Global determinants of sustaining and developing family enterprises in Slovakia

Abstract

Family enterprises play an important role in global economies and in national economies of all developed countries. Creating new, and maintaining the existing family enterprises, combined with their continuous development should be the key priority of all countries. Based on the evaluation of the current state of family business in Slovak micro, small, and medium enterprises, the main objective of this paper is to identify the key determinants which affect its development. At the same time, the authors propose such measures the implementation of which into business practice will lead to sustainability of the existing, as well as the support of the newly established family enterprises in Slovakia. The research has been evaluated with the use of methods of testing the statistical hypothesis and methods of descriptive statistics. As the conducted research has proved, at the external environment, the most negative determinant that limits the activities of family enterprises is strong competition of other enterprises operating in the Slovak market. The biggest problem related to internal environment of family enterprises is obtaining a stable qualified. The results led to conclusions and recommendations, the implementation of which into practice will help to support family business in Slovakia.

Innovations and Marketing Management of Family Businesses: Results of Empirical Study

“…Based on practical examples, global concepts can be successfully established even in local conditions. Global determinants also affect the family businesses, although it might seem that they do not affect their activities (Moresova et al, 2020).…”

Assessment of the Impact of Selected Satisfaction Parameters on the Competitiveness of Family Tourism

“…According to a study by Sedliacikova et al (2020), family businesses also have many other specifics, namely in the field of organization and communication. As many as 68.10% of Slovak family businesses do not have a precisely defined organizational structure, 53.15% decide based on a joint discussion in the family, and 61.40% of family businesses state medium coordination between their family and business goals.…”

“…Other statistics indicate that 30% of family businesses survive only in the second generation, 10-15% survive in the third generation, and 3-5% operate in the fourth generation» (Serina, 2011;Ahmad et al, 2020). Sedliacikova et al (2020) states that currently, 2 generations work in 70.50% of Slovak family businesses, and 1 generation in 27.90% (founders). Tourism companies provide services.…”

Family businesses: Where roles, values and work-family relationships form a single picture

“…However, they have still not received the attention they deserve (Memili, Chang, Kellermanns & Welsh, 2015) and are frequently overlooked by researchers. In Slovakia's case there has been little research on FBs (Moresová, Sedliačiková & Kaščáková, 2020) despite the fact they create significant value, for example, by creating jobs in areas typified by job scarcity and creating wealth in country regions by deterring people from leaving the area to seek work opportunities elsewhere. These factors apply to Eastern Slovakia as well.…”