Factors influencing the intent of Filipino-Chineses millennial successors in Metro Manila to join the family business

• Main Authors: Adarna, Mika Alixa A., Chen, Judy Ann D., Hong, Reginald Anton F., Sera Jose, Shaira Jill D.
• Format: text
• Language: English
• Published: Animo Repository 2018
• Subjects: Family-owned business enterprises; Family-owned business enterprises > Succession
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/7578
• Institution: De La Salle University

Family businesses are important components of economies in general, but they have limited capability to undergo generational change or also known as succession (Perryer & Te, 2010). Studies show that less than 30 percent of family-owned businesses survive long enough to reach the third generation, fewer than 15 percent are able to get through that generation (Kets de Vries as cited in Morris, Williams & Nel, 1996 Ward as cited in Goldberg, 1991) and among millennial successors, there seems to be a decline in the intention of successors to join the family business. The aim of this study is to explore the factors that influence the intention of successors to join family business. The paper analyzed the significance of the family dimension, including predecessor as factors, and the personal dimension with self-interest, self-esteem, independent attitude, attitude towards risk, attitude towards work, attitude towards social responsibility, leadership attitude, being a team-worker, and family pressure as factors to the intention of Filipino-Chinese millennial successors in Metro Manila to join the family business. The findings imply that both family and personal dimensions influence the successor's intent to join the family business while self-interest, family pressure, shared values between predecessor and successor, independent attitude, self-esteem, and predecessor's trust in the successor were the factors that had significant impact to intention.