned fish trading SMEs, providing a solid foundation for successful ownership transitions. This research offers valuable insights for future research and policy development concerning SME succession planning and business sustainability.

The chance of survival of businesses in Rwanda is underprivileged and 82% of them close at an early stage, which negatively affects manufacturing companies, particularly Family-Owned Manufacturing Companies (FOMCs). Although there are other reasons why many FOMCs do not succeed in the next generation, a lack of pro-activeness has surfaced as a critical factor. Thus, the study aimed to assess the effect of pro-activeness on the survival of family-owned manufacturing companies in Kigali City, Rwanda. The study was conducted in Kigali City, from 2017 to 2023; Cochran’s formula was employed to determine a sample size of 384 senior employees picked at random from 77 FOMCs. This study employed Self-administered questionnaires and a quantitative approach. Multiple linear regression analysis was utilized to find out the relationship among variables. IBM (International Business Machines Corporation) SPSS (Software Package for Social Sciences) was employed to analyze data. The findings of this study indicated that pro-activeness had a substantial influence on the survival of family-owned manufacturing companies. The study offers a cogent explanation of the relationship between the longevity of family-owned manufacturing companies and pro-activeness. The study also offers important insights into the smooth and effective execution of pro-activeness for the survival and continuity of family-owned manufacturing enterprises. Moreover, the study findings indicated that combining pro-activeness and training the successors boost the productivity of family-owned companies and make them more competitive in the market, which leads to the long-term survival of FOMFs. The FOMFs that use pro-activeness in their operations survive longer than the ones without it.  

High family ownership in East Asia creates conflicts of interest between shareholders and minorities that affect the likelihood of value. This study examined the effect of family ownership on firm value. In addition, this study also examines the mediating role of financial performance and corporate governance in the relationship between family ownership and firm value. This research includes explanatory research with a quantitative method approach. Path analysis test is used to test the research hypothesis. The object used in this research is the basic and chemical industry sector in 2016-2019. The population in this study found 72 companies using 19 companies as research samples. This study uses a purposive sample method. The data collected is secondary data and analyzed by descriptive statistics. The results of the study prove that family ownership has a significant positive effect on firm value, family ownership has a significant positive effect on financial performance, family ownership has a significant positive effect on corporate governance, financial performance has a significant positive effect on firm value, corporate governance has a significant positive effect on firm value. Financial performance and corporate governance mediate the relationship of family ownership to firm value in the basic and chemical industry sector in 2016-2019. It should be emphasized that improving financial performance and implementing a good corporate governance system are the main keys to increasing company value.

This study explains the modes of intergenerational succession by female successors in Chinese family businesses and the selection mechanism. In view of the family businesses to which females (daughters) belong, this paper proposes five types of intergenerational succession modes of family businesses, namely the kindred-based succession by the daughter, kindred-based succession by others, joint succession by the daughter and her siblings, joint succession by the daughter and her husband (son-in-law), and succession by a professional manager. By means of case analysis, this study also explores the driving forces for choosing a proper model from the above five succession modes, including family structure, the father’s and business owner’s attitudes, and the daughter’s attitude toward succession, etc. This paper contributes to the domain of the intergenerational succession mode by ‘female (daughter) successors’ in Chinese family-owned businesses theoretically and practically.

It remains unclear how lack of management succession planning relates to the collapse of 87% of the Tanzanian family-owned manufacturing businesses (FOMBs) after the first generation.  Also, the question of whether a firm’s background variables, namely; executive’s education level, business age, and business size, moderate the relationship between management succession planning and the survival of FOMBs remains unanswered. Therefore, this study investigated the relationship between succession planning and the survival of FOMBs, moderated by the firm’s background variables through the lens of resource-based theory as well as agency theory. A sample of 339 executives was randomly drawn from the FOMBs in Dar es Salaam city where the collapse of FOMBs after the first generation was revealed to be significant and surveyed using a structured questionnaire. Multiple linear regression was used as a quantitative data analysis technique with the support of SPSS as an analytical tool. Results revealed that management succession variables, namely; training the successor, successor involvement in business management and successor factors-work fit had a positive and significant relationship with the survival of FOMBs. However, the internal recruitment of the successor had an insignificant relationship with the survival of FOMBs. Therefore, management succession planning sustains the leadership pipeline and survival of the FOMBs through the involvement of the successor in business management, sufficiently training the successor, and handing over power to the successor whose competency and factors fit with the relevant work. The study contributes to an understanding of management succession planning variables and how they relate to the survival of family-owned manufacturing businesses. The study also provides a new conceptual framework on transgenerational management succession planning in the FOMBs.

This paper reviews recent corporate financial literature dealing with family business issues. It discusses research papers that explain the nature and type of agency problems in family firms. It provides empirical evidence of the association of family ownership with information asymmetry. It also portrays the influence of family firms over corporate disclosures. We have analyzed literature to explain the empirical association between family ownership, and so ownership control, and firm performances. This paper also attempts to find out the research gap based on reviewed papers and tries to give the future directions of research in this regard.

The academic discourse on ‘family’ perpetuity in family-owned businesses (FOB) is still burgeoning.  Current findings suggest the importance of family control and family inter-generational sustainability in family-owned businesses. Though literature in family perpetuity and sustainability is well documented from the advanced economies, there is a scarcity of insights from emerging markets where this research relates.  The study, therefore, sought to investigate, understand and interpret the underlying drivers of sustainability in small and medium family businesses using the stewardship theory paradigm and relying on evidence from an emerging market economy the Nigerian family business environment. A qualitative method with 41 in-depth interviews involving owners and managers of family-owned small and medium businesses was conducted. The study empirically shows that there is an interrelationship between family structure and business sustainability, hence the practice of polygamy was found to be inimical to family business success and sustainability. The study also showed that the element of spirituality arising from the ideals and values of the owning family is a significant factor for ensuring family wellbeing and business sustainability, and founding owner characteristics (industry experience) and impacts positively on the business performance and continuity. The study confirmed that the stewardship of non-family member employees within the business is provisional stewardship as non-family members rely on other incentives from the owning family members to behave as stewards.  Building on the stewardship theory, the paper develops a model of sustainability for small and medium family businesses. The study contributes to the theoretical literature on stewardship and family business sustainability

The aim of this study is to reveal causes and grounds which drive family businesses into internationalization process and divulge implemented strategies benefiting from the literature through a case study. In this context, “Saruhan Cooperation” which is a globally operating Turkish family business has been examined as a case study by means of primary and secondary resources. In the case study, besides presenting the current situation of Saruhan Coop., the reasons triggered internationalization process, works done for this purpose, goals of the firm, and implemented strategies in this milieu and circumstances have been tried to be defined by using a series of structured face-to-face interviews. Moreover, our findings display a process that a locally operating family business ends up in a situation to buy a firm which operates internationally under a global brand. Although it is conducted with one business; the study is important as being a pioneer analysis and contributes to the literature well; also, it is valuable because it provides a model for those who are planning to operate internationally. The research opens a door to further researches as well.

The family businesses constitute the base of global economies. They provide contributions to economy and sectors with their assets and activities. Their reaching to plan, program and objectives occur through the sharing of experience, knowledge and accumulation. Their adaptation to domestic and global markets is the characteristic separating the definition, family businesses from other businesses. In this study, the advantages and disadvantages of this situation, management forms, institutionalism concept and its stages and elements of institutionalism, institutionalism stages in family businesses, problems preventing institutionalism, institutionalism of family relations that family constitution, board of directors, family council, inheritance plan, emergency situation plan and conflict management are explained and effects of family individuals over institutionalism, the general characteristics of institutionalized family businesses are defined and a practice regarding the issue of “Institutionalism of Family Relations”, which was performed in a family business through observation, conversation and interview, which was founded in Istanbul in year 1989 and carrying activities in textile sector over shirt, short and pant manufacturing were given place.  Literature review regarding family business were performed in this study and the concepts and theoretical information related with the subject were explained and combining the theory and practice, knowledge accumulation and experience sharing through a practice performed through observation, conservation and interview made with the management of a family business were provided and they were explained in our study with an academic language.