Akademik Məlumat İdarəetmə Sistemi
TURAN-SAM: Turan Stratejik Arastirmalar Merkezi, vol.14, no.Special issue, pp.138-146, 2022 (Peer-Reviewed Journal)
Family
businesses are distinguished by their ability to be passed down through the
generations and due to their stable business characteristics give a positive
impetus to the sustainable development of the economy and employment. Furthermore,
due to their unique advantages, such as cost reductions and the ability to
overcome difficult conditions by mobilizing internal resources during financial
crises, family firms stand out as resilient to economic shocks. Therefore, at a time when the global economy's
financial stability and security are under threat, family companies are seen as
highly efficient entrepreneurial activities and is one of the modern economy's
backbones.
The
study looks at the roles of family businesses in the global economy, along with
some of their characteristics, as well as the key criteria used in
classification of them and the impact of necessity motives on the creation of
family enterprises. We can conclude that the primary factors utilized in
determining these firms are ownership, family members' engagement in the
management of the business and representation in the top management of the
firm, and business transfer by generation.