Context and Uniqueness of Family Businesses
Leo-Paul Dana and Veland Ramadani (Eds), Family Businesses in Transition Economies, Springer. 2015
33 Pages Posted: 5 Feb 2015
Date Written: February 3, 2015
Family businesses represent the majority of companies and are an important source for the generation of jobs in most countries (Hacker & Dowling, 2012; Fattoum & Fayolle, 2009; Kellermanns et al., 2008; Kuratko & Hodgetts, 2004; Ramadani et al., 2013, Hoy & Sharma, 2010; Mazzarol, 2006; Cadbury, 2000). Their stability is critical to global economic growth. The importance of these businesses to a country's economy is substantial. Multiple research studies have recorded the predominance of family firms in countries throughout the world. The prevalence of family businesses also documents both the economic and social impact they have (Brigham, 2013). It should be emphasized that not all family businesses are small. In 2006, Bloomberg Business week reported that 35% of companies listed in the Fortune 500 could be classified as family businesses (Perman, 2006; reconfirmed by Fiti and Ramadani, 2013).
Keywords: family business, succession
JEL Classification: M13
Suggested Citation: Suggested Citation