Abstract
Family businesses are the foundation of any economy. They have been heavily influencing our society for many centuries. The level of involvement among family members is vital to flourish a family business. Therefore, research is conducted to assess the dependencies of six aspects of the selected family businesses in the Czech Republic. Several findings from the family survey are found in the correlation analysis: there is the highest indirect dependence between the number of directors and the number of family members actively involved in a family business, and some factors do not show dependence. This is evidenced by the relationships between the number of members of the board of directors or managing directors and the number of family members who are not interested in family business. Correlation analysis methods are used on top of the methods of analysis, synthesis and comparison.
Highlights
The globalized world is becoming faster and unpredictable
The aim of this study is to evaluate the influence of family representation on the enterprise using a statistical method of correlation analysis
The study evaluates the influence of family representation in a family business by using the statistical method of correlation analysis
Summary
The globalized world is becoming faster and unpredictable. What is almost unvaried is the basis of our society - family and its values, Masulis et al (2011). According to Goehler (1993), “family influence constitutes the family business”. In view of this reason, family businesses are the foundation of every economy. They dominate world trade and generate 70-90% of GDP, De Massis et al (2017). According to the latest statistical data, they create 5080% of the jobs worldwide (Family Firm Institute, 2017). In Europe, family businesses are even more important as Botero et al (2015) and Pindado, et al (2012) claimed.
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