TRANSGENERATIONAL ENTREPRENEURSHIP AND VALUE CREATION OF FAMILY FIRMS IN LAGOS STATE
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Date
2022-02
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JUPEB Journal of Development and Educational Studies
Abstract
The study examined the influence of entrepreneurial orientation and family firm’s
resources on value creation in family firms in the State. This is with a view to enhancing
the understanding of how transgenerational entrepreneurship influenced value creation
in family firms in Lagos State. This study relied on the descriptive and cross-sectional
survey design which established the association between variables affecting
transgenerational entrepreneurship and value creation in family firms. The population
for the study, were respondents from the family firms in Forbes List of registered family
firms. Based on pre-survey carried out on the family firms, 10 family members involved
in the operation of each of the firms making a total of 150 respondents from the fifteen
(15) firms registered on Forbes List were purposively selected. The selection consisted of
the Chief Executive Officers from each firm and nine other key family members. The data
collected were analyzed using percentage analysis, Pearson product moment correlation
and regression analysis. The analysis of the data showed that there was a strong positive
relationship between entrepreneurial orientation and family firm’s resources. The result
further indicated that the combination of both family firm resources and entrepreneurial
orientation explained forty-five percent of the variance of value creation in family firms.
The study concluded that the combination of family firms’ resources and entrepreneurial
orientation influences value creation. Thus, transgenerational entrepreneurship is a
fundamental to multi-generation family firms’ success.
Keywords: Transgenerational, Entrepreneurial Orientation, Resources, Value Creation,
Family Firm