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A Neglected Factor Explaining Family Business Success: Human Resource Practices, Joseph H. Astrachan, Thomas A. Kolenko
A Neglected Factor Explaining Family Business Success: Human Resource Practices, Joseph H. Astrachan, Thomas A. Kolenko
Faculty and Research Publications
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 …