Published : 2022-09-29

The accomplishment of family business objectives in the context of the financial results achieved

Abstract

The basic condition for the survival and development of each company is the achievement of adequate financial results. This also applies to family businesses, albeit the development and improvement in their market situation must be the most important – indeed, the only – endeavour. Therefore, the question arises as to what extent financial results and relevant development trends may affect the level of accomplishment of the entire range of family business objectives. The objective of the article is to examine the impact of changes in selected measures revealing the company’s financial situation on the level of the accomplishment of family business objectives. The article is based on the results of a survey conducted on a group of 182 family business managers, who were asked to assess trends concerning selected measures of financial condition and the extent to which 22 family business objectives had been accomplished. These objectives were grouped into five main objectives during the statistical analysis phase. The impact of development trends concerning financial measures on the level of the accomplishment of objectives was examined using the Kruskal-Wallis test. The results obtained indicate that the level of accomplishment of family business objectives is only slightly correlated with the development trends of selected financial measures. In the case of family objectives, no statistically significant impact of changes in any of the measures was recorded, while the level of accomplishment of the business objectives and the family business objective is determined by changes in only some indicators. The approach suggested in this article, consisting in examining the relationships between the development trends of financial measures and the level of accomplishment of family business objectives, is an innovative approach which indicates new directions for research and helps to fill the research gap. It is in line with research on family businesses and financial measures, while confirming that family objectives can be achieved to a certain extent regardless of financial results. The results obtained may also be useful for family
business managers in the process of establishing the company’s
operational strategy.

Keywords:

financial indicators, financial results, family business, family business goals



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Biel, M. ., & Ślusarczyk, O. (2022). The accomplishment of family business objectives in the context of the financial results achieved. Forum Scientiae Oeconomia, 10(3), 53–74. https://doi.org/10.23762/FSO_VOL10_NO3_3

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