Factors Associated with Long-Term Survival of Family Businesses: Duration Analysis

Kathryn Stafford, Vibha Bhargava, Sharon M. Danes, George Haynes, Katherine E. Brewton

Research output: Contribution to journalArticlepeer-review

22 Scopus citations

Abstract

This study identified factors influencing family business survival using National Family Business Panel and Spatial Hazard Events and Losses data. Sustainable Family Business Theory guided the use of a parametric duration model of long-term survival. Community characteristics, family achievements, family processes during change, business and owner characteristics, and business processes during stability affected long-term survival. Economic vulnerability of rural counties, family income from business, hiring temporary help, business size, viewing business as a way of life, and owner experience were associated with increased duration of business survival. Being home-based, a female owner, and customer-focused were associated with decreased duration of survival. Some family processes and achievements increased the duration of business survival; none decreased it.

Original languageEnglish (US)
Pages (from-to)442-457
Number of pages16
JournalJournal of Family and Economic Issues
Volume31
Issue number4
DOIs
StatePublished - Dec 1 2010

Keywords

  • Business owning family
  • Disaster resiliency
  • Duration analysis
  • Family business
  • Family business survival
  • Family business sustainability
  • Family firm

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