Family business strategies: The effects of family governance on the business resiliency of family business from select DLSU RVR-COB students

• Main Authors: Chen, Hannah Beatrice A., Go, Nathan Ellick C., Jimenez, Gabrielle Marie B.
• Format: text
• Language: English
• Published: Animo Repository 2022
• Subjects: Family-owned business enterprises; Organizational resilience; Entrepreneurial and Small Business Operations
• Online Access: https://animorepository.dlsu.edu.ph/etdb_dsi/179
• Institution: De La Salle University

Family businesses are a prevalent type of enterprise globally, and in the Philippines, they constitute over 90% of businesses. Despite this, only 10% of family-owned companies manage to successfully transition to the third generation. Establishing effective governance practices is essential for long-term success, particularly in family-owned businesses where family members can significantly impact the organization's direction. This study aims to examine the impact of family business governance, innovation, family councils, and stewardship on business resilience of select De La Salle University, Ramon V. Del Rosario College of Business students. Business resilience refers to a company's ability to respond to unexpected crises, and this study can be a valuable guide for small family businesses seeking to enhance their chances of passing the business down to future generations. The study employs a qualitative and quantitative data-gathering method, using online surveys, interviews, and statistical tools, to analyze data collected from 131 students. The findings underscore the importance of effective governance practices, innovation, and family councils in promoting business resilience. Stewardship is also identified as a vital factor that contributes to business resilience, but not in all cases. This study provides valuable insights for small family businesses seeking to establish effective governance practices and increase their chances of long-term success. The study findings suggest that a family business must prioritize Innovation as it is the single most important variable that influences Business Resiliency but that does not mean that the business must disregard Family Governance, Family Council, and Stewardship as they also affect Business Resiliency. A family business must implement as many variables as possible with a priority list of Innovation, Family Governance, Stewardship, and Family Council as not all businesses can implement all the said variables at once, and the order provided shows which variables will return the most benefit.