Successor’s Intention on Internal Succession of Sustainable Family Business
DOI:
https://doi.org/10.59640/cbr.v15i2.1-16Keywords:
Intention, Sustainable Family Business, Entrepreneurship, Successor , SustainabilityAbstract
Succession is one of the hurdles to sustain the Family Business in this competitive world. The succession of a Sustainable Family Business primarily depends upon the next generation's successors within the family. Expanding the stockpile of young generation business visionaries in the economy is a significant focus of a developing nation. Entrepreneurship intention and sustainable family business have been emerging fields for researchers who are keen on economic development. In this context, this study intends to measure the succession of family businesses in Kerala with the support of the Theory of Planned Behavior. Moreover, the intention of the successor to take over the family-owned enterprise is being investigated. The target population is the final-year students undergoing graduation in Kerala along with family businesses in India or abroad. It was discovered that the intention of a successor to acquire the family business is thoroughly driven by attitude and subjective norms. On the other hand, the influence of perceived behavioral control is modestly impacted but statistically significant. Sustainable Family Businesses are the backbone of every economy, which comprise mostly of Small and Medium Enterprises. Therefore, understanding the intention of successors helps policymakers enhance firms’ value and continuity.
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