First-, Second-, And Third-Generation Family Firms: A Comparison  

Oleh:

Sonfield, Matthew C. ; Lussier, Robert N.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Family Business Review vol. 17 no. 3 (Sep. 2004), page 189-202.
Fulltext: 189.pdf (153.38KB)

Isi artikel

There has been limited prior research into generational differences among family businesses. This study compared first-, second-, and third-generation family firms. Contrary to much of the current literature, only two significant differences were found when testing 11 hypotheses. As hypothesized, first-generation family businesses do less succession planning than second- and third-generation family firms, and there are no differences between first-, second-, and third- generation firms with regard to the influence of the firm’s founder. Also, first-generation firms had the highest use of equity versus debt financing. Although not tested as a hypothesis, demographic analysis indicated fewer first-generation firms using the corporation form of ownership. Analysis of covariance indicated no spurious relationships existing in the hypotheses.

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