The Link Between Culture and Succession Management among Family-Owned Businesses in Anambra State, Nigeria

Abstract

This study determined the nexus between culture and succession management among Family-Owned Business (FOBs) in Anambra State. The work was anchored on the Dynamic Capabilities Theory (DCT) propounded by Teece, Pisano and Shuen in 1997. Survey research design was deployed for the study, with a population of 2370 FOBs in three areas of the state. Krejcie and Morgan's 1970 sample size determination formula was used to arrive at a sample size of 330. The data collection instrument was a structured questionnaire scrutinized to ensure that it was both valid and reliable using face and content validity and Split-Half Reliability techniques respectively.  Descriptive and inferential statistics were used for data analysis. Hypothesis was tested at a 5% level of significance.  Results showed that there is a statistically significant relationship between gender bias and business support in family-owned businesses in Anambra State (R = .937; R² .878; F Statistics = 2133.962; P-value < .05). Hence, it was concluded that culture has a statistically significant relationship with succession management among FOBs in Anambra State. Sequel to this, it was recommended that handing over businesses to successors should boil down to interest and competence and that effort should be made to ensure that female children are also considered in business succession plans.