Purpose The purpose of this paper is to enhance the longevity and improve the succession process in small family businesses sustaining in Pakistan. Family businesses perform an active role in economic development of any country. Statistics shows, 30/13/3 business transfers into subsequent generation in the interfamily business (Ward, 2016). Design/methodology/approach Data are collected from 365 respondents who were either incumbents or successor in 135 small family businesses in Pakistan. Simple linear regression and process control analysis by Andrew Hayes are used for moderating variable analysis in SPSS20. Findings The results show that customer focus management, business strategies and governance board have a significant positive impact on the succession process of small family business in Pakistan. There is negative significant moderating impact of education on business strategies and customer focus management while there is no moderating impact of education over governance board and satisfaction with succession. Research limitations/implications This study will help the family business incumbents to focus deliberately on the factors that influence the succession process so that business could be transferred to the subsequent generation successfully. Originality/value The previous research does not show the effect of education at different levels and importance of customer focus management toward the succession process.
This article aims to determine the intervening strength of financial mindfulness between financial literacy and behavioural biases in women entrepreneurs. The literature has an enduring discussion regarding the profoundly unique financial behaviour of women. Financial literacy and behavioural biases constitute a recurrent research topic, yet how this nexus exists in the premise of women’s entrepreneurship is not well known. Building on this gap, we examined the impact of financial literacy on women entrepreneurs’ behavioural biases by focusing on financial mindfulness as a potential moderator. A random sample of 346 women entrepreneurs operating in Pakistan was analysed using structural equation modelling through AMOS 21. The results revealed a significant direct impact of financial literacy on reducing anchoring and herding bias; however, financial literacy was found to be unrelated to mental accounting bias. The moderation analysis further revealed interesting indirect impacts, such that financial literacy strongly reduced mental accounting and herding bias for financially mindful women. Nonetheless, financial mindfulness does not negatively catalyse the relationship between financial literacy and anchoring bias. By encompassing the concepts of financial literacy, mindfulness and behavioural biases, we offer a unique theoretical strand with practical implications for women entrepreneurs. We suggest new avenues for the longstanding dilemma related to the factors instigating suboptimal financial decision-making in women entrepreneurs in developing markets.
PurposeThe research on consumerism has been dramatically rising in recent decades. However, in the food industry, little research has been empirically conducted in the beverage industry. This research empirically tests the consequences of consumer perceptions: perceived price (PPR), perceived quality (PQ), perceived packaging (PPG) and perceived taste (PT) on repurchase intention (RI) particularly; it unveils the consumer attributes, e.g. gender, age and ethnicity between consumer perceptions and RI of the consumers.Design/methodology/approachThe data were collected from 403 consumers of the beverage industry (e.g. Nestle, Mitchell's Fruit Farms, Murree Brewery and OMORE) in Pakistan. The researchers used online survey questionnaires followed by a cross-sectional approach because data collection physically was not possible due to COVID-19.FindingsData were analyzed by Smart partial least square structural equation modeling (PLS-SEM) 3.3.3, and the results supported the significant influence of consumer perceptions separately, e.g. PPR, PQ, PPG and PT on RI. Additionally, gender, age and ethnicity were found to have a moderating role between consumer perceptions and RI, so, the truth of having consumer attributes has been revealed.Practical implicationsThe managers of beverage industries should provide ethical and operational strategies to tackle consumer's problems based on cultural norms. Furthermore, they should make sensible measures for the quality branding of the beverage products. In this way, the consumers will have a better experience of quality, price, taste and packaging, in turn, to RI.Originality/valueThis research targeted the beverage industry that needs facts and figures based on consumer attributes, e.g. age, gender and ethnicity. This research also disclosed the behaviors of consumers according to their gender, age and area of residence.
PurposeThe purpose of this study is to investigate how the congruence between predecessor and successor personality traits (PTs) with the values of their small family business (SFB) contributes to a successful succession transition across generations.Design/methodology/approachThe conceptual model method was employed in this investigation, which describes an entity and identifies issues that should be considered in a study (MacInnis, 2011). It involves a form of theorizing that seeks to create a nomological network around the focal concept, to examine and detail the causal linkages and mechanisms at play (Delbridge and Fiss, 2013).FindingsDrawing on the trait activation theory (TAT), this study conceptualizes that the congruence of the successor's PTs with those of the predecessor, as well as the values, transitions and nature of the assigned task, activates the successor's PTs and motivates him to work diligently for a successful succession transition while preserving the business's core values established by the founder.Research limitations/implicationsThis study is an eye-opener for strategists and SFB predecessors to ponder the successor's PTs disparities across generations. Additionally, it urges them to consider the congruence of SFB's values and nature of operations with the successor's PTs for successful succession transition. Thus, such awareness may contribute to stabilizing the SFB's survival rate.Originality/valueThis study contributed to the existing literature by answering how predecessor’s and successor's PTs congruence and SFB's values and nature of operations congruence with their PTs may contribute to successful succession transition across generations. This study contributed to the TAT by thematically explaining the organizational cues to bridge a relationship between entrepreneurial personality traits (EPT) and succession success of SFBs.
The purpose of this study is to examine the impact of Consciousness personality on women entrepreneurs’ behavioral biases by focusing on financial literacy which is taken as a mediator while the mindfulness as a potential moderator. A random sample of 210 female entrepreneurs working in Pakistan was collected through stratified sampling technique and data are analyzed by using Structural Equation Modeling through SMART-PLS. The results divulged a significant mediating impact of financial literacy in reducing mental accounting bias among consciousness personality possessing women entrepreneurs; however, financial literacy was found related to the risk aversion bias through mindfulness. The moderation analysis further revealed interesting indirect impacts, such that financial literacy strongly reduced mental accounting and risk aversion bias for women who were more conscious of proper financial mindfulness. Nonetheless, financial mindfulness did not catalyze financial literacy and herding bias relationship. By encompassing the concepts of financial literacy, mindfulness, and behavioral biases in consciousness personality’s women entrepreneurs, we offered a comprehensive theoretical framework with practical implications for women entrepreneurs in Pakistan. Thus, we suggest new avenues for the longstanding dilemma related to the factors instigating suboptimal financial decision-making in women entrepreneurs in developing markets.
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