Abstract
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
Highlights
Businesses range in size from small owner-managed firms to large multinational corporations and are found across a variety of industries
Structure and dynamics Polygamy is well practised in Nigeria, and in all African countries. This is seen by participants as a factor that works against family business continuity and sustainability; often, polygamous families experience apparent lack of love lost between siblings, between the wives and general in-fighting among family members
This paper addresses the constructs determining the sustainability of small and medium family business in an emerging market economy and has identified the necessary constructs and the capabilities required of family business owners and managers in their business to ensure inter-generational sustainability in their businesses
Summary
Businesses range in size from small owner-managed firms to large multinational corporations and are found across a variety of industries. Akume & Iguisi, International Journal of Research in Business & Social Science 9(6)(2020) management and among the owners, the various sizes of family businesses, ranging from small, which has the largest percentage, medium and the publicly quoted family businesses, the nature and extent of family participation and the structure of the owning family. To this end, studying its sustainability remains rather complex and daunting to have a template for sustainability that will be applicable to all the various typologies of family business. There is scarcity of empirical data on the constructs determining the sustainability of family business; this study addresses this gap by empirically providing evidence on the constructs that determines the sustainability in small and medium family businesses in an emerging market economy
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