Factors Associated with Long-Term Survival of Family Businesses: Duration Analysis |
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| Authors: | Kathryn Stafford Vibha Bhargava Sharon M Danes George Haynes Katherine E Brewton |
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| Institution: | (1) Department of Consumer Sciences, The Ohio State University, Campbell Hall 265B, 1787 Neil Avenue, Columbus, OH 43210, USA;(2) Department of Housing and Consumer Economics, Georgia State University, 104 Consumer Research Center (House C), 415 Sanford Drive, Athens, GA 30602, USA;(3) Department of Family Social Science, University of Minnesota, 290 McNeal Hall, 1985 Buford Avenue, St. Paul, MN 55108, USA;(4) Department of Agricultural Economics and Economics, Montana State University, 210E Linfield Hall, Bozeman, MT 59717, USA |
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| 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. |
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