The success factors of family and non-family firms: Similarities and differences


Abstract

Objective: The aim of this article is to identify whether there are similarities or differences between family and non-family firms in terms of the factors which contribute to business success. More specifically, comparison analyses were designed to isolate possible variations related to an enterprise’s advantage over its competitors, the internal and external relationships of the enterprise, intangible resources, and an enterprise’s financial resources.

Research Design & Methods: The source for empirical data used herein is individual data selected from a country-wide survey conducted by Statistics Poland from December 2017 to January 2018. The survey was carried out electronically using an online questionnaire. Focusing on non-financial businesses with 10-249 employees, it examined how entrepreneurs view the significance and impact of a group of factors on the development and success of their businesses, including a self-assessment of the firm’s current situation and development over the last three years. The sample consisted of 43,379 firms, of which 14,686 self-identified as having a family character. Unobservable (latent) variables were used for a more in-depth analysis: one represented a component of enterprise success while the other four were characterised as success factors. An analysis of the main components was used to identify independent variables (success factors) with the relationships between the variables examined through structural equation modelling.

Findings: In the light of the findings, it is possible to show that family firms display partial differences in their rating of the factors that have impacted their success. For this group, aspects including how the firm is organised, financial resource access, and the overall financial situation were less important in comparison to non-family ones. However, family firms showed no differences in their perception of the factors supporting their competitive advantage and their intangible resources.

Implications & Recommendations: An ongoing debate has weighed whether family and non-family firms differ in terms of performance and their internal perception of business success, and numerous studies present rather distinct visions. Some confirm the advantages of family businesses; others deny such benefits exist, and a final group notes no statistically significant evidence that would confirm differences between the two groups. In contrast, the results of our study provide evidence that Polish family businesses partly differ from non-family ones regarding the factors that influence their business success.

Contribution & Value Added: Our study verifies whether family and non-family firms differ in terms of the factors that contribute to business success. We describe both business success and the factors that impact it as unobserved (latent) constructs. This approach is rare in the current literature; more often, success factors and measures are analysed separately. However, this approach allowed us to analyse the relationship in a more consistent and complex way.

       

Keywords

family and non-family firms; success factors; success measures; success models; small and medium-sized enterprises; structural equation modelling

Ahmad, N. H., Wilson, C., & Kummerow, L. (2011). Assessing the dimensionality of business success: The perspectives of Malaysian SME owner-managers. Journal of Asia-Pacific Business, 12(3), 207-224. https://doi.org/10.1080/10599231.2011.586855.

Alsos, G. A., Isaksen, E. J., & Ljunggren, E. (2006). New venture financing and subsequent business growth in men- and women-led businesses. Entrepreneurship Theory and Practice, 30(5), 667-686.

Angel P., Jenkins A., & Stephens, A. (2018). Understanding entrepreneurial success: A phenomenographic approach. International Small Business Journal, 36(6), 611-636. https://doi.org/10.1177/0266242618768662.

Åstebro, T., Herz, H., Nanda, R., & Weber, R. (2014). Seeking the roots of entrepreneurship: Insights from behavioral economics. Journal of Economic Perspectives, 28(3), 49-70. https://doi.org/10.1257/jep.28.3.49

Arregle, J. L., Hitt, M. A., Sirmon, D. G., & Very, P. (2007). The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44(1), 73-95.

Audretsch, D. B., Hülsbeck, M., & Lehmann, E. E. (2013). Families as active monitors of firm performance. Journal of Family Business Strategy, 4(2), 118-130. https://doi.org/10.1016/j.jfbs.2013.02.002.

Baer, M., & Frese, M. (2003). Innovation is not enough: Climates for initiative and psychological safety, pro-cess innovations, and firm performance. Journal of Organizational Behavior, 24(1), 45-68. https://doi.org/10.1002/JOB.179

Baron, R. A., & Markman, G. D. (2000). Beyond social capital: How social skills can enhance entrepreneurs’ success. Academy of Management Perspectives, 14(1), 106-116.

Basco, R., & Pérez Rodríguez, M. J. (2009). Studying the family enterprise holistically: Evidence for integrated family and business systems. Family Business Review, 22(1), 82-95. https://doi.org/10.1177/0894486508327824.

Beaver, G. (2002). Small business, entrepreneurship and enterprise development. Harlow: Pearson Education.

Brooksbank, R., Kirby, D., Tompson, G., & Taylor, D. (2003). Marketing as a determinant of long-run competi-tive success in medium-sized UK manufacturing firms. Small Business Economics, 20(3), 259-272.

Browne, M. W., & Cudeck, R. (1992). Alternative ways of assessing model fit. Sociological Methods & Re-search, 21(2), 230-258.

Brundin E., & Härtel C. E. J. (2014). Emotions in family firms. In L. Melin, M. Nordqvist, P. Sharma (Eds.), The Sage book of family business (pp. 529-548). London: Sage.

Bujan, I. (2019, October). Measuring Success in Small Family Businesses - A Socioemotional Wealth Perspec-tive. ENTRENOVA - ENTerprise REsearch InNOVAtion, 5(1), 88-97. https://hrcak.srce.hr/ojs/index.php/entrenova/article/view/13744

Cater, J. J., & Justis, R. T. (2010). The development and implementation of shared leadership in multi-generational family firms. Management Research Review, 33(6), 563-585. https://doi.org/https://doi.org/10.1108/01409171011050190

Chandler, G. N., & Hanks, S. H. (1993). Measuring the performance of emerging businesses: A validation study. Journal of Business Venturing, 8(5), 391-408.

Coleman, J. S. (1990). Foundations of social theory. London: Belknap Press of Harvard University Press.

Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behavior. Entrepreneurship Theory and Practice, 23(4), 19-39. https://doi.org/10.1177/104225879902300402

Dafna, K. (2008). Managerial performance and business success: Gender differences in Canadian and Israeli entrepreneurs. Journal of Enterprising Communities: People and Places in the Global Economy, 2(4), 300-331. https://doi.org/10.1108/17506200810913890

D’Aurizio, L., Oliviero, T., & Romano, L. (2015). Family firms, soft information and bank lending in a financial crisis. Journal of Corporate Finance, 33, 279-292. https://doi.org/10.1016/j.jcorpfin.2015.01.002

De Carolis, D. M., & Saparito, P. (2006). Social capital, cognition, and entrepreneurial opportunities: A theo-retical framework. Entrepreneurship: Theory and Practice, 30(1), 41-56. https://doi.org/10.1111/j.1540-6520.2006.00109.x

de Chematony, L., Dall’Olmo Riley, F., & Harris, F. (1998). Criteria to assess brand success. Journal of Market-ing Management, 14(7), 765-781. https://doi.org/10.1362/026725798784867608

Dej, D. (2010). Defining and measuring entrepreneurial success. In M. Lukes & M. Laguna (Eds.), Entrepre-neurship: A psychological approach (p. 225). Prague: Oeconomica. https://doi.org/10.2307/1974198

Déniz, D., & Suárez, C. K. M. (2005). Corporate social responsibility and family business in Spain. Journal of Business Ethics, 56(1), 27-41.

Diputra, I., & Arismunandar, M. J. (2021). Entrepreneurial self-efficacy: Compromising the pros and cons of the relationship between personality traits and entrepreneurial success. Multicultural Education, 7(7), 176. https://doi.org/10.5281/zenodo.5090790

Dobbs, M. & Hamilton, R. T. (2007). Small business growth: Recent evidence and new directions. Interna-tional Journal of Entrepreneurial Behavior & Research, 12(5), 296-322. https://doi.org/10.1108/13552550710780885

Donckels, R., & Frohlich, E. (1991). Are family businesses really different? European experiences from STRA-TOS. Family Business Review, 4(2), 149-160.

Faulkner, D., & Bowman, C. (1992). Generic strategies and congruent organisational structures: Some sug-gestions. European Management Journal, 10(4), 494-500.

Farrington, S. M., Venter, E., & Boshoff, C. (2012). The role of selected team design elements in successful sibling teams. Family Business Review, 25(2), 191-205.

Fisher, R., Maritz, A., & Lobo, A. (2014) Evaluating entrepreneurs’ perception of success: Development of a measurement scale. International Journal of Entrepreneurial Behavior & Research, 20(5), 478-492.

Fried, H. O., & Tauer, L. W. (2009). Understanding the entrepreneur: An index of entrepreneurial success. Itha-ca: Cornell University Press.

Gadenne, D. (1998). Critical success factors for small business: An inter-industry comparison. International Small Business Journal, 17(1), 36-56.

Gallo, M. Á., Tàpies, J., & Cappuyns, K. (2004). Comparison of family and nonfamily business: Financial logic and personal preferences. Family Business Review, 17(4), 303-318. https://doi.org/10.1111/j.1741-6248.2004.00020.x

Gersick, K. E., Gersick, K. E., Davis, J. A., Hampton, M. M., & Lansberg, I. (1997). Generation to generation: Life cycles of the family business. London: Harvard Business Press.

Gomez-Mejia, L. R., Patel, P. C., & Zellweger, T. M. (2018). In the horns of the dilemma: Socioemotional wealth, financial wealth, and acquisitions in family firms. Journal of Management, 44(4), 1369-1397. doi:10.1177/0149206315614375.

Gorgievski, M. J., Ascalon, M. E., & Stephan, U. (2011). Small business owners’ success criteria, a values ap-proach to personal differences. Journal of Small Business Management, 49(2), 207-232. https://doi.org/10.1111/j.1540-627X.2011.00322.x

Grilo, I., & Irigoyen, J. (2006). Entrepreneurship in the EU : To wish and not to be. Small Business Economics, 26(4), 305-318. https://doi.org/10.1007/s11187-005-1561-3

Gudmundson, D., Hartman, E. A., & Tower, C. B. (1999). Strategic orientation: Differences between family and non-family firms. Family Business Review, 12(1), 27-39. https://doi.org/10.1111/j.1741-6248.1999.00027.x

GUS (2018). Uwarunkowania rozwoju przedsiębiorczości w sektorze MŚP. Raport Końcowy. Warszawa: Cen-trum Badań i Edukacji Statystycznej GUS.

Habbershon, T. G., & Williams, M. L. (1999). A resource-based framework for assessing the strategic ad-vantages of family firms. Family Business Review, 12(1), 1-25. https://doi.org/10.1111/j.1741-6248.1999.00001.x

Hasan, M., Musa, C. I., Arismunandar, A. M., & Tahir, T. (2020). Positive psychological capital, market orien-tation, and business performance of family businesses in the culinary sector: A research study. Econom-ics and Sociology, 13(3), 97-112. https://doi.org/10.14254/2071-789X.2020/13-3/7

Heider, F. (1958). The Psychology of Interpersonal Relations. New York: Wiley.

Hienerth, C., & Kessler, A. (2006). Measuring success in family businesses: The concept of configurational fit. Family Business Review, 19(2), 115-134. https://doi.org/10.1111/j.1741-6248.2006.00061.x

Hu, L. T., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural Equation Modeling: A Multidisciplinary Journal, 6(1), 1-55.

Hunter, M. G., & Kazakoff, D. (2012). Multi-generation small business response to the recent financial crisis. Journal of Applied Management and Entrepreneurship, 17(1), 37-51.

Ioniţă, D. (2013). Success and goals: An exploratory research in small enterprises. Procedia Economics and Finance, 6, 503-511. https://doi.org/10.1016/S2212-5671(13)00168-8

Irava, W. J., & Moores, K. (2010). Clarifying the strategic advantage of familiness: Unbundling its dimensions and highlighting its paradoxes. Journal of Family Business Strategy, 1(3), 131-144. https://doi.org/10.1016/j.jfbs.2010.08.002

Jennings, P., & Beaver, G. (1997). The performance and competitive advantage of small firms: A manage-ment perspective. International Small Business Journal, 15(2), 63-75.

Kay, J. (1995). Foundations of corporate success: How business strategies add value. Oxford: Oxford Paper-backs. https://doi.org/10.1093/019828988X.001.0001

Kowalewska, A., Szut, J., Małgorzata, B. L., Kwiatkowska, M., Sułkowski, Ł., Marjański, A., & Krynicki, T. J. (2009). Firmy rodzinne w polskiej gospodarce – szanse i wyzwania. Warszawa: Polska Agencja Rozwoju Przedsiębiorczości.

Laguna, M., & Razmus, W. (2019). When I feel my business succeeds, I flourish: Reciprocal relationships between positive orientation, work engagement, and entrepreneurial success. Journal of Happiness Stud-ies, 20, 2711-2731. https://doi.org/10.1007/s10902-018-0065-1

Lee, M.-S., & Rogoff, E. G. (1996). Research note: Comparison of small businesses with family participation versus small businesses without family participation: An investigation of differences in goals, attitudes, and family/business conflict. Family Business Review, 9(4), 423-437. https://doi.org/10.1111/j.1741-6248.1996.00423.x

Leković, B., & Marić, S. M. (2015). Measures of small business success/performance–importance, reliability and usability. Industrija, 43(2), 7-26. https://doi.org/ 10.5937/industrija43-7209

Lins, K. V., Volpin, P., & Wagner, H. F. (2013). Does family control matter? International evidence from the 2008-2009 financial crisis. Review of Financial Studies, 26(10), 2583-2619. https://doi.org/10.1093/rfs/hht044

Lochner, K., Kawachi, I., & Kennedy, B. P. (1999). Social capital: A guide to its measurement. Health and Place, 5(4), 259-270. https://doi.org/10.1016/S1353-8292(99)00016-7

Lussier, R. N., & Pfeifer, S. (2000). A comparison of business success versus failure variables between US and Central Eastern Europe Croatian entrepreneurs. Entrepreneurship Theory and Practice, 24(4), 59-67.

Łobos K., et al. (2018). Determinants of entrepreneurship development in the SME sector. Report. Statistics Poland. Retrieved from: http://stat.gov.pl/statystyka-regionalna/statystyka-dla-polityki-spojnosci/ on September 2021.

Maltz, A. C., Shenhar, A. J., & Reilly, R. R. (2003). Beyond the balanced scorecard: Refining the search for organizational success measures. Long Range Planning, 36(2), 187-204. https://doi.org/10.1016/S0024-6301(02)00165-6

Man, T. W., Lau, T., & Chan, K. F. (2002). The competitiveness of small and medium enterprises: A conceptu-alization with a focus on entrepreneurial competencies. Journal of Business Venturing, 17(2), 123-142.

Mandl, I. (2008). Overview of family business relevant issues. Final report. Vienna: Austrian Institute for SME Research.

Marsh, H. W., Hau, K. T., & Wen, Z. (2004). In search of golden rules: Comment on hypothesis-testing ap-proaches to setting cutoff values for fit indexes and dangers in overgeneralizing Hu and Bentler’s (1999) findings. Structural equation modeling, 11(3), 320-341.

Mishra, C. S., & McConaughy, D. L. (1999). Founding family control and capital structure: The risk of loss of control and the aversion to debt. Entrepreneurship Theory and Practice, 23(4), 53-64.

Mzid I. (2017) Family Capital and Organizational Resilience of the Family Firm in Tunisia. In: S. Basly (eds), Family Businesses in the Arab World. Contributions to Management Science (pp. 41-61). Berlin: Springer, Cham. https://doi.org/10.1007/978-3-319-57630-5_4.

Nuvolari, A., Toninelli, P. A., & Vasta, M. (2018). What makes a successful (and famous) entrepreneur? His-torical evidence from Italy (XIX-XX century). Industrial and Corporate Change 27(3), 425-447. https://doi.org/10.1093/icc/dtx033.

Nuntilde, P., & Gr, F. A. (2012). Family businesses: How to measure their performance. African Journal of Business Management, 6(12), 4612-4621.

O’Gorman, C. (2001). The sustainability of growth in small‐ and medium‐sized enterprises. International Journal of Entrepreneurial Behavior & Research, 7(2), 60-75. https://doi.org/10.1108/13552550110396095

Olson, P. D., Zuiker, V. S., Danes, S. M., Stafford, K., Heck, R. K. Z., & Duncan, K. A. (2003). The impact of the family and the business on family business sustainability. Journal of Business Venturing, 18(5), 639-666. https://doi.org/10.1016/S0883-9026(03)00014-4.

Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441. https://doi.org/10.1177/0170840603024003910

Pacheco, L. (2019). Performance vs. Family ownership and management: The case of Portuguese wine firms. Entrepreneurial Business and Economics Review, 7(3), 7-24. https://doi.org/10.15678/EBER.2019.070301.

Pernsteiner, H., & Węcławski, J. (2016). Finansowanie i corporate governance w przedsiębiorstwach rodzin-nych. Warszawa: C. H. Beck.

Petter, S., DeLone, W., & McLean, E. (2008). Measuring information systems success: models, dimensions, measures, and interrelationships. European Journal of Information Systems, 17(3), 236-263. https://doi.org/10.1057/ejis.2008.15

Perren, L. (1999). Factors in the growth of micro-enterprises (Part 1): Developing a framework. Journal of Small Business and Enterprise Development, 6(4), 366-385. https://doi.org/10.1108/EUM0000000006691

Perren, L. (2000). Factors in the growth of micro‐enterprises (Part 2): Exploring the implications. Journal of Small Business and Enterprise Development, 7(1), 58-68. https://doi.org/10.1108/EUM0000000006805

Pounder, P. (2015). Family business insights: An overview of the literature. Journal of Family Business Man-agement, 5(1), 116-127. https://doi.org/10.1108/JFBM-10-2014-0023

Poutziouris, P. Z. (2002). The financial affairs of smaller family companies. In D. E. Fletcher (Ed.), Understand-ing the small family business (pp. 125-140). London: Routledge.

Putnam, R. (1993). The prosperous community: Social capital and public life. The American Prospect, 13(14), 1-11.

Przepiorka, A. M. (2017). Psychological determinants of entrepreneurial success and life-satisfaction. Current Psychology, 36(2), 304-315. https://doi.org/10.1007/s12144-016-9419-1

Rauch, A., & Frese, M. (2007). Let’s put the person back into entrepreneurship research: A meta-analysis on the relationship between business owners’ personality traits, business creation, and success. European Journal of Work and Organizational Psychology, 16(4), 353-385. doi:10.1080/13594320701595438

Reijonen, H. (2008). Understanding the small business owner: What they really aim at and how this relates to firm performance: A case study in North Karelia. Eastern Finland Management Research News, 31(8), 616-629. https://doi.org/10.1108/01409170810892172

Richard, P. J., Devinney, T. M., Yip, G. S., & Johnson, G. (2009). Measuring organizational performance: To-wards methodological best practice. Journal of Management, 35(3), 718-804. https://doi.org/10.1177/0149206308330560

Rodríguez-Gutiérrez, M. J., Moreno, P. & Tejada, P. (2015). Entrepreneurial orientation and performance of SMEs in the services industry. Journal of Organizational Change Management, 28(2), 194-212. https://doi.org/10.1108/JOCM-01-2015-0020

Rogoff, E. G., Lee, M. S., & Suh, D. C. (2004). ‘Who done it?’ Attributions by entrepreneurs and experts of the factors that cause and impede small business success. Journal of Small Business Management, 42(4), 364-376.

Safin, K., Pluta, J., & Pabjan, B. (2014). Strategie sukcesyjne polskich przedsiębiorstw rodzinnych. Warszawa: Difin.

Schlepphorst, S., & Moog, P. (2014). Left in the dark: Family successors’ requirement profiles in the family business succession process. Journal of Family Business Strategy, 5(4), 358-371. https://doi.org/10.1016/j.jfbs.2014.08.004

Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003). Exploring the agency consequences of ownership dis-persion among the directors of private family firms. Academy of Management Journal, 46(2), 179-194. https://doi.org/10.2307/30040613

Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217-226.

Sharma, P. (2004). An overview of the field of family business studies: Current status and directions for the future. Family Business Review, 17(1), 1-36. https://doi.org/10.1111/j.1741-6248.2004.00001.x

Simpson, M., Padmore, J., & Newman, N. (2012). Towards a new model of success and perfor-mance in SMEs. International Journal of Entrepreneurial Behaviour & Research, 18(3), 264-285. https://doi.org/10.1108/13552551211227675

Simpson, M., Tuck, N., & Bellamy, S. (2004). Small business success factors: The role of education and train-ing. Education and Training, 46(8-9), 481-491.

Sirmon, D. G., & Hitt, M. A. (2003). Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship: Theory and Practice, 27(4), 339-359.

Sjögren, H., & Schubert, K. (2018). Family dynasties: The evolution of global business in Scandinavia. London: Routledge. https://doi.org/10.4324/9781351021548

Sobczyk, J. R. (2009). Aksjologia sukcesu-uwarunkowania pomiary: miary i oceny. Prace i Materiały Wydziału Zarządzania Uniwersytetu Gdańskiego, 2(1), 81-90.

Stafford, K., Duncan, K. A., Dane, S., & Winter, M. (1999). A research model of sustainable family businesses. Family Business Review, 12(3), 197-208. https://doi.org/10.1111/j.1741-6248.1999.00197.x

Staniewski, W. M. (2016). The contribution of business experience and knowledge to successful entrepre-neurship. Journal of Business Research, 69(11), 5147-5152. https://doi.org/10.1016/j.jbusres.2016.04.095

Staniewski, W. M. & Awruk, K. (2019). Entrepreneurial success and achievement motivation – A preliminary report on a validation study of the questionnaire of entrepreneurial success. Journal of Business Re-search, 101(C), 433-440. https://doi.org/ 10.1016/j.jbusres.2019.01.073

Sternberg, R. J. (2004). Successful intelligence as a basis for entrepreneurship. Journal of Business Venturing, 19(2), 189-201.

Stewart, A., & Hitt, M. A. (2012). Why can’t a family business be more like a nonfamily business?: Modes of Professionalization in family firms. Family Business Review, 25(1), 58-86. https://doi.org/10.1177/0894486511421665

Strebulaev, I. A., & Yang, B. (2013). The mystery of zero-leverage firms. Journal of Financial Economics, 109(1), 1-23.

Sundaramurthy, C., & Kreiner, G. E. (2008). Governing by managing identity boundaries: The case of family businesses. Entrepreneurship: Theory and Practice, 32(3), 415-436. https://doi.org/10.1111/j.1540-6520.2008.00234.x

Toninelli, P. A., Vasta, M., & Zavarrone, E. (2013). Explaining entrepreneurial success: Evidence from the Italian case (nineteenth-twentieth centuries). In G. Tortella & G. Quiroga (Eds.), Entrepreneurship and growth (pp. 92-112). London: Palgrave Macmillan.

Urbanowska-Sojkin, E. (2013). Zasobowy kontekst sukcesu przedsiębiorstwa. Zarządzanie i Finanse, 11(4), 389-402.

Utrilla, P. N. C., & Torraleja, F. A. G. (2012). Family businesses: How to measure their performance. African Journal of Business Management, 6(12), 4612-4621. https://doi.org/10.5897/AJBM12.035

Vazquez, P., & Rocha, H. (2018). On the goals of family firms: A review and integration. Journal of Family Business Strategy, 9(2), 94-106. https://doi.org/10.1016/j.jfbs.2018.02.002

Wach, D., Stephan, U., & Gorgievski, M. (2016). More than money: Developing an integrative multi-factorial measure of entrepreneurial success. International Small Business Journal, 34(8), 1098-1121.

Wach, D., Stephan, U., Gorgievski, Marjan, J. & Wegge, J. (2020). Entrepreneurs’ achieved success: Develop-ing a multi-faceted measure. International Entrepreneurship and Management Journal, 16(3), 1123-1151. https://doi.org/10.1007/s11365-018-0532-5

Walker, E., & Brown, A. (2004). What success factors are important to small business owners?. International Small Business Journal, 22(6), 577-594. https://doi.org/10.1177/0266242604047411

Ward, J. L. (1988). The special role of strategic planning for family businesses. Family Business Review, 1(2), 105-117. https://doi.org/10.1111/j.1741-6248.1988.00105.x

Watson, A. (1998). Enterprise reform and employment change in Shaanxi province. Chinese Economies Re-search Centre.

Williams Jr, R. I., Pieper, T. M., Kellermanns, F. W., & Astrachan, J. H. (2018). Family firm goals and their ef-fects on strategy, family and organization behavior: A review and research agenda. International Journal of Management Reviews, 20, S63-S82. http://dx.doi.org/10.1111/ijmr.12167

Winter, I. (2000). Family life and social capital: Towards a theorised understanding (Working Paper No. 21). Melbourne: Australian Institute of Family Studies.

Wood, E. H. (2006). The internal predictors of business performance in small firms: A logistic regression analysis. Journal of Small Business and Enterprise Development, 13(3), 441-453. https://doi.org/10.1108/14626000610680299

Zaks, O., Polowczyk, J., & Trąpczyński, P. (2018). Success factors of start-up acquisitions: Evidence from Israel. Entrepreneurial Business and Economics Review, 6(2), 201-216. https://doi.org/10.15678/EBER.2018.060211

Zellweger, T. M., & Astrachan, J. (2008). On the emotional value of owning a firm. Family Business Review, 21(4), 347-363.

Zellweger, T. M., Nason, R. S., & Nordqvist, M. (2012). From longevity of firms to transgenerational entre-preneurship of families: Introducing family entrepreneurial orientation. Family Business Review, 25(2), 136-155. https://doi.org/10.1177/0894486511423531

Zheng, J. (2010). How do family firms cope with economic crisis?: Case studies about Chinese family firms (PhD Dissertation). Retrieved from: http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-13480 on September 2021.


Published : 2022-09-30


ZajkowskiR., SafinK., & StańczykE. (2022). The success factors of family and non-family firms: Similarities and differences. Entrepreneurial Business and Economics Review, 10(3), 51-72. https://doi.org/10.15678/EBER.2022.100304

Robert Zajkowski  robert.zajkowski@mail.lublin.pl
Faculty of Economics, Maria Sklodowska-Curie University in Lublin  Poland
http://orcid.org/0000-0002-0021-7977
Krzysztof Safin 
WSB University  Poland
https://orcid.org/0000-0002-5522-2837
Elżbieta Stańczyk 
University of Wrocław, Poland  Poland
https://orcid.org/0000-0002-6727-7392




Creative Commons License

This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a CC BY-ND licence that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are asked to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

 Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) only the final version of the article, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access). We advise using any of the following research society portals: