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A Study on the Effect of Culture and Human and Social Capital on Entrepreneurial Strategies in Family Businesses in Iran
Abstract
Family businesses are formed and often transferred to new generations in order to achieve both financial and non-financial desired performances. Socioemotional wealth, such as a family's desire to exercise authority, and enjoyment of family influence, is an important driver of non-financial desires. Family business owners take into account socioemotional gains or losses for the family when considering the relative risks and benefits of various strategic choices. Culture, human capital, and social capital are some of the variables that influence decisions regarding socioemotional gains and losses. Entrepreneurship is also favorable for any economy and the interconnectivity of family businesses and entrepreneurship is of a great importance. To study the effect of the mentioned variables we have studied family business in Iran, a family oriented country with a strong cultural consistency which in many cases influences businesses. This study aims to analyze how culture, human capital, and social capital affect the preservation and development of socioemotional wealth in families and how they affect the firm's performance.
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