Wyniki wyszukiwania - BazTech

1

Family firms as an example of one of the oldest forms of entrepreneurship

Komarnicka Anna

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2024

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z. 192

577--590

EN

Purpose: The purpose of the paper is to analyse diverse definitional approaches to family firms emphasising various aspects related to this form of business. Additionally, the underlying idea and specific characteristics of family businesses are presented, including the role played by these businesses in modern Polish economy. Design/methodology/approach: The theoretical approach adopted is based on an analysis of primary and secondary sources and a review of literature on the subject. The paper uses the desk research method. Findings: In view of an analysis of the available literature on family firms, it should be noted that, in spite of the efforts made in this regard, a uniform, universally accepted definition of a family business is yet to be formulated. While definitional approaches differ, there is one attribute common to all approaches - the fact that a family firm is managed by members of a single family. Family firms play a key role in creating a stable and sustainable economy, in terms of both employment and their ability to attract investors, which distinguishes them from non-family businesses. The combination of family and business aspects shapes the specific conditions in which these businesses operate, with an emphasis on mutual trust and the long-term perspective of running a business over generations. Originality/value: The present study contributes valuable insights to the discussion on defining family firms by showing their specific characteristics and emphasising the important role they play in modern economy.

2

The impact of the pandemic on the functioning of business models with an example of selected family businesses

Ociepa-Kubicka Agnieszka

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2022

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z. 158

461--472

EN

Purpose: The purpose of the study was to indicate the impact of the COVID-19 pandemic on the functioning of business models of selected companies. The analysis of the operation and direction of changes in the business model was carried out with an example of two family businesses. Conducting research on the impact of the COVID-19 pandemic on the change in business models of companies is important due to the fact that the pandemic forced changes in the operation of many plants, which could affect the functioning of the business models adopted so far. For entrepreneurs, it is important to indicate how to modify and create business models that will work in different conditions. A good business model concept not only allows the company to gain better insight into its own business, but also allows for improvements and innovations. Design/methodology/approach: Business model analysis is based on one of the most popular business model templates, which is the Business Model Canvas. Changes in the functioning of the business model before the pandemic in 2018 and in 2021 were assessed. Nine elements of the business model were analysed, i.e. customer segments, value proposition, channels/communication, distribution, sales, customer relations, revenue streams, key resources, key activities, key partners, cost structure. The analysis was based on literature studies on the subject discussed and on the basis of data obtained during interviews with business owners. Findings: When analysing the examples of companies and their business model, it can be concluded that the changes in the elements of the business models of the surveyed enterprises were both quantitative and qualitative. Companies have made the most changes in the following elements: key resources, key activities, key partners, cost structure. Other elements included in the Business canvas model have only partially changed, such as customer relations. During the pandemic, another important aspect was noticed in companies, related closely to employees. The lack of an employee due to illness or the lack of a replacement for such an employee generated big problems, confusion at the level of customer relations, customer contacts, contacts with partners, timeliness of production and delivery, etc. The author proposed modifications to the existing BUSINESS CANVAS MODEL by adding the “employees” element. An analysis of this additional element in the model already at the stage of creating a business model can help new companies build a stable business model that will work in difficult situations. In crisis situations, such as the Covid-19 pandemic, employers should quickly plan the division of responsibilities in accordance with the principles of safety and prevention of infection, and make efforts to restore a normal, healthy rhythm of their company as soon as possible. Therefore, it is necessary to develop and implement new strategies and additional activities to ensure the safety and productivity of people and thus build a business-resilient company. Practical implications: Implementation of a new business model modified by the author of the publication will help new companies build a stable business model that will work in difficult situations such as the pandemic. Originality/value: The research is aimed primarily at owners of family businesses. The added value to the article is an attempt to identify elements of the business model that should be paid special attention to when creating new business models. The operation of business models during the pandemic requires a broader analysis and the presented research results contribute to reducing the cognitive gap in this area. Analysis of business models of the sample companies may constitute an introduction to broader research on the creation of innovative business models that will be able to work in the rapidly changing conditions of the company's environment.

3

Risk preference of founder and descendant of Indonesian family firms

Putri Aulia Citra, Viverita Viverita

Polish Journal of Management Studies

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2019

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Vol. 20, No. 2

414--425

EN

This study aims to investigate the role of CEO succession in family business and the effect on financial risk. Using a Generalized Least Square (GLS) regression analysis and unbalanced panel data of 48 family firms, the stagnation, agency perspectives, and signaling model of their behavior were tested. This study finds that CEO turnover is negatively associated with firm’s financial risk. Furthermore, CEO descendants are more risk averse than CEO founders, and older CEOs are also more risk averse than younger CEOs. In addition, CEOs with higher education are also more risk averse. This implies that the Indonesian family firms are conservative towards financial risk. In relation to the stagnation perspective, the decrease in financial risk of family firms in Indonesia will be premature to be concluded that it will be in a stagnant phase.

PL

W artykule przedstawiono rolę sukcesji dyrektora generalnego w firmie rodzinnej i jej wpływu na ryzyko finansowe. Wykorzystując analizę regresji Uogólnionego Least Square (GLS) i dane niezrównoważonego panelu 48 firm rodzinnych, przetestowano stagnację, perspektywy agencyjne i model sygnalizacyjny ich zachowania. Badanie wykazało, że zmiana prezesa jest negatywnie związana z ryzykiem finansowym firmy. Ponadto potomkowie CEO są bardziej niechętni do ryzyka niż założyciele CEO, a starsi CEO są bardziej niechętni do ryzyka niż młodsi CEO. Ponadto prezesi z wyższym wykształceniem są również bardziej niechętni do podejmowania ryzyka. Oznacza to, że indonezyjskie firmy rodzinne były konserwatywne wobec ryzyka finansowego. W odniesieniu do perspektywy stagnacji zmniejszenie ryzyka finansowego firm rodzinnych w Indonezji będzie zbyt wcześnie, aby stwierdzić, że wystąpi faza stagnacji.

4

Debt maturity and family related directors : evidence from a developing market

Hussain H. I., Abidin I. S. Z., Ali A., Kamarudin F.

Polish Journal of Management Studies

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2018

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Vol. 18, No. 2

118--134

EN

This paper examines the debt maturity structures of Malaysian firms based on the presence of family-related directors (FRDs) on boards. The motivation is derived from the board composition literature, which highlights reforms taken place over the years in order to ensure proper governance mechanisms. Conversantly, debt maturities are also linked to reductions in agency costs whereby firms with short-term borrowings will be subject to greater levels of monitoring by markets. Furthermore, this reduces information asymmetry. Thus, the paper evaluates the effectiveness of FRDs in alleviating the agency problem by studying the trade-off of such presence on debt maturity structures. The study finds that firms with the presence of FRDs tend to opt for longer maturity structures. These points towards a substitution effect where firms with FRDs will not rely on short-term borrowing as a mechanism for reducing agency problems. The findings of the study are further validated given that the presence of FRDs is not motivated by firms matching strategy of assets versus liabilities. However, these firms also opt for long-term borrowing in order to mitigate potential liquidity problems. The study further documents that these firms face lower bankruptcy costs. Interestingly, the authors also document that FRD opt to lengthen maturity structures during periods of increase in share prices indicating that control by family members tend to take into consideration shareholders’ wealth maximization. The finding is valid given that most firms with FRD also tend to have significant ownership by families.

PL

W niniejszym artykule przeanalizowano strukturę zapadalności długu malezyjskich firm w oparciu o obecność dyrektorów rodzinnych (FRD) w zarządach. Motywacja pochodzi z literatury poświęconej składom zarządów, która podkreśla reformy, które miały miejsce od lat w celu zapewnienia odpowiednich mechanizmów zarządzania. Konsekwentnie, zapadalność długu jest również powiązana z obniżeniem kosztów pośrednictwa, w wyniku czego firmy o pożyczkach krótkoterminowych będą podlegać większemu monitorowaniu na rynkach. Ponadto zmniejsza to asymetrię informacji. W związku z tym, w artykule dokonano oceny skuteczności FRD w łagodzeniu problemu agencji poprzez zbadanie zysku takiej obecności w strukturach dojrzałości długu. Badanie wykazało, że firmy z obecnością FRD wybierają dłuższe struktury dojrzałości. Wskazuje to na efekt substytucyjny, w którym firmy z FRD nie będą polegać na pożyczkach krótkoterminowych jako mechanizmie zmniejszającym problemy agencji. Wyniki badania są dalej potwierdzane, ponieważ obecność FRD nie jest uzasadniona przez firmy, które dopasowują strategię aktywów do zobowiązań. Firmy te również wybierają długoterminowe pożyczki, aby złagodzić potencjalne problemy z płynnością. Badanie to dokumentuje również, że firmy te ponoszą niższe koszty bankructwa. Co ciekawe, autorzy dokumentują również, że FRD opowiadają się za przedłużeniem struktur zapadalności w okresach wzrostu cen akcji, wskazując, że kontrola członków rodziny ma tendencję do uwzględniania maksymalizacji zamożności akcjonariuszy. Stwierdzenie jest słuszne, biorąc pod uwagę, że większość firm z FRD ma również znaczny udział rodzinny w strukturze własności.