Running head: FAMILY BUSINESSES 1

Family Business

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FAMILY BUSINESSES 2

Literature Review

Introduction

Family is the basic unit in any socioeconomic framework in every community and

society across the globe. According to (Cuadrado-Ballesteros et.al (2015), family is an ethnic

group with unique values and behavior patterns that are embedded through family interactions

where culture is consistent reside within the systems and its community. A similar definition was

proposed by Ward (2016) that family business can refer to external manifestations of family’s

value systems which underpins a code of behavior that protects the family vision and missions in

bossiness. Thus, family beliefs and value play a critical role, particularly, during the transition

and challenging periods though conflict can arise in case there is no relevant to vision. In

addition, Ward (2016) stated that transition (transmission) of family business play critical role in

the long-term survival of the business, thus, to achieve it, processes of survival must be

maintained for the autonomy in the firm and through growth and loss, the entity can endure and

continue to exist. Firm survival means the success of the business (Ward,2016))

The family business is significant to the economy, development and employment rate of

any country. They are the most common entity that makes social and economies across the

world. Globally, according to Steier, Chrisman & Chua (2015), the family business contributes

85% GDP. The results of the studies indicate higher profitability in the long run as well as long

term strategic outlooks to their main motivation. Most literatures (Steier, Chrisman & Chua

2015; Ward,2016; and Cuadrado-Ballesteros et.al 2015) indicates that family is considered to

foster a particular development specifically values and culture resulting from a strong influence

on the performance of the firm. Therefore, the review will provide a deep understanding of social

responsibility in the family business during succession and transition periods. This literature
FAMILY BUSINESSES 3

review provides an overview of previously researched work, which lay the foundation of the

study. It discussed the issue in the family business and concentrate on its growth, change of

management and how the family business makes money and comply with social responsibility.

Work-Life balance

As the term suggests, it is ideal that an individual’s life outside of work is just significant

as their working life and therefore, one should balance time been utilized on both occasions. Like

any other firm, family business employees encounter the challenge of work-life balance is

capturing academicians and researchers’ consciousness. According to Delecta (2011), work-life

balance is a serious problem, especially in family business because family members are

employers and employees of the firm. Therefore, they have segment of working longer than

employed in non-family corporate the past and they need to differ with work arrangement to

accommodate their lifestyle needs. A similar studies conducted by Khan and Aghan (2013)

stated that keeping oneself fit and doing hobbies as well as traveling across the globe is an idea

that brings attention to the fact that being a workaholic slave in family business detrimental both

physical and mental well-being. Thus, the positive aspect of running a family business is getting

done on daily activities.

In current society, according to Latip et.al (2015), human resource departments seek for

more options to influence the bottom line of employers and employees managing the work-life.

Work-life is considering to be a metaphor; it is sought of heavyweight because it is challenging

to balance work-life stability. A studies carried out by R. Helmle et.al (2014) indicates that 1 out

of 4 employees experience higher levels of conflict between family and work, based on work to

family interference and caregivers strain. A similar research by Huang et.al (2015) to evaluate

the relationship between work-life- family demands and job satisfaction in the family business
FAMILY BUSINESSES 4

and was carried out at Malaysia involving 220 staff members in the family businesses.

Throughout the analysis, where individual's demands were categorized into three; work, life, and

family. Huang et.al (2015) studies examines the work and life components which includes;

working hours, work pressure and conditions, living standards, level of self-motivation and self-

care. The results from the research suggested the importance of family business members

balancing work-life are satisfied. Since family goals are goals the members need to achieve by

itself (Huang et.al, 2015). Nevertheless, most works on work-life balances (Delecta, 2011; R.

Hemle et.al, 2014; Khan & Agha, 2013; Huang et.al 2015; and Latip et.al, 2018) suggests that

fostering sustainable entrepreneurial development, specifically among the family business.

Therefore, the growth of work demands and personal limitations as well as family situations,

which creates individual conflict.

Growth

The family business is the most growing business across the world. According to Poza

(2013), family control is effective over the strategic direction, which has turned and contributes

the family's income, identity and wealth. Family business comes from different sizes, range to

global corporations. Nevertheless, most of the family business small to medium-sized enterprise.

A similar research carried by Choi et.al (2015) suggest that the family business and their

activities are important drivers for regional and global economies. Therefore, family business in

terms of their levels of commitment to in global economies. Growth in business is an essential

strategic decision in a family business, like any business. However, Choi et.al (2015) stated that

the process is complex. While numerous family companies have prospered over the multiple

generations. At the heart of increasing, survival rates make investors to support the growth.

According to research conducted by Eddleston et.al (2013) indicates that encouraging significant
FAMILY BUSINESSES 5

investment which has led to growth in the family business. Eddleston et.al (2013) studies

examined the growth stages for family firms. One of the main argument is that the significance

of strategic growth planning and successions across different generation to reach the ultimate

goal. Eddleston et.al (2013) stated that positive impact of the strategic succession and planning

varies based on the generation, for instance, it may be strong in the first generation, weakest in

second and moderate in the third generation. This translated that there is no equal gain across all

generations.

A similar studies conducted by Sharma, Chrisman & Gersick (2012) under great

hypothesis, which was the basis of the research and guidance in collecting data and with 107

responses. And analysis was carried out using regression, which measures several variables to

assess the growth in family firms. Sharma, Chrisman & Gersick (2012) accorded family

dynasties and generations underlying the growth of the family business, which is necessary to

sustain the firm generations. They argued that for family business to be considered successful in

every generation, growth should be between 10-25% compounded annually, which is essential in

providing financial legacy and inheritance to the next generation. Also, Sharma, Chrisman &

Gersick (2012) the study provided insight into the value of strategic planning creating activities

which Eddleston et.al (2013) did give more detailed and omitted important factors. In addition,

using the hypothesis of past, present and the future of family business, the studies states allowing

adaptations and change to heighten the performance and growth of the business is critical for

family members. Therefore, the relationship between firm growth and strategic planning, finding

have been consistent of the studies seems to agree.

Furthermore, Uhlaner et.al (2012) argued in similar studies that growth of family firms is

a proactively plan to engage strategic planning. This is because strategic planning advocates
FAMILY BUSINESSES 6

goals, evaluation of planes and alternatives to implement it effectively to respond to competitive

behavior. The outcome of the researches (Poza, 2013; Choi et.al, 2015; Uhlaner et.al, 2012; &

Sharma, Chrisman, and Gersick, 2012) agreed that the generational perspective growth of the

firms, highlights beyond generation family firms. Therefore, the strategies pursued by family

firms tend to highly dependent on the expertise of the founders. Thus, the first generation in

family businesses play the founding role and are placed unique space in dictating the firm’s

strategic efforts towards growth. Thus, Poza (2013) believe that growth should be attributed to

fixing the previous successful strategies. Also, it reduces individual biases as it improves the

information of diversity business and develops avenues for growth. Also, Eddleston et.al (2013)

noted that the adoption of a new mechanism that sustains the growth of the family business is

essential in focusing on resources and improving the efficiencies. Though, stagnation in does

often happened in the second generation because to family succession which heightens emotions

and divergent in family strategic plans it might lead to conservative strategies, which motivates

growth in the next generations.

Therefore, every success in family business depends on founders’ idiosyncratic and

tendencies to develop critical strategic plans as expected to ensure growth in the form. The

management of the firms are expected to be compromised in the second generations, thus, there

is needs to ensure that the strategic plans provide clear direction so that there will be minimal

potential conflict in future generations and the firm's quality and growth are maintained.

Eddleston et.al (2013) suggested that increased in formalization of family business will reduce

pressure and accommodates the ever-increasing number of family staff members, which strategic

planning plays a role and draw best practices. Also, managing succession planning is a key factor

to ensure growth and led to the actual event set by founders.

FAMILY BUSINESSES 7

Change management and social responsibility

Like any other business or organization in the globe, management change is an inevitable

entity. In the current turbulent business environment, according to Gilding, Gregory & Cosson

(2015), change is synonymous dues to shift to best practices and change in market dynamics

such as advancements in technology, more social responsibility and increased in societal

demands. Change management is a complex process and normally driven by stakeholders or

family members. The concept of changes involves an unplanned transition from one to other. It

is transforming leadership in business entities, which range from technological infrastructures to

management and marketing strategies. According to Gilding, Gregory & Cosson (2015), Family

firms which consider being majorly control by family members, thus, change involves the

transfer of management and ownership to the succeeding generation within the family. Thus,

ownership transition might be denoted by succession in the entire process from the predecessor

to successor. These changes do happen through death or if ownership period is exceeded as the

owner wishes. The process is unplanned. This transition is usually done through define

succession plans, it affects leadership and other crucial position in the firm at all levels. Thus, in

a family-owned business is process and not just event. Change management is carried out to

ensure that the firm overcomes environmental challenges and achieve its goals. thus, successful

change management should reduce the uncertainty of the firm and ensure smooth and timely

changes.

Since family firms’ growth is closely identified to two generations, thus, when it is linked

to the goals and interests of the family and the firm policy there is a mutual influence. According

to research conducted by Parada & Dawson (2017) on change management on small and medium

enterprise firms, there was a great insight into the transition from the founders to the next
FAMILY BUSINESSES 8

generation. The study utilized several theories to developed framework and hypothesis about the

outcome of the change of management. Theories include; game theory, which provides the

concept of interdependency. It gives a position on how family members set the rational decision

s about the firm's leadership. Leadership theory was utilized in the research, to provide a

framework on the successful leadership and ensure that management structure maximizes the

coverage in appointing a successor. The research utilized the survey design and questionnaires to

collect data. The data analysis was carried out using Regression Analysis.

According to Parada & Dawson (2017), the essence of family-owned change

management is to pass from one generation to other, thus, in case the transition is not smooth it

might break the firm. The transition need set family model about the ownership and the change

management would be smooth. Though change management in the family business is a risk,

there is a need to substitutes the owner abilities. Also, for the growth of the family business,

succeeding generation should take responsibilities and accept change management. Therefore,

succession energy should also be devoted to avoiding the all-too-familiar history of failed family

firms. According to Parada & Dawson (2017), through simple modeling and communication of

family succession and transition plans cultivated among the children facilitate the process and

benefits beyond the sources of dividends. This is essential because future owners should

understand the basics of the family firm's ownership. It becomes easier to builds competencies

around the governance, which will make change management less risky.

Corporate Social responsibility has received a wide range of stakeholders because it is

increasingly considered significant in evoking strong and positive reactions among stakeholders.

Corporate social responsibility involves several stakeholders and actors, which includes; local

community, sustainability, and society. According to Panwar et.al (2014), it plays a critical role
FAMILY BUSINESSES 9

in fostering and preserving the environment as well as promotions and respecting human and job

satisfaction. The studies indicate that relationship between the family business and social

responsibility concerns with the peculiarities of the association. According to research conducted

by Caserio & Napoli (2016), which focus on the family firms’ engagement on in social initiative

towards external stakeholders. The literature presents the main corporate social responsibility

dimensions, which highlights the primary issues and aspects of the family business relationship.

The study utilized a literature approach to develop the conception and knowledge of CSR and

family business. Through well developed and conducted literature analysis on corporate social

responsibility in family businesses, Caserio & Napoli (2016) was able to identify the issue that

deserves deep investigation and express the outcome of the CSR and family businesses.

According to Caserio & Napoli (2016), social responsibility has gained remarkably in

family-owned firms as it regards several elements. These elements closely involve the effects of

the whole environment in which firms operates. Moreover, the corporate social responsibility

role in society attracts attention from stakeholders, this is because there are needs for the firm to

meet the stakeholder's standards. CSR influence several factors, ranging from social, economic,

and ethical responsibilities. Thus, to pursued stakeholders by firms, there is a need to put

necessary policies and be result oriented. Community and society are closely related to

environment and sustainability dimension. It is generally encouraged by both civil society and

government policies, but the question remains, why family firms are pursuing it? According to

Caserio & Napoli (2016), the first reason is CSR has internal and external implications related to

employees’ satisfaction and well as other stakeholders. This perspective contributes to the

company's external reputation. Reputations indicate a positive impact due to the attention of the

firm. Firms with good reputations are reflected by their accountability and profitability among
FAMILY BUSINESSES 10

other several factors. Furthermore, reputations create a good image, which helps firms to

outperform other firms with poorer image and reputations.

In addition, Caserio & Napoli (2016) argued that the greater the stability of the owner,

the involvement in CSR to maintain the firm’s reputations and image. CSR builds good

reputations through trustworthy business and thus, it influences financiers’ judgment regard to

the enterprise’s capacity guarantee as well as appropriate investment. The firm’s social capital

and reputation generate value to the business due to the fact that it minimized transaction cost

relation got contract enforcement. A similar research conducted by Marques & Simon (2014),

family-owned firms should maintain a good reputation and social capital with stakeholders is a

significant element to consider. Therefore, public image and reputations are significant in any

family firms which wishes for growth. The positive reputation and image, which led to family

firm preventing from adopting practices that harm reputations and seek to satisfy stakeholders’

demands.

Moreover, the three studies (Caserio & Napoli 2016; Marques & Simon, 2014; and

Panwar et.al 2014) agreed that social responsibility is a critical decision to take, which aligns to

the family values that are traditional and publically committed itself to might well be considered

opportunistic. Contrary, family-owned firms usually harm corporate social responsibility because

family members do value their interest as consequence of family-centered values. The family-

owned business has management, which in most cases lack of trust on people outside the family

and no-economic activities such as CSR. Nevertheless, from the positive effects of CSR in terms

of social strategies with the family suggest that firms should adopt more social activities.

Therefore, the family-owned business should front social responsibility to tight the control of the
FAMILY BUSINESSES 11

firm as they maintain social wealth through seeking and adopting best practices that would

preserve the control and influence.

Cross-fertilization is inspired from vast of ingenious experiments, ideas, and test to the

future. According to Risso (2012), cross-fertilization is mean of importing and mixing ideas from

different places, markets or people to produce better services. with the current advancement in

technology, it plays a critical role in hiring people from different firms for instances. corporate

globe, innovations are all about exploring impossibilities outside daily practices. Therefore,

cross-fertilization between change management and social responsibility will be one of the

innovative ecosystems across the family firms. A similar study carried out by Nielsen & Johnsen

(2013), family business involves change management from one generation to other, which are at

a different time and might have different systems are in vogues. This represents real innovations.

In order to understand the development of cross-fertilization, which provides the present and the

future of change management and CSR in the family business, there is need to attempt to explain

the evolution of family-owned business.

Furthermore, according to Fransen (2013), the moral foundations of firms depend on the

values, behaviors, and norms of family members. The evolution of family-owned firms involves

entrepreneurship, growth, governance, and maturity. The between change management and

social responsibility of family-owned firms provides the opportunity for cross-fertilization within

the framework of guiding principles of management and social responsibility. Though social

responsibility is voluntary commit by a firms’ management to integrate environmental and social

consideration into the business. This commitment goes beyond any legal consideration and

contractual obligation; which firms are expected to meet. While on study carried by (Paterson
FAMILY BUSINESSES 12

et.al, 2018), the outcomes indicate that pressure on family-owned firms to changes their

management, and social responsibility policies. The recent debate on social responsibility and

succession planning for family business have acquired a new sense of urgency within the

international market and corporate world. In Bridgstock et.al (2010) suggests that for firms to

face the challenging business environment management and corporate should be placed in

unique space. This is because maintaining general public reputation and image is significant, it

directs the economic. Successful management and transfer of ownership, as well as good social

responsibility, sustain a good relationship among the stakeholders. The cross-fertilization

between change management and social responsibility needs willingness on the part of firms and

stakeholders to listen and learn from one other. But establishing firm-stakeholders’ partnership

might be difficult considered organization, culture and instructional differences.

Social responsibility is critical when it comes to brokerage firms. Over the years, social

responsibility has been considered to be essential because of global problems associated with

corporate’s operation, which affects global natural resources. Wang (2010) suggest that though

social responsibility has attracted attention by both public and several scholars in research, there

still less available about it significant in brokerage firms, specifically in family firms. In addition,

family firms focus much on economic aspects in the jungle of the competitive business world.

Brokerage firms are financial institutions, which helps in selling and buying securities. The act as

middlemen between seller and buyer. They usually charge per sell or buy. According to Yeoh

(2010), there are several family firms, which are brokerages and they are rather a full service,

discount or online brokerage firms. Though most brokerage firms have developed their social

responsibility policies and practices, there is a question if it is ethical? This is because their
FAMILY BUSINESSES 13

operation does not affect the environment or natural resources directly. A similar study carried

out by Ghauri et.al (2016) stated that social responsibility is widely considered an obligation for

model business, which has made every company to practice. It goes beyond money for

shareholders, ensure that the concerns of stakeholders are protected.

According to Dong, Lin & Zhan (2017), family-owned brokerage firms are right in

embracing social responsibility. Brokerage firms embracing social responsibility is because due

to recent expansion, which has demanded re-evaluation, corporate identity and ultimate put clear

terms on the value proposition. While Razaee (2011) Several family-owned brokerage firms

have embarked to become more community-centric brokerage to develop a single identity and

more so consorted the society. this is a common thread in the brokerage industry they want

recognition and reputations as the pathway to greater societal impact. Most brokerage firms

strongly believed that social responsibility is a way of honoring ethical values and respects to

individuals, community, and society as well as natural resources. Furthermore, it is ethical for a

brokerage to give social responsibility because they are protecting their employees and stewards

the environmental issues as the most import aspects for any globe business corporate.

Making money and complying to social responsibility

In the last two decades, specifically, empirical research has brought several shreds of

evidence to indicate how social responsibility payoff to family firms as well as stakeholders.

Therefore, social responsibility provides a bottom line of benefits ranging from reducing risk and

cost, developing and maintaining reputations as well as firm gaining competitive advantage.

According to Lins et.al (2017), With these benefits, money-making is actualized when social

responsibility is developed and implemented, specifically by family-owned firms, which has less

overhead cost. Social responsibility identity and exploit opportunities beyond economic,
FAMILY BUSINESSES 14

financial, to opportunities that the narrow view can’t able to recognized or even justify. Thus, the

failure of family-owned firms to recognized the interdependence against the society and

environment of operations will reduce their profitability and productivity. With the advancement

of social responsibility innovation fragmented and disconnected from the strategy and business

has obscure the greatest opportunities.

According to Grayson & Hodges (2017), to makes more money, mean increasing

production and profitability, which are determined by risk and cost. On similar studies

conducted by El Ghoul et.al (2018), social responsibility reduces risk and cost through engaging

certain social activities. The primary step to achieve that is through understanding the demands

of stakeholders. This serves to mitigates the threats through the thresholds level of social

performance. Another aspect of making money is by encouraging energy-saving and other

environmental sound production practices. Reduction of risk and cost can be achieved through

social responsibility activities, which are direct to enhance natural resources. Several research

results indicate low cost and risk. Thus, enhancing firms’ efficiency and profitability. In addition,

community relations management play a critical role in making money as the firm complies with

social responsibility. Managing society relations play a crucial role in reducing cost and risk.

According to Dyck et.al (2019) building a good relationship between the firm and the

community contributes to firms’ attaining tax advantage offered by the state government to

encourages local investments.

Furthermore, Carrol (2015) suggested that positive relations between the firm and the

community reduce the regulation being imposed on the firm, because it is perceived to be the

sanction of the society. Gaining a competitive advantage is the best attribute of social

responsibility. The previous aspects were a concern on reducing cost and risk, but competitive
FAMILY BUSINESSES 15

advantage focus on customer and investor relations programs. Customer and investor program

strengthen competitive advantage; it brands the service or good provides by the firms to its

patronage customer. Also, (El Ghoul et.al,2018) argued that it encourages investors, because

they usually avoid companies which violate their mission, values, and principles and one of them

is social responsibility. They seek for family firms which have good records on employees’

relations, corporate governance, and community involvement. Thus, generally, social

responsibility can be valuable to the firm who get engaged in social activities. The pieces of

evidence provide measurable payoff of social responsibility activities.

Is the value ethical or not?

Values in family business provide great opportunity in spreading ethical business

paradigms. This values do differ from non-family business values in transmitted across

generations and among members. According to Campopiano & Massis (2015, the transition creates

a lot of ethical problems, which plays critical and fundaments instrument. Therefore, credibility

of the family values is credible and ethics, which is very important and success factor. The

systems family values and behaviors are internally oriented, which decrease the possibility of

changes. From the results of research conducted by Vazquez (2018) expressed the strong

opinion that transition is ethical in change management among family enterprise and that the

main goal is to builds and develop of firms in favor of the family interests. The change

management in family firms is fundamental principles, values and norms, which provide

guidance for goals, vision and mission.

Is it ethical to lend money to the third party?

FAMILY BUSINESSES 16

In the past years, mortgages and loans were obtained from local banks. But with a recent

shift in the finance sector, loans brokers have entered the picture and the concern has turned the

process of many loans as possible. And since the relationship between broker and borrower don't

exist, and seemingly won’t ever meet again (Adams,2017). With this sense, ethics of lending has

been the hottest topic and popular across the fiancé sector right now. Ethics means treating

everyone equally. But the questions remain, is it ethical for broker lend to the third party? Broker

loan is loan borrowed by brokerage house and lender can obligate for repaying anytime. The

lender granted the loan for short-term to finance clients' margin portfolios. Broker loan is risky

because the lender can call the loan anytime as well as the interest that accumulates quickly. It is

ethical for brokerages to loan to the third party. If broke apply for the loan and accepted then,

third-party can pay directly or through broker after the short period. The ethical behavior of a

family enterprise can be observed through its behavior towards the internal and external business

environment. Ethical behaviors and value of the family firms can be observed through attitudes

towards external and internal business environment. Thus, ethical behavior and norms of the

firms with the family management and ownership from the family’s norms, values and behavior.

Conclusion

Generally, through this literature review, it is clear that recent several researchers,

professional and academician in business management and sciences have discuses social

responsibility as an entity of the family business. Through various empirical studies, the outcome

has provided insight into the family business in different activities and operations, which has

increased social responsibility. The benefits obtaining from social responsibility has been the

driving factor in supporting the society social activities by family-owned firms. The family

business usually bled economic considerations with the traditional roles and social unit and
FAMILY BUSINESSES 17

values. Therefore, the social responsibility role in any business economy is unquestionable,

currently, several firms have extended sort of business in economic structure. While family

business is determined creation of wealth and production. Therefore, a family business can refer

to external manifestations of family's value systems which underpins a code of behavior that

protects the family vision and missions in bossiness. Family beliefs and value play a critical role,

particularly, during the transition and challenging periods though conflict can arise in case there

is no relevant to vision (Cuadrado-Ballesteros et.al, 2015).

Transition (transmission) of family business play critical role in the long-term survival of

the business, thus, to achieve it, processes of survival must be maintained for the autonomy in

the firm and through growth and loss, the entity can endure and continue to exist. Firm survival

means the success of the business. The family business is significant to the economy,

development and employment rate of any country. They are the most common entity that makes

social and economies across the world. Globally, the family business contributes 85% GDP.

Also, it shows higher profitability in the long run as well as long term strategic c outlooks to

their main motivation. In recent literature, the family has been considering to foster a particular

development specifically values and culture resulting from a strong influence on the performance

of the firm. The family-owned business has management, which in most cases lack trust in

people from outside in the family and no-economic activities such as CSR. Nevertheless, from

the positive effects of CSR in terms of social strategies with the family suggest that firms should

adopt more social activities (Cuadrado-Ballesteros et.al, 2015). Therefore, the family-owned

business should front social responsibility to tight the control of the firm as they maintain social

wealth through seeking and adopting best practices that would preserve the control and

influence.
FAMILY BUSINESSES 18

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FAMILY BUSINESSES 20

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