Research Article
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Year 2019, , 55 - 71, 31.07.2019
https://doi.org/10.34109/ijefs.201911204

Abstract

References

  • Agarwal, R., Rastogi, S., and Mehrotra, A. (2009). Customers’ perspectives regarding e-banking in an emerging economy. Journal of Retailing and Consumer Services, 16(5):340-351.
  • Ajzen, I. (1991). The theory of planned behavior. Organizational Behaviour and Human Decision Processes, 50(1):179-211.
  • Antoni, X. and Matchaba-Hove, T. (2016). Factors influencing black consumers’ financial planning intentions: An exploratory study. The International Business Conference (IBC) 10th Annual Conference, Langebaan, South Africa 25-28 September.
  • Asemi, A. and Riyahiniya, N. (2007). Awareness and use of digital resources in the libraries of Isfahan University of Medical Sciences, Iran. The Electronic Library, 25(3):316-327.
  • Bizri, R. (2016). Succession in the family business: Drivers and pathways. International Journal of Entrepreneurial Behavior and Research, 22(1):133-154.
  • Black, T.R. (1999). Doing quantitative research in the social sciences: An integrated approach to research design, measurement, and statistics. London: SAGE Publications.
  • Blumentritt, T., Mathews, T, and Marchisio, G. (2012). Game theory and family business succession: An introduction. Family Business Review, 26(1):51–61.
  • Botha, M., Rossini, L., Du Preez, L., Geach, W.D. & Goodall, B.B. (2017). The South African financial planning handbook. Durban: LexisNexis.
  • Botha, M., Rossini, L., Geach, W., Goodall, B., du Preez, L. & Rabinowitz, P. (2015). South African financial planning handbook. Durban: LexisNexis.
  • Bratman, M.E. (1987). Intentions, plans, and practical reason. In Rao, A. & Georgeff , M.P. 1991. Deliberation and its role in the formation of intentions. Harvard, MA: Harvard University Press. [Online]. Available: https://dslpitt.org/uai/papers/91/p300-rao.pdf (Accessed on 24 May 2017).
  • Coulter, K.S. & Coulter, R.A. (2002). Determinants of trust in a service provider: The moderating role of length of relationship. Journal of Services Marketing, 16(1):35-50.
  • Davis, F.D., Bagozzi, R.P. & Warshaw, P.R. 1992. Extrinsic and intrinsic motivation to use computers in the workplace. Journal of Applied Social Psychology, 22(14):1109-1130.
  • De Massis, A., Chua, J.H. & Chrisman, J.J. 2008. Factors preventing intra-family succession. Family Business Review, 21(2):183-199.
  • Eddleston, K.A., Kellermanns, F.W., Crittenden, V.L. & Crittenden, W.F. 2013. Planning for growth: Life stage differences in family firms. Entrepreneurship Theory and Practice, pp. 1177-1202.
  • Family Business Institute. (2016). Global data points. [Online]. Available: http://www.ffi.org/page/globaldatapoints (Accessed: 02 March 2017).
  • Filser, M., Kraus, S. & Märk, S. (2013). Psychological aspects of succession in family business management. Management Research Review, 36(3):256-277.
  • Giarmarco, J. (2014). The three levels of family business succession planning. Estate planning special report.
  • Hunt, K., Brimble, M. & Freudenberg, B. (2011). Determinants of client-professional relationship quality in the financial planning setting. Australasian Accounting, Business and Finance Journal, 5(2):69-99.
  • Kelly Wealth. (2011). The importance of estate planning for family businesses. [Online]. Available: http://www.kellywealth.com.au/theimportance-of-estate-planning-forfamily-businesses/ (Accessed: 23 April 2017).
  • Koropp, C., Kellermanns, F.W., Grichnik, D. & Stanley, L. (2014). Financial decision making in family firms: An adaptation of the theory of planned behavior. Family Business Review, 1-21.
  • Lachance, M.E. & Tang, N. (2012). Financial advice and trust. Financial Services Review, 21(1):209-226.
  • Maunsell, J.H.R. (2004). Neuronal representations of cognitive state: Reward or attention? Trends in Cognitive Sciences, 8:261-265.
  • Pather, M. (2014). Factors affecting the consumer decision making process in Africa: An exploratory study. Unpublished Masters thesis. Pretoria: University of Pretoria.
  • Pikkarainen, T., Pikkarainen, K., Karjaluoto, H. & Pahnila, S. (2004). Consumer acceptance of online banking: An extension of the technology acceptance model. Internet Research: Electronic Networking Applications and Policy, 14(3):224-235.
  • PwC. (2016). Family business survey [Online]. Available: http://www.PwC.co.za/en/assets/pdf/family-business-survey-2016.pdf (Accessed 01 March 2017).
  • Schwass, J. (2013). Family businesses: Successes and failures. IMD Global Family Business Center. [Online]. Available: http://www.imd.org/uupload/IMD.WebSite/MicroSites/family business/pdfs/Family%20Businesses%20%20Successes%20and%20F ailures.pdf (Accessed 01 March 2017).
  • Venter, E. & Farrington, S. (2009). The nature of family businesses and their importance for economic development. [Online]. Available: http://dspace.nwu.ac.za/bitstream/handle/10394/5240/No_58(2009)_V enter_E_%26_Farrington_S.pdf?sequence=1 (Accessed 1 March 2017).
  • Venter, E., Boshoff, C. & Maas, G. (2005). The influence of successor-related factors on the succession process in small and medium-sized family businesses. Family Business Review, 18(4):283- 303.
  • Visser, T. & Chiloane-Tsoka, E. (2014). An exploration into family business and SMEs in South Africa, Problems and Perspectives in Management, 12(4):427-432.
  • Weathington, L.B., Cuningham, J.J.C. & Pittenger, J.D. (2010). Research methods for the behavioral and social sciences. New Jersey: John Wiley and Sons.
  • Zedelius, C.M., Veling, H., Custers, R., Bijleveld, E., Chiew, K.S. & Aarts, H. (2014). A new perspective on human reward research: How consciously and unconsciously perceived reward information influences performance. NCBI, 14:493-508.
  • Zeka, B., Antoni, X., Goliath, J. & Lillah, R. (2016). The factors influencing the use of financial planners. Journal of Economic and Financial Sciences, 9(1):76-92.

FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE

Year 2019, , 55 - 71, 31.07.2019
https://doi.org/10.34109/ijefs.201911204

Abstract

The high failure rate among family businesses in South Africa is a
cause for concern, given the impact and significance that these
businesses have on society and the economy as a whole. Improper – or
a lack of – succession planning and estate planning among family
businesses is considered the most pressing reason why family
businesses fail. The purpose of this study was to investigate the factors
that influence family business owners’ intention to seek estate
planning assistance from a financial planning professional. The four
factors that were identified as influencing family business owners’
intention to seek estate planning assistance were awareness, family
financial norms, trust, and potential benefits. A questionnaire was
developed based on the valid and reliable items. Statistical techniques,
including descriptive statistics, Cronbach’s alpha coefficients, and
multiple regression analysis were performed on data gathered from
148 family businesses. The results of this study showed that three of
the four factors – family financial norms, trust, and awareness – were
found to exert a significant influence on family business owners’
intention to seek estate planning assistance.

References

  • Agarwal, R., Rastogi, S., and Mehrotra, A. (2009). Customers’ perspectives regarding e-banking in an emerging economy. Journal of Retailing and Consumer Services, 16(5):340-351.
  • Ajzen, I. (1991). The theory of planned behavior. Organizational Behaviour and Human Decision Processes, 50(1):179-211.
  • Antoni, X. and Matchaba-Hove, T. (2016). Factors influencing black consumers’ financial planning intentions: An exploratory study. The International Business Conference (IBC) 10th Annual Conference, Langebaan, South Africa 25-28 September.
  • Asemi, A. and Riyahiniya, N. (2007). Awareness and use of digital resources in the libraries of Isfahan University of Medical Sciences, Iran. The Electronic Library, 25(3):316-327.
  • Bizri, R. (2016). Succession in the family business: Drivers and pathways. International Journal of Entrepreneurial Behavior and Research, 22(1):133-154.
  • Black, T.R. (1999). Doing quantitative research in the social sciences: An integrated approach to research design, measurement, and statistics. London: SAGE Publications.
  • Blumentritt, T., Mathews, T, and Marchisio, G. (2012). Game theory and family business succession: An introduction. Family Business Review, 26(1):51–61.
  • Botha, M., Rossini, L., Du Preez, L., Geach, W.D. & Goodall, B.B. (2017). The South African financial planning handbook. Durban: LexisNexis.
  • Botha, M., Rossini, L., Geach, W., Goodall, B., du Preez, L. & Rabinowitz, P. (2015). South African financial planning handbook. Durban: LexisNexis.
  • Bratman, M.E. (1987). Intentions, plans, and practical reason. In Rao, A. & Georgeff , M.P. 1991. Deliberation and its role in the formation of intentions. Harvard, MA: Harvard University Press. [Online]. Available: https://dslpitt.org/uai/papers/91/p300-rao.pdf (Accessed on 24 May 2017).
  • Coulter, K.S. & Coulter, R.A. (2002). Determinants of trust in a service provider: The moderating role of length of relationship. Journal of Services Marketing, 16(1):35-50.
  • Davis, F.D., Bagozzi, R.P. & Warshaw, P.R. 1992. Extrinsic and intrinsic motivation to use computers in the workplace. Journal of Applied Social Psychology, 22(14):1109-1130.
  • De Massis, A., Chua, J.H. & Chrisman, J.J. 2008. Factors preventing intra-family succession. Family Business Review, 21(2):183-199.
  • Eddleston, K.A., Kellermanns, F.W., Crittenden, V.L. & Crittenden, W.F. 2013. Planning for growth: Life stage differences in family firms. Entrepreneurship Theory and Practice, pp. 1177-1202.
  • Family Business Institute. (2016). Global data points. [Online]. Available: http://www.ffi.org/page/globaldatapoints (Accessed: 02 March 2017).
  • Filser, M., Kraus, S. & Märk, S. (2013). Psychological aspects of succession in family business management. Management Research Review, 36(3):256-277.
  • Giarmarco, J. (2014). The three levels of family business succession planning. Estate planning special report.
  • Hunt, K., Brimble, M. & Freudenberg, B. (2011). Determinants of client-professional relationship quality in the financial planning setting. Australasian Accounting, Business and Finance Journal, 5(2):69-99.
  • Kelly Wealth. (2011). The importance of estate planning for family businesses. [Online]. Available: http://www.kellywealth.com.au/theimportance-of-estate-planning-forfamily-businesses/ (Accessed: 23 April 2017).
  • Koropp, C., Kellermanns, F.W., Grichnik, D. & Stanley, L. (2014). Financial decision making in family firms: An adaptation of the theory of planned behavior. Family Business Review, 1-21.
  • Lachance, M.E. & Tang, N. (2012). Financial advice and trust. Financial Services Review, 21(1):209-226.
  • Maunsell, J.H.R. (2004). Neuronal representations of cognitive state: Reward or attention? Trends in Cognitive Sciences, 8:261-265.
  • Pather, M. (2014). Factors affecting the consumer decision making process in Africa: An exploratory study. Unpublished Masters thesis. Pretoria: University of Pretoria.
  • Pikkarainen, T., Pikkarainen, K., Karjaluoto, H. & Pahnila, S. (2004). Consumer acceptance of online banking: An extension of the technology acceptance model. Internet Research: Electronic Networking Applications and Policy, 14(3):224-235.
  • PwC. (2016). Family business survey [Online]. Available: http://www.PwC.co.za/en/assets/pdf/family-business-survey-2016.pdf (Accessed 01 March 2017).
  • Schwass, J. (2013). Family businesses: Successes and failures. IMD Global Family Business Center. [Online]. Available: http://www.imd.org/uupload/IMD.WebSite/MicroSites/family business/pdfs/Family%20Businesses%20%20Successes%20and%20F ailures.pdf (Accessed 01 March 2017).
  • Venter, E. & Farrington, S. (2009). The nature of family businesses and their importance for economic development. [Online]. Available: http://dspace.nwu.ac.za/bitstream/handle/10394/5240/No_58(2009)_V enter_E_%26_Farrington_S.pdf?sequence=1 (Accessed 1 March 2017).
  • Venter, E., Boshoff, C. & Maas, G. (2005). The influence of successor-related factors on the succession process in small and medium-sized family businesses. Family Business Review, 18(4):283- 303.
  • Visser, T. & Chiloane-Tsoka, E. (2014). An exploration into family business and SMEs in South Africa, Problems and Perspectives in Management, 12(4):427-432.
  • Weathington, L.B., Cuningham, J.J.C. & Pittenger, J.D. (2010). Research methods for the behavioral and social sciences. New Jersey: John Wiley and Sons.
  • Zedelius, C.M., Veling, H., Custers, R., Bijleveld, E., Chiew, K.S. & Aarts, H. (2014). A new perspective on human reward research: How consciously and unconsciously perceived reward information influences performance. NCBI, 14:493-508.
  • Zeka, B., Antoni, X., Goliath, J. & Lillah, R. (2016). The factors influencing the use of financial planners. Journal of Economic and Financial Sciences, 9(1):76-92.
There are 32 citations in total.

Details

Primary Language English
Journal Section Research Article
Authors

Tony Matchaba Hove This is me

Teneille Troskie This is me

Publication Date July 31, 2019
Published in Issue Year 2019

Cite

APA Matchaba Hove, T., & Troskie, T. (2019). FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE. International Journal of Economics and Finance Studies, 11(2), 55-71. https://doi.org/10.34109/ijefs.201911204
AMA Matchaba Hove T, Troskie T. FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE. IJEFS. July 2019;11(2):55-71. doi:10.34109/ijefs.201911204
Chicago Matchaba Hove, Tony, and Teneille Troskie. “FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE”. International Journal of Economics and Finance Studies 11, no. 2 (July 2019): 55-71. https://doi.org/10.34109/ijefs.201911204.
EndNote Matchaba Hove T, Troskie T (July 1, 2019) FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE. International Journal of Economics and Finance Studies 11 2 55–71.
IEEE T. Matchaba Hove and T. Troskie, “FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE”, IJEFS, vol. 11, no. 2, pp. 55–71, 2019, doi: 10.34109/ijefs.201911204.
ISNAD Matchaba Hove, Tony - Troskie, Teneille. “FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE”. International Journal of Economics and Finance Studies 11/2 (July 2019), 55-71. https://doi.org/10.34109/ijefs.201911204.
JAMA Matchaba Hove T, Troskie T. FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE. IJEFS. 2019;11:55–71.
MLA Matchaba Hove, Tony and Teneille Troskie. “FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE”. International Journal of Economics and Finance Studies, vol. 11, no. 2, 2019, pp. 55-71, doi:10.34109/ijefs.201911204.
Vancouver Matchaba Hove T, Troskie T. FAMILY BUSINESS OWNERS’ PERCEPTIONS ON SEEKING ESTATE PLANNING ASSISTANCE. IJEFS. 2019;11(2):55-71.