Goal Orientation and Performance of Family Businesses
Family businesses consist of family members pooling their resources together to achieve a particular goal for the family business. The objectives of this study were to profile the characteristics of the family businesses and business owners by owners’ goal orientation and to examine the influence of goal orientation on family business performance. The mean differences in values of business size, business age, and business liabilities were statistically significant by owners’ goal orientation. The major findings of this study suggest that owner goal orientation had a statistically significant effect on business performance. Specifically, setting a business goal such as growth or a positive reputation with customers had a significant and positive impact on family business performance.
KeywordsBusiness success Family business Goal setting Performance
This paper reports results from the Cooperative Regional Research Project, NC-1030 “Family Firms and Policy in Times of Disruption”, partially supported by the Cooperative States Research, Education, and Extension Service (CSREES); U.S. Department of Agriculture; Baruch College, the experiment stations at the University of Hawaii at Manoa, Purdue University (Indiana), Iowa State University, University of Minnesota, Cornell University (New York), Montana State University, North Dakota State University, The Ohio State University, Oklahoma State University, Utah State University, and University of Wisconsin-Madison.
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