Family Business Assignment PDF

SUMMARY
The family business is the sort of venture in which most of the shareholders belongs to one
family. Moreover, decision making power are restricted to family members. Literature explains
that, family cohesion, fairness and loyalty are vital element to achieve success in family
business. The agency theory is applied and implemented to support the literature in which the
conflict between agent and principal exist. The simple random sample is used to collect the data
from participants. All participants belong to the managerial post of family business. The city of
population is Rawalpindi and Islamabad. The correlation and regression test were run to examine
the relationship between dependent and independent variables. The significant result of above
0.05 shows that, there is a significant relationship between dependent and independent variables.
The results show that, the care and cooperative behavior is vital to achieve success in family
business. The recommendations were drawn that, family cohesion and morality is vital to
develop efficient family human resource. The time and lack of access of data are major
limitations of the research.
INTRODUCTION
1.1. BACKGROUND
The religiosity includes the set of belief and values which defines the behaviour of a person in a
society. Moreover, religious beliefs play a part in the development and expansion of the family
business (Zellweger, 2017). The morality and character of an individual, are considered as part
of religion and create an impact on the family business goals. The business achievement depends
on the behaviour of a person with staff and other members of the business. The morality and
character of a person defines, the character of a person which affects the long-term and short-
term gains of the business. The family business achievements are divided into two major
categories. Firstly, the financial category includes sales, growth rate, market share, and profit of
the company. Secondly, an ethical environment includes the care of other persons, moral values,
norms of an organization, and job security of the staff. The non-financial elements are important
because it leads to the satisfaction of staff. The satisfied staff is more likely to work for the
success of an organization. (Gherardi, 2016)
Every business has set short-term and long-term targets which leads to high business
performance if accomplish. The short-term goals have few major elements. Firstly, the system of
the business. The system includes the hierarchy of the company, a delegation of authorities, and

short-term company targets. Secondly, competition with other businesses is one of the prime
goals of an organization. The intense competition in the market forces the company to introduce
new features and position the brand differently in the mind of customers. Thirdly the
community-based work plays a role in customer satisfaction. At last, the quality of services and
customer retention strategies lead to short-term and long-term firm performance (Astrachan,
2021).
Morality and character values are very important in maintaining the firm’s performance.
Every system is designed based on some norms and values and these ethical and moral values.
Firstly, loyalty to an organization and with the work is the ethical and moral duty of every human
being. The firm’s success is heavily dependent on the loyalty and commitment of the work and
loyal employee is an asset of every family business and corporation. Secondly, the employee
must respect each other and it is the part of norms of values of every organization.
In a family business, family cohesion is a vital element that includes the respect and care
of one another. The helping behaviour of employees in the family business is vital to gain long-
benefit. Family cohesion comprises knowledge sharing, idea sharing, Trust is the key to family
business because most of the businesses face difficulty in building long-term relationships with
each other. The researchers argue that even in family businesses the trust is a vital factor because
owners must have a trustworthy relationship with each other. Family cohesion includes a couple
of factors. Firstly, the supporting behaviour of employees because in a family business every
employee must need support in business activities. The supporting behaviour of the owner of the
family business allows other people to adjust to the working environment and allow the family
members to expand the business. Secondly, the care and affection amongst the members of the
family are vital to enhancing the productivity of an organization. Researchers argue that to
enhance the profitability of a family business all members of the family have to put maximum
effort into the betterment of the business. Care and affection play a key role in the expansion of
family and Non-family business. The study aims to highlight the impact of moral values, ethics,
family cohesion on a firm’s performance (Astrachan, 2021).
Problem Statement
The firm’s performance can be judged by profitability and the moral and ethical values of the
company play a part in improving the performance of the family business. The discriminations
and differences amongst the members of the family damage the firm’s performance in the long-

term and short-term. The researchers argue that, without care and affection, the family businesses
move towards loss. Moreover, lack of supporting behaviour towards the new members and
employees results in a long term loss of business. Religious values are very important to run the
family business and they must be pass on to the next generation.
Research Question
The research question of the study is as follows
RQ1: How the religiosity affects the short-term and long-term performance of the family
business?
RQ2: How the religiosity affects the long-term and short-term achievement of the family
business?
RQ3: How the moral and character values affect the long-term and short-term performance of
the family business?
RQ4: How the moral and character values affect the long-term and short-term achievement of
the family business?
RQ5: How the family cohesion and affection affect the long-term and short-term performance of
the family business
RQ6: How the family cohesion and affection affect the long-term and short-term achievement of
the family business?
Research Objectives
RO1: The study aims to examine the effect of religiosity on the short-term and long-term
performance of the family business.
RO2: The study aims to examine the effect of religiosity on the short-term and long-term
achievement of the business.
RO3: The study aims to examine the impact of moral character and values on the long-term and
short-term performance of the business.
RO4: The study aims to examine the impact of moral character and values on the long-term and
short-term achievement of the business.
RO5: The study aims to examine the impact of family cohesion and affection on the long-term
and short-term performance of the family business.
RO6: The study aims to examine the impact of family cohesion and affection on the long-term
and short-term achievement of the family business.

Significance of Study.
The study had great importance in academics and the corporate sector as well. From an academic
point of view, the study extends the literature for future researchers. Moreover, the study draws
the guideline for future researchers to work on the other dimension of the same topic as well.
From, corporate point of view, the study provides clear policies to sole traders and other family
businesses to enhance work performance (Konopaski, 2015).
LITERATURE REVIEW
The performance and achievement of the family business depend on moral characters, family
cohesion, and religiosity.
Family Cohesion
The entrepreneurial families cooperate with another to run businesses and avail themselves of
different opportunities. Researchers argue that family business is a source of effective learning if
members show supporting behaviour with one another. Moreover, the enhancement in learning
allows the members of the family to expand businesses and earn more profit. However, it is
observed that different relations create a different impact on the performance of the family
business. The siblings and spouse play a vital role in the expansion of the family business. The
family members of the business exchange business knowledge with another and develop the
human resource. However, the researchers argue that the issues of ownership disturb the
environment and affect the achievement ratio of the family business. Although, family binding is
vital to achieving success in the family business the people want to take ownership of the
business. Moreover, the family business faces complexities when it transfers to the next
generation. The issues of authority and designation result in the loss of the whole business
(Konopaski, 2015).
Family cohesion depends on the power and involvement of the family members in a
specific family business. The Agency theory is applied because it describes the difference in the
opinions between the owner (principal) and employee agent). Although the family business
shares are held by the member of families there is a difference between the involvement of the
owner and managers. The conflict arises due to agency theories affects the achievement of the
business. The care from the family personals develops a strong culture in the business which play
a part in achieving financial and non-financial benefit. Reputation is the major element of every

business and it creates an impact on clients and it creates impact on client and employees as well.
The reputation majorly comprises of a couple of factors. Firstly, the behavior of the employees
with each other and with customers and clients as well. Appropriate behavior is required to
develop a healthy working environment. The employees, shareholders, and managers perform
well in a comfortable working environment. Secondly, the family business has separate social
bindings that differ it from other corporations. The social interactions amongst family members
enhance the value and achievement level of the firm.
Religiosity
Religiosity in the firm is defined as the religious beliefs and values owned by the employees of
the business and it directly relates to the emotions of the person. The family and business and
two different scenarios but the social, non-economic, and emotional goals differentiate the family
business from the non-family business. The studies argue that religious beliefs drive the
behavior, culture, rules, and regulations of the business. Although, there is a minimum conflict
between the members of the family business, the respect of religion and emotions are vital to run
the business successfully. The acceptance of the religious factor as a social force makes the
business more valuable, reputable, and more ethical as well. The companies that are strict about
religion have a couple of major issues. Firstly, the discrimination amongst the employees due to
differences in culture and religion. Religiosity derives from the norms and values of an
organization because most of the cultural values in an organization derived from religion.
Moreover, the employees having the same religious and cultural values prefer to work with each
other and support each other during the process of hiring and promotions. Secondly, the
emotional bonding of the employees with each other due to religion and beliefs directly affects
the environment of an organization and creates an impact on employees' benefit as well.
However, the issues are relatively lower in the family business due to strong relationships and
cohesion amongst the members of the family (Konopaski, 2015).
Religiosity defies the attitude of the employees in an organization and respect of religious
beliefs is vital to develop a community in an organization. The commun8ties in an organization
enhance the performance and makes the business more profitable successful. The group of
people having the same emotional values develop a community and work with cooperation. On
contrary, the disrespect and differences in religious values in an organization create a conflict in
organizational objectives. The concept of agency theory plays a role where agents and principles

have different targets. Researchers argue that religion plays a key role in organizational
performance and it cannot be ignored. Moreover, religious beliefs bring changes in an
organization due to a couple of major values. Firstly, it derives ethical values of an organization
and ethical norms must be part of organizational policies. Secondly, religiosity is part of
corporate social values as well. An organization is developed when employees of the corporation
respect the religious values of each other.
Moral Values
An organization wants to be creative, successful, and profitable and it is only possible with the
efforts of employees. Moreover, the supporting behaviour of staff, strong moral values, and clear
vision towards company goals make the organization unique, creative, and successful as well.
The employer must provide an environment where the employee works together under healthy
policies and working environment (Ashraf, 2017). The scholars argue that the employee can
deliver satisfactory performance if the objectives of the employees match with the objectives of
the employer. Moreover, an employee feels proud to work in an environment having strong
cultural and social values. Moral values comprise of three major elements. Firstly, respect for the
opposite gender is one of the major moral acts of an organization. Gender discrimination is a
very common issue in an organization due to diversity and other factors. Gender respect allows
the workers to work in a comfortable environment for the betterment of the organization.
Secondly, workforce equality is a moral act and many organizations move towards loss due to
inequality amongst the members of the company.
The inequality occurs due to cultural differences, religious differences, and social differences as
well. Although cultural and moral differences are not very common in the family business the
social class differences are very common in a family business. The differences and inequality
amongst the members of the family create a conflict which results in an employee turnover rate.
However, in family corporations and partnerships all members are shareholders, and the inequity
results in a conflict of interest. At last, fairness, trust, and loyalty are major elements of
appropriate moral values. Trust is a major factor to achieve organizational success. Trust is the
backbone of the family and non-family business. In a family business, fairness and trust relate to
the supporting behavior of all shareholders with each other. Loyalty amongst the members of the
business is vital to enhance productivity. Every member must deploy full efforts to the business

and build a relationship with each other. The achievements of business are the reflection of the
internal values of the family. The moral values comprise equality, diversity management, gender
respect, punctuality, supporting behavior, loyalty with work and with other members as well.
From a literature point of view, morality is defined as the correctness of values of character
strength. Morality and behaviour are correlated with each other. Moreover, strong moral values
drive the behaviour of an organization in a positive manner such that, in an organization,
morality brings positivity amongst employees through behaviour, support, and care with each
other.
Firm Performance
Firms' performance can be determined by various factors. Firstly, the productivity of the firm is
directly proportional to the firm’s performance and achievements. Productivity is the comparison
between firm output and input. The productivity can be maximum if the company produces
maximum output by deploying minimum efforts. Scholars argue that productivity can be
increased by deploying efficient human resources, capital, and other resources as well. Secondly,
profitability is another factor to measure organizational performance. The profitability can be
measured and achieved by identification of cost and the reduction of cost through different
means of improvement. Firstly, the cost can be reduced by efficient utilization of resources and
putting the right people in right place (Rondi, 2019). Appropriate long-term and short-term
strategies and effective decision-making allow the business to achieve success in the form of
profit and brand reputation. The strategies include the product focus strategies, process focus
strategies, human resource strategies, and financial strategies as well. The profitability depends
on the trends of the society and the attention of the customer towards the specific process of the
company. In a family business the supportive environment, care of other employees, and
cooperative behaviour amongst all staff members lead to profitability. The clear policies of the
company result in profitability and high growth (Konopaski, 2015).
In family business and partnerships, the expansion of the firm represents the growth of the
business. The family business expands when competitive human resources take over the
responsibility to enhance revenue through expansion strategies. The diversification strategies
enhance the revenue through appropriate investment and high return on investment. Although,
economic factors and external environment affects the rate of return internal factor and efficient
use of resources play an important role. Researchers argue that the family business moves

towards profitability when all shareholders have the same goals and vision towards the company
(Jiménez, 2015).
Short Term Goal Importance and achievement
Short term goal is the goals of the business which can be accomplished in less than one
year. However, it depends on the nature of business as well. The business's short-term goal is to
analyse the competitors because the competitors' strategies are necessary to be followed. The
growth can be achieved by analysing the marketing trends and rival activities. The short-term
goals are important for the business to bear daily expenses. In the family business, the short-term
goals can be achieved by developing flexible strategies. Short-term strategies such as the
discount offer to engage clients, repositioning, and community-based activities are vital to
achieving high growth. CSR (Corporate Social responsibility) is the prime focus of family
business because it enhances repute and brings more customers to the brand. The customer of the
current era is intelligent and well aware of the business activities. Moreover, the social activities
are enhancing the reputation of the brand which ultimately creates a positive impact on the
business (Campbell, 2018).
The management of cash inflows and outflows is another goal of business and the
businesses need to maintain the balance between revenue and expenses. The economic
challenges and immensely competitive environment make it difficult for the family business to
survive in the business world. Family businesses have to follow a couple of guidelines to achieve
short-term goals an achieve short-term objectives. Firstly, a high level of commitment and
entrepreneurial capabilities are required to run the business because growth can be achieved by
hard work and accurate decision making. An effective decision making is required to make
challenging decisions and make the business economically stable. Secondly, a clear vision and
mission are needed to achieve both long-term and short-term goals such as goodwill,
profitability, and community-based work. The clear mission comprises strategies, measurable
objectives that are required to achieve a mission. The clear policies bring positive changes in the
revenue cycle of the company. The agent principle conflict is another challenging aspect of the
family business. Although, all shareholders belong to the same family different targets produce a
conflict between staff members. The conflict between staff members of the corporation creates a
bad impact on the overall performance of the firm. An uncomfortable working environment
results in the dissatisfaction of the customer (Astrachan&Bau, 2017).

Long term goals Importance and Achievement
The long-term goals of the family business include the management of legal documents to
register the business as a family corporation (Adi & Adawiyah, 2018). Moreover, it includes the
transfer of ownership from generation to generation. Moreover, in the family venture, the
employer and other members of the family want to hold all decision-making power. Researchers
argue that the family members want to position the business in the mind of the customer through
effective decision making. However, the critics argue that the decision making must be
distributed to achieve profit long term economic stability. The decision of the business must be
taken by the field experts or capable entrepreneurs (Terlaak, 2018).
The long-term goals of the business include a couple of major elements. Firstly, the
perception of the customer about a business. Moreover, the client must differentiate between the
family business and non-family businesses. Secondly, the examination of the impact of decision
making on profitably is the long-term goal of the business.
Hypothesis
The hypothesis is the testable statements based on the assumptions. The testable statements of
the desired study are as follows.
H1: There is a significant relationship between religiosity and the short-term and long-term
performance of the family business.
The religious values drive the behavior of the family business and it develops the environment of
the business as well.
H2: There is a significant relationship between religiosity and the short-term and long-term
achievement of a business.
The religious values and emotional believes helps to achieve the short-term and long-term goals
of the business such as community-based work and ethical approaches
H3: There is a significant relationship between moral character and values on the long-term and
short-term performance of the business.
Morality and character strength create an impact on decision making and policy development
and in family, businesses care and loyalty are two vital elements which are derived from moral
values
H4: There is a significant relationship between moral character and values on the long-term and
short-term achievement of a business.

The moral values allow the business to achieve integrity, reputation which create a positive
impact on the revenue stream of the business.
H5: There is a significant relationship between family cohesion and affection on the long-term
and short-term performance of the family business.
Family cohesion and supporting behavior of staff with shareholders create a healthy working
environment which results in the profitability of the business.
H6: The is a significant relationship between family cohesion and affection on long-term and
short-term achievement of the family business.
RESEARCH DESIGN
Research design is the process of gather data and analyzes it to produce the fruitful result. It
comprises research strategies tools of Data collection, sampling techniques, and analysis tests as
well.
Research Methodology
Research Methodology is the nature study and the implemented strategies on desired research.
The study is descriptive and the deductive approach is used to design the theoretical framework
Data Collection
McCormick (2017) stated that there are five major methods of data collection which are
questionnaire, interviews, observations, history, and document records. The study is quantitative
in nature and records/ documents will be to collect the numerical and factual data. Our study
collects the annual basis and the reports of the last five years will be used to collect and analyze
data. Moreover, the survey method will also be used as a tool for data collection. As the study
deals with the elements that create an impact on family business, so the population of the
research is the owners of family businesses of Rawalpindi and Islamabad. A simple random
sampling technique is used to select a sample for a population. The sample size of the research is
150. The questions will be asked from managerial staff. Although simple random sampling has
flaws it is less time-consuming and generates more accurate results. Moreover, the data will be
gathered from the internet as well in the form of literature. The qualitative means of data
collection with also be used such as articles and books.
Population
The population is the whole set from which the sample size is collected. The relevant population
size is vital to generate positive results. The population of the current study is the family ventures

of Rawalpindi and Islamabad. Moreover, the population only includes the partnership ventures
rather than sole traders.
Sampling
Sampling is the subset of the population and it describes the number of participants from which
the data is collected and analyzed. The sample size is 150 and data is gathered from the
managerial staff of the cosmetics industry.
The tool of Data collection
The questionnaire is used as an instrument of data collection. The closed-ended questions were
asked to form the participants. Moreover, the Questionnaire is designed based on 7 points liker
scale
RESULT AND ANALYSIS
Accurate analysis of the data is vital to generate relevant results. The study is quantitative so the
statistical test is used to analyze data.
McCormick (2017) stated that Statistical models are used in research methodology to analyze the
results and quantify the data. The statistical software is used to analyze the data which will be
collected from participants. The statistical analysis is divided into two major parts which are
descriptive analysis and modeling. The study is descriptive so; the data will be analyzed through
statistical software SPSS. The statistical tests are generally required to generate productive
output from already gathered data. The relevant statistical analysis enhances the accuracy of the
data.
Descriptive Analysis
The descriptive analysis depicts the age, gender, occupation, and education of the participants.
The descriptive analysis is vital to examine the authenticity of the research. The descriptive
features depend on the nature and type of research. Mean, median, and mode are the major types
of descriptive analysis
AGE
Age Limit Frequency Percent
0-20 0 0.00
20-35 100 100.0
35 and above 50 50.0
Total 150 150.0
Male 100 100.0

GENDER Female 50 50.0
Total 150 150.0
Reliability test
Reliability test shows the consistency of results. The research and data are reliable if the value is
greater than 0.7. The reliability values are represented by Cronbach’s Alpha.
Variables Cronbach’s
Alpha
Family Cohesion (FC) .774
Religiosity (RE) .777
Firms Performance (FP) .869
Morality and Character (MC) .707
Long-term Goals (importance and achievement) (LG) .708
Short-term goals (Importance and achievement) (SG) .801
The values of all variables are above 0.7 which means that the data collected from participants is
reliable. The abbreviation of all variables are as follows.
Family Cohesion is abbreviated as FC
Religiosity is abbreviated as RE
Firms Performance is abbreviated as FP
Morality and Character is abbreviated as MC
Long-term Goals (importance and achievement) is abbreviated as LG
Short-term goals (Importance and achievement) is abbreviated as SG

HYPOTHESIS TESTING
Correlation
The Pearson correlation is used to examine the relationship between dependent and independent
variable. The correlation values must be greater than 0.5. The correlation of variable with itself is
always equal to 1.
Sr No Variable 1 2 3 4 5 6
1 FC 1
2 RE .642** 1
3 MC .777** .780** 1
4 FP .624** .642** .712** 1
5 LG .512** .513** .631** .688** 1
6 LC .581** .712** .610** .555** .499** 1
**. Correlation is significant at the 0.01 level (2-tailed).
The correlation shows the significant results other than the relation between long term goals and
short goals. The firm performance is a dependent variable and the its relationship with family
cohesion is .624** which is highly significant. The Pearson correlation value of firm’s
performance with morality and character is .712** which is highly significant as well.
Regression

Regressions shows the degree of relationship between independent and dependent variable.
However, the correlation test only includes the degree of relationship. The regression values is
represented by R.
Mode R R Square Adjusted R Square Std. Error of the Estimate
1 .803a .644 .644 .59378
a. Predictors: (Constant), TL
b. Dependent Variable, PS
The regression value is 0.803 is model summary which is highly significant and far above the
borderline of 0.5.
DISCUSSION
The above results are highly significant and show the significant relationship between the
dependent and independent variables. The research argues that the performance of the family
business is dependent on family cohesion because of the involvement of all family members in
the business. However, the differences amongst families create a negative impact on the business
as well. The conflict may arise on authority, power, delegations, and decision making as well.
The attitude of senior members towards the new staff is another reason for conflict. The
company needs to manage the conflict appropriately.
The family business has a couple of major elements. Firstly, emotions and feelings are
involved amongst the members of the family which h makes the environment healthy and
positive. Secondly, the commitment level of employees and staff makes the family business
highly competitive. However, the criticism is observed on the commitment level of employees
because the differences in opinions and issue of own creation a negative impact on the psyche of
family staff. The commitment level can only be achieved if the conflict is resolved and people
work with each other with cooperation and support. Clear policies about the delegation of power
and authorities make the family business more profitable in long run.
Morality and character strength are vital to run a business and in the family business,
loyalty comprises loyalty, fairness, and community support as well. In the family business, the
customer perception is quite different so community-based work is important to engage the

customer and get a competitive edge. However, there is a strong criticism on morality and ethical
values in the perspective of family business because a strong relationship with staff and
community is possible if all members and shareholders have a common interest. Although
conflict of interest is not common in family business businesses the problem of agent and
principal is still exists.
CONCLUSION AND RECOMMENDATION
Based on the above analysis and literature it is concluded that the family business is quite
different from non-family ventures because of the involvement of family members in the
venture. Family cohesion is vital to run a family business due to a couple of major factors.
Firstly, the support of experienced family members develops the human resource for the
company. Moreover, the positive behavior of the staff is important to main a healthy working
environment. Family support and helping behavior must be the vision of the family business.
Secondly, ethical values and character strength is the backbone of every business. The ethical
values include the respect of emotions and religious beliefs of every business. Although religious
beliefs are not a commonly observed issue in a family business it is the responsibility of staff
members to respect the religious beliefs of every person. Ethical values drive the behavior of an
organization. Community-based work and corporate social responsibility fall in the domain of
values of an organization. Strong cultural and ethical values create a positive impact on the
revenue stream of an organization. In a family business, loyalty to work and with the
organization is necessary to achieve organizational goals. The fairness in work belongs to the
concept that, every member of the family has a common organizational objective. The common
objective enhances the commitment level of the team. The agency theory is applied to the desired
research which defines the conflict between agent and principle. The employer work for the
betterment of the organization. The owner or employer move towards profit and the employee
works for the stability of his family. The conflict between agent and principal leads to
deficiencies in organizational policies. However, the care of employees and reward system
minimize the conflict between agent and principle which ultimately results in the benefit of the
organization.

As a whole, the customer perceives family business differently from other businesses and
it is the responsibility of the employees and decision-makers to satisfy employees through
policies. The conflict arises due to the transfer of ownership and authorities. The development of
human resources with entrepreneurial capabilities is necessary to resolve the conflicts. Conflicts
are the part of every business but conflict management is vital to develop a healthy working
environment and enhance productivity. An efficient human resource deployed minimum efforts
and brings positive results for the organization.
Recommendation
Based on the above discussion following recommendations were drawn.
1. Firstly, the family business observes a conflict in the transfer of ownership, so clear legal
policies of ownership must be designed to resolve this conflict.
2. It is the prime duty of the employer in the family business to delegate authorities to the
person who has abilities to make the right decision. Moreover, the employer must
develop efficient human resources for the betterment of the business. The involvement of
family members is much greater so cooperation is needed to resolve these conflicts.
3. The expansion of business is important to achieve an excellent performance because
customer perception is the key to success for a family business. Although, customer
perceptions matter a lot for non-family ventures as well but the family businesses depend
on the thinking of client. The community-based work of organization creates a positive
image in the mind of customer.
4. At last, the family members must be committed on single objective. Despite of family
issues, the business objectives and targets must be set according to market trends and
potential. Moreover, the objectives are achieved on specific time to compete with
competitors. The cooperation of staff members with each other is the basic element of
family business. The development of capable human resource is beneficial for the family
in long-run and it can only be possible through supporting behavior.
Limitations
The limitations which bound the scope of research are as follows.
Time: Lack of time is the one of the major limitations and limit the relevancy of research.

Sampling: Simple random sampling is used in the research and sample size is too small which
does not represent the whole population.
Access of Data: The data is not easily accessible which makes the research more limited.
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