Department

Management & Entrepreneurship

Document Type

Article

Publication Date

9-1994

Abstract

Over 600 family firms were involved in this examination of the impact of human resource management (HRM) and professional governance practices on family business success and survival. Our findings identified some of the most prevalent family firm HRM practices and found significant positive correlations among HRM practices, gross firm revenues, and CEO personal income levels. The results support prior arguments for competitive advantage in the marketplace gained through effective use of HRM practices. An interesting additional finding was that while boards of directors, strategic planning, and frequent family meetings were correlated with business longevity over multiple generations, succession planning was not. Such practices are important. for current competitive advantage and may also be crucial to the longevity of the business.

Journal

Family Business Review

Journal ISSN

0894-4865

Volume

7

Issue

3

First Page

251

Last Page

262

Digital Object Identifier (DOI)

10.1111/j.1741-6248.1994.00251.x

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