Personality Traits and Socio-Demographic Factors as Predictors of Succession Planning among Family-Owned Businesses
DOI:
https://doi.org/10.26740/jptt.v15n03.p229-235Keywords:
Family-owned businesses, personality traits, socio-demographic factors, succession planningAbstract
Background: The most lasting gifts a business could pass on to the next generation is who is next to take over the family-owned business. Little studies have been done on succession plan among family-own business in Nigeria.
Objective: This study examines personality traits and socio-demographic factors as likely predictors of succession planning among family-owned businesses in Ibadan metropolis. Cross-sectional survey design using purposive sampling technique was used to sample seven family-owned businesses. Data were collected from 120 participants using standardized questionnaires. Zero-order correlation statistics and multiple regression analysis were utilized to analyze the collected data.
Results: The result revealed that personality traits jointly predicted succession planning among participants. Also, age, education, gender, job status, marital status, and work experience jointly predicted succession planning among participants. Finally, marital status and work experience independently predicted succession planning.
Conclusion: Personality traits and socio-demographic factors were robust predictors of succession planning among family-owned businesses in Ibadan. The novelty of this finding is that succession planning is rarely studied among family-owned businesses.
References
Aladejebi, O. A. (2021). Succession planning: A key to sustainable family business. Journal of Business & Social Science Review, 2(7),26-38 https://doi.org/10.48150/jbssr.v2no7.2021.a3
Akindele, I.T., Olaniyi, D. E., Olusessi, L.D. (2022). Succession planning and family-owned business: An assessment of impact on selected family-owned business. LASU Journal of Employment Relations & Human Resource Management,3(1),122-140 https://doi.org/10.36108/ijerhrm/2202.03.0101
Amegayibor, G., K. (2021). The effect of demographic factors on employees’ performance: A case of an owner-manager manufacturing firm. Annals of Human Resource Management Research, 2(1), 127-143. https://doi.org/10.35912/ahrmr.v1i2.853
Bedwawi, A. A.L., Mutalib, R.A., & Senasi, V.(2023).Impact of talent management and succession planning on the organizational competitiveness in the UAE public sector. Journal of Statistics Applications & Probability: An International Journal, 12(2), 855-863 https://doi.org/10.6007/IJARBSS/v13-i1/16189
Bano, Y., Omar, S. S., & Ismail, F. (2022). Succession planning best practices for large and small organizations. Mediterranean Journal of Social Sciences, 13(2), 11. https://doi.org/10.36941/mjss-2022-0013
Caraballo-Cueto, J., & Segarra-Alméstica, E. (2019). Do gender disparities exist despite a negative gender earnings gap? Economía, 19(2), 101-125. https://doi.org/10.1353/eco.2019.0003
Christensen, C. R.. (1953). Management succession in small and growing enterprises. Harvard University Press
Darsana, W., Mananda, G.P.B. S.,Program, S., Industri, P., Wisata, F., & Pariwisata, T.(2023). Succession planning in maintaining the existence of family entrepreneurship business in Bali. Jurnal IPTA, 10(2), 357-361. https://doi.org/10.24843/IPTA.2022.v10.i02.p21
Dettori, A. & Floris, M. (2023). Women’s roles in family businesses: some empirical evidence from Italy, Journal of Family Business Management, 13( 4), 1068-1084, doi: 10.1108/jfbm-04-2022-0053.
Dewitt, S., Jafari-Sadeghi, V., Sukumar, A., Aruvanahalli Nagaraju, R., Sadraei, R. and Li, F. (2023). Family dynamics and relationships in female entrepreneurship: an exploratory study, Journal of Family Business Management, 13( 3), 626-644 https://doi.org/10.1108/FBM-01-2022-0013
Do Paco, A. M. F., Fernandes, C.I., Nave, E., Alves, H., Ferreira, J.J.M., & Raposo, M.(2021). Succession planning and strategies in family business: A multiple case study. International Journal of Entreprenurship, 25(Special Issue1), 1-12 https://www.ije.com
Dvoulety, O., Orel, M., & Prochazka, D.A.(2024). European family business owners: What factors affect their job satisfaction? Journal of Family Business Management,1-19 https://doi.org/10.1108/JFBM-12-2023-0303.
Esuh, O. L., Mohd, S.M.,& Adebayo, O.I.(2011). Conceptual framework of family business succession bane of family business continuity. International Journal of Business & Social Science, 2-18. www.ijbssnet.com
Ghee, W.Y., Ibrahim, M.D. & Abdul-Halim, H. (2015). Family business succession planning: Unleashing the key factors of business performance. Asian Academy of Management Journal, 20(2), 103-126 http://web.usm.my/aamj/20022015/aamj20022015_5.pdf
Gilding, M., Gregory, S. & Cosson, B. (2015). Motives and outcomes in family business succession planning. Entrepreneurship Theory & Practice, 39(2), 299-312. https://doi.org/10.1111/tap.12040
Hendrawijaya, T. (2019). Demographic factors and employee performance: The mediating effect of employee empowerment, Media Ekonomi dan Manajemen, 34. 1-13. http://dx.doi.org/10.24856/mem.v34i2.962
Hoque, K. E., & Zheng, C(2024). Succession planning in higher education: A systematic literature review (2012–2022). Human Resources Management & Services. 6(1): 3391. https://doi.org/10.18282/hrms.v6i1.3391
Kay, R., Pahnke, A., & Welter, F.(2024). Family business succession planning: Do outcomes depend on the predominant gender on the management board?. Edward Elgar Publishing (Pp. 225-249). https://doi.org/10.4337/9781802206364.00018
Luh, M., Budi, K. & Dewi. M. (2020). The Effect of successor characteristics on succession planning of family companies. Jurnal Aplikasi Manajemen, 18(1), 113–121. Malang: Universitas Brawijaya. http://dx.doi.org/10.21776/ub.jam.2020.018.01.11
Luna, G. (2012). Planning for an American higher education leadership crisis: The succession issue for administrators. International Leadership Journal, 4(1), 56-79. www.tesc.edu/ilj
Matthews, C.H., Moore, T.W., & Fialko,A. S. (2004). Succession in the family firm: A cognitive categorization perspective. Family Business Review, 12(2), 159-170. https://doi.org/10.1111/j.1741-6248.1999.00159
McCrae, R. R., & Costa, P. T. (2015). Inventories for the NEO Personality Inventory. Current Opinion in Psychology, 9, 27-32 https://doi.org/10.1093/oxfordhb/9780195366877.01
Meléndez-Ramos, G. (2020). Succession process and the impact of gender in Puerto Rican family businesses. Fórum Empresarial, 25(1), 83-104. https://doi.org/10.3380/fe.v25i1.18515
Monyei, F. E., Ukpere, W. I., Agbaeze, E. K., Omonona, S., Kelvin-iloafu, L. E., & Obi-anike, H. O. (2021).The impact of succession management on small and medium enterprises ’ sustainability in Lagos State ,Nigeria. Sustainability, 1–12. https://doi.org/10.3390/su132313489
Mokhber, M., Gi,G.T., Rasid, S.Z.A., Vakilbashi, A., Zamil, N.M.,& Seng, Y.W.(2017). Succession planning and family business performance. Journal of Management Development,36(3), 330-347. https://doi.org/10.1108/JMD-12-2015-0171
Nnabuife, E.K. & Okoli, E.(2017). Succession planning and sustainability of selected family-owned businesses in Anambra State, Nigeria. European Journal of Business & Management,9(34), 155-167. https://www.ejbm.com
Olubiyi, T.O. (2022). Succession planning and family business continuity: Perspectives from Lagos State, Nigeria. Global Journal of Management and Business Research, 22 (A5) ,27-34. https://journalofbusiness.org/index.php/GJMBR/article/view/10224
Saan, R., Enu-Kwesi, F., & Faadiweieyewie, R. (2018). Succession planning and continuity of family-owned business: Perception of owners in the WA municipality, Ghana. Journal of Business & Management, 20(6), 24-34 https://doi.org/10.9790/487X-2006032434
Smith, A. N., Watkins, M. B., Ladge, J. J., & Carlton, P. (2019). Making the invisible visible: paradoxical effects of intersectional invisibility on the career experiences of executive black women. Academy of Management Journal, 62(6), 1705–1734. https://doi.org/10.5465/amj.2017.1513.
Yadav, S.S. & Shankar, R. (2018). Succession planning: Some lessons. Journal of Advances in Management Research, 14 (4), 406-407 https://doi.org/10.1108/JAMR-09-2008-0076
Zapata-Cantu, L., Sanguino, R., Barroso, A. and Nicola-Gavril_a, L. (2023), “Family business adapting a new digital-based economy: opportunities and challenges for future research”, Journal of the Knowledge Economy, Vol. 14 No. 1, pp. 408-425 https://doi.org/10.1007/s13132-021-00871-1.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Emmanuel Uye, David Okurame, Bolanle Ogunyinka
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish in this journal agree to the following terms:
Copyright in any article is held by the author.
The author grants the journal, publication rights with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
Authors may enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., posting it to an institutional repository or publishing it in a book), with an acknowledgment of its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in an institutional repository or on their website) prior to and during the submission process, as this can lead to productive exchanges, as well as earlier and greater citation of published work.
Abstract views: 265
,
PDF Downloads: 248
