Abstract

Purpose: This study's primary goal is to present the theoretical concept of family enterprises. Specifically, the results of earlier studies and the issues facing this field of research now will be described. The article also examines the underlying impacts that family control has on business management in order to fill the research gap left by earlier studies on the performance differences between family and non-family enterprises. A thorough analysis of the literature revealed that family firms place equal value on non-financial performance as they do on financial performance. Design/methodology/approach: The study's survey focuses on critical analysis methods used in the literature. Critical theoretical analysis will also be accompanied by comparative, analytical and monographic methods implied to draw conclusions on further research directions in the family business sector. Findings: The current work makes a significant contribution by broadening the theoretical foundation for family business research. Therefore, a sound foundation for the explanation of distinctive strategic management components may be established using the behavior-oriented approach, stakeholder theory, target composition, and balanced scorecard approach. Research limitations/implications: Unconfirmed theories may be examined more closely, particularly in a modified setting. Practical implications: The findings of this theoretical study are not only important for business research but also for business practice. The study is primary addressed to the top management of family and non-family businesses. Moreover, potential investors, banks and consultants could benefit from the results of this study. Originality/value: This study aims to provide a better understanding of the relationship between the variables of family influence, goal setting and selection of key performance indicators and organizational performance and business success. That is how a contribution can be made to the ongoing discussion about the success of family businesses and its underlying factors. Keywords: Family business, Goal setting, Business performance, Small and medium-sized enterprises. Category of the paper: literature review.

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