Walking in parents’ shoes? Factors behind students’ succession intentions in family firms
DOI:
https://doi.org/10.24310/ejfb.13.2.2023.16550Keywords:
succession intention, family businesses, ownership stake, working for parents’ business
Agencies:
Slovak Research and Development Agency under the Contract no. APVV-19-0581, Comenius University Bratislava, Faculty of Management
Abstract
Succession is one of the crucial processes in family businesses, enabling them to last for generations. On one hand, more and more businesses will face a situation to choose their successors. But on the other hand, the succession intention among the young generation of potential successors has decreased. Therefore, our paper aims to fill the gap between the increasing need for new successors and their decreasing interest in taking over the family business. In doing so, we rely on GUESSS data from 2021, and our sample consists of Slovak students who consider their parents’ business as a family business (n = 575). We conclude that students’ involvement in parents’ businesses due to working experience and ownership stake significantly increases their succession intention. Further, we find out that sons want to become successors more likely than daughters. Finally and surprisingly, the birth order has no impact on succession intention. Based on these conclusions, we develop implications for further research and family business practice.
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References
AHMED, Farhad Uddin, et al. Exploring the Role of National Gender Inequality in Female Family Business Succession Intentions. In: Academy of Management Proceedings. Briarcliff Manor, NY 10510: Academy of Management, 2021. p. 13906. https://doi.org/10.5465/AMBPP.2021.103
Aldamiz-Echevarría, C., Idígoras, I., & Vicente-Molina, M. A. (2017). Gender issues related to choosing the successor in the family business. European Journal of Family Business, 7(1-2), 54-64. https://doi.org/10.1016/j.ejfb.2017.10.002
Amran, N. A., & Ahmad, A. C. (2010). Family succession and firm performance among Malaysian companies. International Journal of Business and Social Science, 1(2). Retrieved from https://lnk.sk/uxb7
Andrej?áková, E. (2022). Genera?né konflikty v rodinných firmách sú ?asté, biznis môže rodinu zni?i?. Index.sme.sk, January 5th. Retrieved from https://index.sme.sk/c/22801594/erika-matwij-ako-si-ma-majitel-firmy-vybrat-nastupcu-z-rodiny.html?ref=tab
Ashraf, S. F., Li, C., Butt, R. S., Naz, S., & Zafar, Z. (2019). Education as Moderator: Integrative Effect towards Succession Planning Process of Small Family Businesses. Pac. Bus. Rev. Int, 11, 107-123. Retrieved from http://www.pbr.co.in/2019/2019_month/June/10.pdf
Astrachan, J. H., Klein, S. B., & Smyrnios, K. X. (2002). The F-PEC scale of family influence: A proposal for solving the family business definition problem1. Family business review, 15(1), 45-58. https://doi.org/10.1111/j.1741-6248.2002.00045.x
Belda, P. R., & Cabrer-Borrás, B. (2018). Necessity and opportunity entrepreneurs: Survival factors. International Entrepreneurship and Management Journal, 14, 249-264. https://doi.org/10.1007/s11365-018-0504-9
Bloemen-Bekx, M., Voordeckers, W., Remery, C., & Schippers, J. (2019). Following in parental footsteps? The influence of gender and learning experiences on entrepreneurial intentions. International Small Business Journal, 37(6), 642-663. https://doi.org/10.1177/026624261983893
Boleková, V., Košecká, D., & Ritomský, A. SPRACOVANIE KVANTITATÍVNYCH DÁT O OBETIACH NÁSILIA POMOCOU SPSS.Bratislava: IRIS – Vydavate?stvo a tla?, s.r.o, 2017, ISBN 978-80-89726-97-4.
Bracci, E., & Vagnoni, E. (2011). Understanding Small Family Business Succession in a Knowledge Management Perspective. IUP Journal of Knowledge Management, 9(1). Retrieved from https://ssrn.com/abstract=1776593
Carr, J. C., & Sequeira, J. M. (2007). Prior family business exposure as intergenerational influence and entrepreneurial intent: A theory of planned behavior approach. Journal of business research, 60(10), 1090-1098. https://doi.org/10.1016/j.jbusres.2006.12.016
Cavicchioli, D., Bertoni, D., & Pretolani, R. (2018). Farm succession at a crossroads: The interaction among farm characteristics, labour market conditions, and gender and birth order effects. Journal of Rural Studies, 61, 73-83. https://doi.org/10.1016/j.jrurstud.2018.06.002
Cie?lik, J., & Van Stel, A. (2017). Explaining university students’ career path intentions from their current entrepreneurial exposure. Journal of Small Business and Enterprise Development, 24(2), 313-332. https://doi.org/10.1108/JSBED-09-2016-0143
Corona, J. (2021). Succession in the Family Business: The Great Challenge for the Family . European Journal of Family Business, 11(1). https://doi.org/10.24310/ejfbejfb.v11i1.12770
Danihel, P. Vplyv pomerových ukazovate?ov na rozhodovací proces spolo?nosti. Journal of corporate management and economics, 14th edition. Retrieved from http://www.maneko.sk/casopis/pdf/1_2022.pdf
Daspit, J. J., Holt, D. T., Chrisman, J. J., & Long, R. G. (2016). Examining family firm succession from a social exchange perspective: A multiphase, multistakeholder review. Family Business Review, 29(1), 44-64. https://doi.org/10.1177/0894486515599688
Dyer, W. G. J. (2021). My forty years in studying and helping family businesses. European Journal of Family Business, 11(1), 56-63.https://doi.org/10.24310/ejfbejfb.v11i1.12768
European Family Businesses (EFB). (2020). Facts & Figures. Retrieved from https://europeanfamilybusinesses.eu/
Fairlie, R. W., & Robb, A. (2007). Families, human capital, and small business: Evidence from the characteristics of business owners survey. ILR Review, 60(2), 225-245. https://doi.org/10.1177/001979390706000204
Fama, E. F., & Jensen, M. (1983). Separation of ow participation and control. J. Law Econ, 26(6),301-326. https://doi.org/10.1086/467037
Family owned business institute. (2021) Grand Valley State University. Family Firm Facts, February 12th. Retrieved from https://www.gvsu.edu/fobi/family-firm-facts-5.htm
Filser, M., Kraus, S., & Märk, S. (2013). Psychological aspects of succession in family business management. Management Research Review, 36(3), 256-277. https://doi.org/10.1108/01409171311306409
Glover, J. L. (2014). Gender, power and succession in family farm business. International journal of gender and entrepreneurship, 6(3), 276-295. https://doi.org/10.1108/IJGE-01-2012-0006
Hoffmann, A., Junge, M., & Malchow-Møller, N. (2015). Running in the family: parental role models in entrepreneurship. Small Business Economics, 44, 79-104. https://doi.org/10.1007/s11187-014-9586-0
Hofstede, G. H., & Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. SAGE Publication. ISBN 0-8039-7323-3
Holienka, M., Gál, P., Pilková, A. (2019). GUESSS 2018 Slovensko. Študenti vysokých škôl a podnikanie. Bratislava: Univerzita Komenského v Bratislave. Retrieved from https://www.guesssurvey.org/resources/nat_2018/GUESSS_Report_2018_Slovakia.pdf
Humphreys, M. M. (2013). Daughter succession: a predominance of human issues. Journal of Family Business Management, 3(1), 2444. https://doi.org/10.1108/20436231311326472
Jurova, M. (2016). Výrobní a logistické procesy v podnikání. Praha: Grada Publishing. Retrieved from https://lnk.sk/ixiz
Korab, V., Hanzelkova, A., Mihalisko. M. (2008). Rodinné podnikání: zp?soby financování rodinných firem, ?ízení rodinných podnik?, úsp?šné p?edání následnictví. Brno: Computer Press, 2008. Praxe podnikatele. ISBN 978-80-251-1843-6.
Lam, J. (2009). Succession process in a large Canadian family business: a longitudinal case study of the Molson family business: 1786-2007 (Doctoral dissertation, Concordia University). Retrieved from https://spectrum.library.concordia.ca/id/eprint/976205/1/NR63434.pdf
Liñán, F., & Chen, Y. W. (2009). Development and cross–cultural application of a specific instrument to measure entrepreneurial intentions. Entrepreneurship theory and practice, 33(3), 593-617. ttps://doi.org/10.1111/j.1540-6520.2009.00318.
Lucky, E. O. I., Minai, M. S., & Adebayo, O. I. (2011). A conceptual framework of family business succession: Bane of family business continuity. International Journal of Business and Social Science, 2(18). Retrieved from https://lnk.sk/uh39
Machek, O., & Hnilica, J. (2015). Hodnocení vlivu zastoupení rodiny ve vlastnické a ?ídící struktu?e firem na jejich finan?ní výkonnost pomocí metody zkoumání shody pár?. Politická ekonomie, 63(3), 347-362.Retrieved from http://polek.vse.cz/pdfs/pol/2015/03/05.pdf
Michel, A., & Kammerlander, N. (2015). Trusted advisors in a family business's succession-planning process—An agency perspective. Journal of Family Business Strategy, 6(1), 45-57. https://doi.org/10.1016/j.jfbs.2014.10.005
Murphy, L., & Lambrechts, F. (2015). Investigating the actual career decisions of the next generation: The impact of family business involvement. Journal of Family Business Strategy, 6(1), 33-44. https://doi.org/10.1016/j.jfbs.2014.10.003
Nicholson, N. (2008). Evolutionary psychology and family business: A new synthesis for theory, research, and practice. Family Business Review, 21(1), 103-118. https://doi.org/10.1111/j.1741-6248.2007.00111.x
Nyberg, A. J., et al. (2010). Agency theory revisited: CEO return and shareholder interest alignment. Academy of Management Journal, 53(5), 1029-1049. https://doi.org/10.5465/amj.2010.54533188
Schenkel, M. T., Yoo, S. S., & Kim, J. (2016). Not all created equal: Examining the impact of birth order and role identity among descendant CEO sons on family firm performance. Family Business Review, 29(4), 380-400. https://doi.org/10.1177/0894486516659
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
Schröder, E., Schmitt-Rodermund, E., & Arnaud, N. (2011). Career choice intentions of adolescents with a family business background. Family business review, 24(4), 305-321. https://doi.org/10.1177/0894486511416977
Sharma, P., Chrisman, J. J., Pablo, A. L., & Chua, J. H. (2001). Determinants of initial satisfaction with the succession process in family firms: A conceptual model. Entrepreneurship Theory and Practice, 25(3), 17-36. https://doi.org/10.1177/104225870102500302
Sharma, P., & Irving, P. G. (2005). Four bases of family business successor commitment: Antecedents and consequences. Entrepreneurship theory and practice, 29(1), 13-33. https://doi.org/10.1111/j.1540-6520.2005.00067.x
Shinnar, R. S., Hsu, D. K., Powell, B. C., & Zhou, H. (2018). Entrepreneurial intentions and start-ups: are women or men more likely to enact their intentions?. International small business journal, 36(1), 60-80. https://doi.org/10.1177/0266242617704277
Sieger, P., Zellweger, T., Fueglistaller, U., & Hatak, I. (2021). Global student entrepreneurship 2021: insights from 58 countries (2021 GUESSS GLobal report). Retrieved from https://www.alexandria.unisg.ch/265333/1/GUESSS_2021_Global_Report.pdf
Sulloway, F. J. (2001). Birth order, sibling competition, and human behavior. Conceptual challenges in evolutionary psychology: Innovative research strategies, 39-83. https://doi.org/10.1007/978-94-010-0618-7_3
Tabares, A., & Cano, J. A. (2018). University students' succession intention: GUESSS Colombia study evidence. Revista ESPACIOS, 39(35). Retrieved from https://www.revistaespacios.com/a18v39n35/18393521.html
Vera, C. F., & Dean, M. A. (2005). An examination of the challenges daughters face in family business succession. Family Business Review, 18(4), 321-345. https://doi.org/10.1111/j.1741-6248.2005.00051
Wasim, J., & Almeida, F. (2022). Bringing a Horse to Water: The Shaping of a Child Successor in Family Business Succession. European Journal of Family Business, 12(2), 156-172.https://doi.org/10.24310/ejfbejfb.v12i2.14631
Yan, J., & Sorenson, R. (2006). The effect of Confucian values on succession in family business. Family business review, 19(3), 235-250. https://doi.org/10.1111/j.1741-6248.2006.00072.x
Zellweger, T., Sieger, P., & Englisch, P. (2012). Coming home or breaking free. Career choice intentions of the next generation in family businesses. Ernst & Young. Retrieved from https://www.alexandria.unisg.ch/244886/1/Coming%20home%20or%20breaking%20free_II_final.pdf
Zhang, Y., Duysters, G., & Cloodt, M. (2014). The role of entrepreneurship education as a predictor of university students’ entrepreneurial intention. International entrepreneurship and management journal, 10, 623-641. https://doi.org/10.1007/s11365-012-0246-z
Aldamiz-Echevarría, C., Idígoras, I., & Vicente-Molina, M. A. (2017). Gender issues related to choosing the successor in the family business. European Journal of Family Business, 7(1-2), 54-64. https://doi.org/10.1016/j.ejfb.2017.10.002
Amran, N. A., & Ahmad, A. C. (2010). Family succession and firm performance among Malaysian companies. International Journal of Business and Social Science, 1(2). Retrieved from https://lnk.sk/uxb7
Andrej?áková, E. (2022). Genera?né konflikty v rodinných firmách sú ?asté, biznis môže rodinu zni?i?. Index.sme.sk, January 5th. Retrieved from https://index.sme.sk/c/22801594/erika-matwij-ako-si-ma-majitel-firmy-vybrat-nastupcu-z-rodiny.html?ref=tab
Ashraf, S. F., Li, C., Butt, R. S., Naz, S., & Zafar, Z. (2019). Education as Moderator: Integrative Effect towards Succession Planning Process of Small Family Businesses. Pac. Bus. Rev. Int, 11, 107-123. Retrieved from http://www.pbr.co.in/2019/2019_month/June/10.pdf
Astrachan, J. H., Klein, S. B., & Smyrnios, K. X. (2002). The F-PEC scale of family influence: A proposal for solving the family business definition problem1. Family business review, 15(1), 45-58. https://doi.org/10.1111/j.1741-6248.2002.00045.x
Belda, P. R., & Cabrer-Borrás, B. (2018). Necessity and opportunity entrepreneurs: Survival factors. International Entrepreneurship and Management Journal, 14, 249-264. https://doi.org/10.1007/s11365-018-0504-9
Bloemen-Bekx, M., Voordeckers, W., Remery, C., & Schippers, J. (2019). Following in parental footsteps? The influence of gender and learning experiences on entrepreneurial intentions. International Small Business Journal, 37(6), 642-663. https://doi.org/10.1177/026624261983893
Boleková, V., Košecká, D., & Ritomský, A. SPRACOVANIE KVANTITATÍVNYCH DÁT O OBETIACH NÁSILIA POMOCOU SPSS.Bratislava: IRIS – Vydavate?stvo a tla?, s.r.o, 2017, ISBN 978-80-89726-97-4.
Bracci, E., & Vagnoni, E. (2011). Understanding Small Family Business Succession in a Knowledge Management Perspective. IUP Journal of Knowledge Management, 9(1). Retrieved from https://ssrn.com/abstract=1776593
Carr, J. C., & Sequeira, J. M. (2007). Prior family business exposure as intergenerational influence and entrepreneurial intent: A theory of planned behavior approach. Journal of business research, 60(10), 1090-1098. https://doi.org/10.1016/j.jbusres.2006.12.016
Cavicchioli, D., Bertoni, D., & Pretolani, R. (2018). Farm succession at a crossroads: The interaction among farm characteristics, labour market conditions, and gender and birth order effects. Journal of Rural Studies, 61, 73-83. https://doi.org/10.1016/j.jrurstud.2018.06.002
Cie?lik, J., & Van Stel, A. (2017). Explaining university students’ career path intentions from their current entrepreneurial exposure. Journal of Small Business and Enterprise Development, 24(2), 313-332. https://doi.org/10.1108/JSBED-09-2016-0143
Corona, J. (2021). Succession in the Family Business: The Great Challenge for the Family . European Journal of Family Business, 11(1). https://doi.org/10.24310/ejfbejfb.v11i1.12770
Danihel, P. Vplyv pomerových ukazovate?ov na rozhodovací proces spolo?nosti. Journal of corporate management and economics, 14th edition. Retrieved from http://www.maneko.sk/casopis/pdf/1_2022.pdf
Daspit, J. J., Holt, D. T., Chrisman, J. J., & Long, R. G. (2016). Examining family firm succession from a social exchange perspective: A multiphase, multistakeholder review. Family Business Review, 29(1), 44-64. https://doi.org/10.1177/0894486515599688
Dyer, W. G. J. (2021). My forty years in studying and helping family businesses. European Journal of Family Business, 11(1), 56-63.https://doi.org/10.24310/ejfbejfb.v11i1.12768
European Family Businesses (EFB). (2020). Facts & Figures. Retrieved from https://europeanfamilybusinesses.eu/
Fairlie, R. W., & Robb, A. (2007). Families, human capital, and small business: Evidence from the characteristics of business owners survey. ILR Review, 60(2), 225-245. https://doi.org/10.1177/001979390706000204
Fama, E. F., & Jensen, M. (1983). Separation of ow participation and control. J. Law Econ, 26(6),301-326. https://doi.org/10.1086/467037
Family owned business institute. (2021) Grand Valley State University. Family Firm Facts, February 12th. Retrieved from https://www.gvsu.edu/fobi/family-firm-facts-5.htm
Filser, M., Kraus, S., & Märk, S. (2013). Psychological aspects of succession in family business management. Management Research Review, 36(3), 256-277. https://doi.org/10.1108/01409171311306409
Glover, J. L. (2014). Gender, power and succession in family farm business. International journal of gender and entrepreneurship, 6(3), 276-295. https://doi.org/10.1108/IJGE-01-2012-0006
Hoffmann, A., Junge, M., & Malchow-Møller, N. (2015). Running in the family: parental role models in entrepreneurship. Small Business Economics, 44, 79-104. https://doi.org/10.1007/s11187-014-9586-0
Hofstede, G. H., & Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. SAGE Publication. ISBN 0-8039-7323-3
Holienka, M., Gál, P., Pilková, A. (2019). GUESSS 2018 Slovensko. Študenti vysokých škôl a podnikanie. Bratislava: Univerzita Komenského v Bratislave. Retrieved from https://www.guesssurvey.org/resources/nat_2018/GUESSS_Report_2018_Slovakia.pdf
Humphreys, M. M. (2013). Daughter succession: a predominance of human issues. Journal of Family Business Management, 3(1), 2444. https://doi.org/10.1108/20436231311326472
Jurova, M. (2016). Výrobní a logistické procesy v podnikání. Praha: Grada Publishing. Retrieved from https://lnk.sk/ixiz
Korab, V., Hanzelkova, A., Mihalisko. M. (2008). Rodinné podnikání: zp?soby financování rodinných firem, ?ízení rodinných podnik?, úsp?šné p?edání následnictví. Brno: Computer Press, 2008. Praxe podnikatele. ISBN 978-80-251-1843-6.
Lam, J. (2009). Succession process in a large Canadian family business: a longitudinal case study of the Molson family business: 1786-2007 (Doctoral dissertation, Concordia University). Retrieved from https://spectrum.library.concordia.ca/id/eprint/976205/1/NR63434.pdf
Liñán, F., & Chen, Y. W. (2009). Development and cross–cultural application of a specific instrument to measure entrepreneurial intentions. Entrepreneurship theory and practice, 33(3), 593-617. ttps://doi.org/10.1111/j.1540-6520.2009.00318.
Lucky, E. O. I., Minai, M. S., & Adebayo, O. I. (2011). A conceptual framework of family business succession: Bane of family business continuity. International Journal of Business and Social Science, 2(18). Retrieved from https://lnk.sk/uh39
Machek, O., & Hnilica, J. (2015). Hodnocení vlivu zastoupení rodiny ve vlastnické a ?ídící struktu?e firem na jejich finan?ní výkonnost pomocí metody zkoumání shody pár?. Politická ekonomie, 63(3), 347-362.Retrieved from http://polek.vse.cz/pdfs/pol/2015/03/05.pdf
Michel, A., & Kammerlander, N. (2015). Trusted advisors in a family business's succession-planning process—An agency perspective. Journal of Family Business Strategy, 6(1), 45-57. https://doi.org/10.1016/j.jfbs.2014.10.005
Murphy, L., & Lambrechts, F. (2015). Investigating the actual career decisions of the next generation: The impact of family business involvement. Journal of Family Business Strategy, 6(1), 33-44. https://doi.org/10.1016/j.jfbs.2014.10.003
Nicholson, N. (2008). Evolutionary psychology and family business: A new synthesis for theory, research, and practice. Family Business Review, 21(1), 103-118. https://doi.org/10.1111/j.1741-6248.2007.00111.x
Nyberg, A. J., et al. (2010). Agency theory revisited: CEO return and shareholder interest alignment. Academy of Management Journal, 53(5), 1029-1049. https://doi.org/10.5465/amj.2010.54533188
Schenkel, M. T., Yoo, S. S., & Kim, J. (2016). Not all created equal: Examining the impact of birth order and role identity among descendant CEO sons on family firm performance. Family Business Review, 29(4), 380-400. https://doi.org/10.1177/0894486516659
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
Schröder, E., Schmitt-Rodermund, E., & Arnaud, N. (2011). Career choice intentions of adolescents with a family business background. Family business review, 24(4), 305-321. https://doi.org/10.1177/0894486511416977
Sharma, P., Chrisman, J. J., Pablo, A. L., & Chua, J. H. (2001). Determinants of initial satisfaction with the succession process in family firms: A conceptual model. Entrepreneurship Theory and Practice, 25(3), 17-36. https://doi.org/10.1177/104225870102500302
Sharma, P., & Irving, P. G. (2005). Four bases of family business successor commitment: Antecedents and consequences. Entrepreneurship theory and practice, 29(1), 13-33. https://doi.org/10.1111/j.1540-6520.2005.00067.x
Shinnar, R. S., Hsu, D. K., Powell, B. C., & Zhou, H. (2018). Entrepreneurial intentions and start-ups: are women or men more likely to enact their intentions?. International small business journal, 36(1), 60-80. https://doi.org/10.1177/0266242617704277
Sieger, P., Zellweger, T., Fueglistaller, U., & Hatak, I. (2021). Global student entrepreneurship 2021: insights from 58 countries (2021 GUESSS GLobal report). Retrieved from https://www.alexandria.unisg.ch/265333/1/GUESSS_2021_Global_Report.pdf
Sulloway, F. J. (2001). Birth order, sibling competition, and human behavior. Conceptual challenges in evolutionary psychology: Innovative research strategies, 39-83. https://doi.org/10.1007/978-94-010-0618-7_3
Tabares, A., & Cano, J. A. (2018). University students' succession intention: GUESSS Colombia study evidence. Revista ESPACIOS, 39(35). Retrieved from https://www.revistaespacios.com/a18v39n35/18393521.html
Vera, C. F., & Dean, M. A. (2005). An examination of the challenges daughters face in family business succession. Family Business Review, 18(4), 321-345. https://doi.org/10.1111/j.1741-6248.2005.00051
Wasim, J., & Almeida, F. (2022). Bringing a Horse to Water: The Shaping of a Child Successor in Family Business Succession. European Journal of Family Business, 12(2), 156-172.https://doi.org/10.24310/ejfbejfb.v12i2.14631
Yan, J., & Sorenson, R. (2006). The effect of Confucian values on succession in family business. Family business review, 19(3), 235-250. https://doi.org/10.1111/j.1741-6248.2006.00072.x
Zellweger, T., Sieger, P., & Englisch, P. (2012). Coming home or breaking free. Career choice intentions of the next generation in family businesses. Ernst & Young. Retrieved from https://www.alexandria.unisg.ch/244886/1/Coming%20home%20or%20breaking%20free_II_final.pdf
Zhang, Y., Duysters, G., & Cloodt, M. (2014). The role of entrepreneurship education as a predictor of university students’ entrepreneurial intention. International entrepreneurship and management journal, 10, 623-641. https://doi.org/10.1007/s11365-012-0246-z
Published
2023-11-22
How to Cite
Suchankova, D., Holienka, M., & Pšenák, P. (2023). Walking in parents’ shoes? Factors behind students’ succession intentions in family firms . European Journal of Family Business, 13(2), 149–161. https://doi.org/10.24310/ejfb.13.2.2023.16550
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