This study compared first-generation, second-generation and third-generation family
firms in terms of a variety of family business management activities, styles and
characteristics. Only two of eleven hypotheses were accepted. As supported by the
literature, subsequent-generations are more likely than first-generation firms to formulate
specific succession plans, and top management styles and decisions in subsequentgeneration
family firms are no less likely than in first-generation family firms to be
influenced by the original business objectives and methods of the founder. Thus, contrary
too much of the current literature, there are few significant differences. However, the
eleven variables in combination do provide an overall multivariate analysis of variance
(MANOVA) model that does find differences between generations
This study compared first-generation, second-generation and third-generation family
firms in terms of a variety of family business management activities, styles and
characteristics. Only two of eleven hypotheses were accepted. As supported by the
literature, subsequent-generations are more likely than first-generation firms to formulate
specific succession plans, and top management styles and decisions in subsequentgeneration
family firms are no less likely than in first-generation family firms to be
influenced by the original business objectives and methods of the founder. Thus, contrary
too much of the current literature, there are few significant differences. However, the
eleven variables in combination do provide an overall multivariate analysis of variance
(MANOVA) model that does find differences between generations
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