Legitimacy Challenges in Terms of Succession Planning and Internationalization in Family Businesses

Abstract

Venture legitimacy refers to the generalised presumption or perception that a business entity's distinct procedures are proper and convenient or desirable within specific socially constructed systems of values and opinions. Entrepreneurial legitimacy is obtained by conforming to distinct normative, cognitive, and structural norms within entrepreneurship and communicating adherence to these norms. This concept has been widely used in entrepreneurship, including family businesses (FBs), which is the focus of this paper.