Measuring Success in Small Family Businesses - A Socioemotional Wealth Perspective
2019 ENTRENOVA Conference Proceedings
10 Pages Posted: 11 Dec 2019
Date Written: September 12, 2019
Abstract
The goal of this paper is to reveal typical non-financial success measures in small family business in Croatia. Socioemotional wealth model is used as a basis for questionnaire construction. Questionnaire items represent family typical success measures and are adaptable to different business activities. Since family business is heterogeneous it was necessary to give a definition of chosen sample – small family hotels. Given definition of small family business was used as a key to separate the family and non-family businesses in this survey. Chosen, socioemotional based, success measures were tested on a sample of small family hotels by using logistic regression. Based on the statistical results, community acknowledgments and continuation of family business are the most important non-financial success measures for Croatian example.
Keywords: family firm management, family entrepreneurship, socioemotional wealth
JEL Classification: D10, L25, L26, M21
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