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FINANCIAL DECISION-MAKING PROCESSES OF FAMILY COMPANIES: A RESEARCH WITHIN THE FRAMEWORK OF THE THEORY OF PLANNED BEHAVIOR

Year 2022, , 483 - 508, 01.11.2022
https://doi.org/10.29067/muvu.1059180

Abstract

The aim of this study was to examine the factors affecting the financial decision-making processes of family companies within the framework of the theory of planned behavior. In the research, family companies operating in Aksaray OSB (Organized Industrial Zone) were determined as the population and a questionnaire was distributed to 160 family business owners/managers. Descriptive statistics, exploratory factor analysis, exploratory factor analysis, and path analysis were applied to the collected data. The findings obtained showed that family norms and attitude affected behavioral intention.

References

  • Acedo-Ramirez, M. A., Ayala-Calvo, J. C., & Navarrete-Martinez, E. (2017). Determinants of Capital Structure: Family Businesses versus Non-Family Firms. Finance a úvěr-Czech Journal of Economics and Finance, 67(2), 80-103.
  • Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211.
  • Ajzen, I. (2002). Perceived Behavioral Control, Self-Efficacy, Locus of Control, and the Theory of Planned Behavior. Journal ofApplied Social Psychology, 32(4), 665-683.
  • Aldrich, H. E., & Cliff, J. E. (2003). The Pervasive Effects of Family on Entrepreneurship: Toward a Family Embeddedness Perspective. Journal of Business Venturing, 18(5), 573-596.
  • Armitage, C. J., & Conner, M. (2010). Efficacy of the Theory of Planned Behaviour: A Meta-Analytic Review. British Journal of Social Psychology, 40(4), 471-499.
  • Auken, H. V., & Werbel, J. (2006). Family Dynamic and Family Business Financial Performance: Spousal Commitment. Family Business Review, 49-63.
  • Büyüköztürk, Ş. (2002). Veri Analizi El Kitabı. Ankara: Pegem Yayınları.
  • Basco, R. (2013). The Family’s Effect on Family Firm Performance: A Model Testing the Demographic and Essence Approaches. Journal of Family Business Strategy(4), 42-66.
  • Bertrand, M., & Schoar, A. (2006). The Role of Family in Family Firms. Journal of Economic Perspectives, 20(2), 73-96.
  • Boateng, B., Silva, M., & Seaman, C. (2019). Financing Decisions of Migrant Family Businesses: The Case of A Ghanaian-Owned Shop in Kent. Journal of Family Business Management, 9(1), 24-39.
  • Durendez, A., Madrid-Guijarro, A., & Hernandez-Canovas, G. (2019). Do Family Firms’ Specific Governance Mechanisms Moderate the Cost of Debt? Australian Accounting Review, 29(88), 49-63.
  • Filbeck, G., & Lee, S. (2000). Financial Management Techniques in Family Businesses. Family Business Review, 13(3), 201-216. Fishbein, M., & Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading MA: Addison-Wesley Publishing.
  • Durendez, A., Madrid-Guijarro, A., & Hernandez-Canovas, G. (2019). Do Family Firms’ Specific Governance Mechanisms Moderate the Cost of Debt? Australian Accounting Review, 29(88), 49-63.
  • Filbeck, G., & Lee, S. (2000). Financial Management Techniques in Family Businesses. Family Business Review, 13(3), 201-216.
  • Fishbein, M., & Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading MA: Addison-Wesley Publishing.
  • Gallo, M. A., & Vilaseca, A. (1996). Finance in Family Business. Family Business Review, 9(4), 387-401.
  • Gallo, M. A., Tàpies, J., & Cappuyns, K. (2004). Comparison of Family and Nonfamily Business: Financial Logic and Personal Preferences. Family Business Review, 17(4), 303-318.
  • Hoffman, J., Hoelscher, M., & Sorenson, R. (2006). Achieving Sustained Competitive Advantage: A Family Capital Theory. Family Business Review, 19(2), 135-145.
  • Kidwell, B., & Jewell, R. D. (2003). An Examination of Perceived Behavioral Control: Internal and External Influences on Intention. Psychology & Marketing, 20(7), 625-642.
  • Koropp, C., Grichnik, D., & Kellermanns, F. (2013). Financial Attitudes in Family Firms: The Moderating Role of Family Commitment. Journal of Small Business Management, 51(1), 114-137.
  • 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, 27(4), 307-327.
  • Kuiken, A. (2015). Theory of Planned Behavior and The Famliy Business. L. M. M. Nordqvist içinde, Theoretical Perspectives on Family Business (s. 99-118). Northampton: Edward Elgar Publishing.
  • López-Gracia, J., & Sánchez-Andújar, S. (2007). Financial Structure of the Family Business: Evidence From a Group of Small Spanish Firms. Family Business Review, 20(4), 269-287.
  • Maherault, L. (2004). Is there Any Specific Equity Route for Small and Medium-Sized Family Businesses? The French Experience. Family Business Review, 17(3), 221-235.
  • Martin, G., & Gomez-Mejia, L. (2016). The Relationship Between Socioemotional and Financial Wealth Re-visiting Family Firm Decision Making. Management Research, 14(3), 215-233.
  • Mihaylov, G., & Zurbruegg, R. (2021). The Relationship Between Financial Risk Management and Succession Planning in Family Businesses. International Journal of Managerial Finance, 17(3), 438-454.
  • Molina-García, A., Florido-Ruiz, B., Valenzuela, M. C., & Diéguez-Sotoc, J. (2020). The Effect of Family Ownership and Generation on Financial Literacy. Small Business International Review, 4(1), 1-15.
  • Molly, V., Laveren, E., & Jorissen, A. (2011). Intergenerational Differences in Family Firms: Impact on Capital Structure and Growth Behavior. Entrepreneurship Theory and Practice, 36(4), 703-725.
  • Motylska-Kuzma, A. (2017). The Financial Decisions of Family. Journal of Family Business Management, 7(3), 351-373.
  • Romano, C. A., Tanewski, G. A., & Smyrnios, K. X. (2001). Capital Structure Decision Making: A Model for Family Business. Journal of Business Venturing, 16(3), 285-310.
  • Saunders, M., Lewis, P., & Thornhill, A. (2009). Research Methods for Business Students (5. b.). Essex: Pearson Education Limited.
  • Sheeran, P., Norman, P., & Orbell, S. (1999). Evidence that Intentions Based on Attitudes Better Predict Behaviour than Intentions Based on Subjective Norms. European Journal of Social Psychology(29), 403-406.
  • Yaşlıoğlu, M. M. (2017). Sosyal Bilimlerde Faktör Analizi ve Geçerlilik: Keşfedici ve Doğrulayıcı Faktör Analizlerinin Kullanılması. Istanbul University Journal of the School of Business(46), 74-85.
  • Yener, S. (2018). Sosyolojik Kuramlar Çerçevesinde Aile ve Girişimcilik İlişkisi. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 6(6), 869-878.
  • Yeniçeri, T., & Özbezek, B. D. (2019). Tüketici Karar Verme Tarzları: Suriyeli Sığınmacılar Üzerine Bir Araştırma. BMIJ, 7(5), 2282-2298.

AİLE ŞİRKETLERİNİN FİNANSAL KARAR VERME SÜREÇLERİ: PLANLI DAVRANIŞ TEORİSİ ÇERÇEVESİNDE BİR ARAŞTIRMA

Year 2022, , 483 - 508, 01.11.2022
https://doi.org/10.29067/muvu.1059180

Abstract

Bu çalışmanın amacı, Planlı Davranış Teorisi çerçevesinde aile şirketlerinin finansal karar verme süreçlerini etkileyen faktörleri incelemektir. Araştırmada, Aksaray OSB’de faaliyet gösteren aile şirketleri anakütle olarak tespit edilmiş ve 160 adet aile şirketi sahibi/yöneticisine bir anket uygulanmıştır. Toplanan verilere; tanımlayıcı istatistikler ile açımlayıcı faktör analizi, keşfedici faktör analizi ve yol analizleri uygulanmıştır. Elde edilen bulgular, aile normları ve tutumun davranışsal niyet üzerinde etkili olduğunu göstermiştir.

References

  • Acedo-Ramirez, M. A., Ayala-Calvo, J. C., & Navarrete-Martinez, E. (2017). Determinants of Capital Structure: Family Businesses versus Non-Family Firms. Finance a úvěr-Czech Journal of Economics and Finance, 67(2), 80-103.
  • Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211.
  • Ajzen, I. (2002). Perceived Behavioral Control, Self-Efficacy, Locus of Control, and the Theory of Planned Behavior. Journal ofApplied Social Psychology, 32(4), 665-683.
  • Aldrich, H. E., & Cliff, J. E. (2003). The Pervasive Effects of Family on Entrepreneurship: Toward a Family Embeddedness Perspective. Journal of Business Venturing, 18(5), 573-596.
  • Armitage, C. J., & Conner, M. (2010). Efficacy of the Theory of Planned Behaviour: A Meta-Analytic Review. British Journal of Social Psychology, 40(4), 471-499.
  • Auken, H. V., & Werbel, J. (2006). Family Dynamic and Family Business Financial Performance: Spousal Commitment. Family Business Review, 49-63.
  • Büyüköztürk, Ş. (2002). Veri Analizi El Kitabı. Ankara: Pegem Yayınları.
  • Basco, R. (2013). The Family’s Effect on Family Firm Performance: A Model Testing the Demographic and Essence Approaches. Journal of Family Business Strategy(4), 42-66.
  • Bertrand, M., & Schoar, A. (2006). The Role of Family in Family Firms. Journal of Economic Perspectives, 20(2), 73-96.
  • Boateng, B., Silva, M., & Seaman, C. (2019). Financing Decisions of Migrant Family Businesses: The Case of A Ghanaian-Owned Shop in Kent. Journal of Family Business Management, 9(1), 24-39.
  • Durendez, A., Madrid-Guijarro, A., & Hernandez-Canovas, G. (2019). Do Family Firms’ Specific Governance Mechanisms Moderate the Cost of Debt? Australian Accounting Review, 29(88), 49-63.
  • Filbeck, G., & Lee, S. (2000). Financial Management Techniques in Family Businesses. Family Business Review, 13(3), 201-216. Fishbein, M., & Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading MA: Addison-Wesley Publishing.
  • Durendez, A., Madrid-Guijarro, A., & Hernandez-Canovas, G. (2019). Do Family Firms’ Specific Governance Mechanisms Moderate the Cost of Debt? Australian Accounting Review, 29(88), 49-63.
  • Filbeck, G., & Lee, S. (2000). Financial Management Techniques in Family Businesses. Family Business Review, 13(3), 201-216.
  • Fishbein, M., & Ajzen, I. (1975). Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research. Reading MA: Addison-Wesley Publishing.
  • Gallo, M. A., & Vilaseca, A. (1996). Finance in Family Business. Family Business Review, 9(4), 387-401.
  • Gallo, M. A., Tàpies, J., & Cappuyns, K. (2004). Comparison of Family and Nonfamily Business: Financial Logic and Personal Preferences. Family Business Review, 17(4), 303-318.
  • Hoffman, J., Hoelscher, M., & Sorenson, R. (2006). Achieving Sustained Competitive Advantage: A Family Capital Theory. Family Business Review, 19(2), 135-145.
  • Kidwell, B., & Jewell, R. D. (2003). An Examination of Perceived Behavioral Control: Internal and External Influences on Intention. Psychology & Marketing, 20(7), 625-642.
  • Koropp, C., Grichnik, D., & Kellermanns, F. (2013). Financial Attitudes in Family Firms: The Moderating Role of Family Commitment. Journal of Small Business Management, 51(1), 114-137.
  • 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, 27(4), 307-327.
  • Kuiken, A. (2015). Theory of Planned Behavior and The Famliy Business. L. M. M. Nordqvist içinde, Theoretical Perspectives on Family Business (s. 99-118). Northampton: Edward Elgar Publishing.
  • López-Gracia, J., & Sánchez-Andújar, S. (2007). Financial Structure of the Family Business: Evidence From a Group of Small Spanish Firms. Family Business Review, 20(4), 269-287.
  • Maherault, L. (2004). Is there Any Specific Equity Route for Small and Medium-Sized Family Businesses? The French Experience. Family Business Review, 17(3), 221-235.
  • Martin, G., & Gomez-Mejia, L. (2016). The Relationship Between Socioemotional and Financial Wealth Re-visiting Family Firm Decision Making. Management Research, 14(3), 215-233.
  • Mihaylov, G., & Zurbruegg, R. (2021). The Relationship Between Financial Risk Management and Succession Planning in Family Businesses. International Journal of Managerial Finance, 17(3), 438-454.
  • Molina-García, A., Florido-Ruiz, B., Valenzuela, M. C., & Diéguez-Sotoc, J. (2020). The Effect of Family Ownership and Generation on Financial Literacy. Small Business International Review, 4(1), 1-15.
  • Molly, V., Laveren, E., & Jorissen, A. (2011). Intergenerational Differences in Family Firms: Impact on Capital Structure and Growth Behavior. Entrepreneurship Theory and Practice, 36(4), 703-725.
  • Motylska-Kuzma, A. (2017). The Financial Decisions of Family. Journal of Family Business Management, 7(3), 351-373.
  • Romano, C. A., Tanewski, G. A., & Smyrnios, K. X. (2001). Capital Structure Decision Making: A Model for Family Business. Journal of Business Venturing, 16(3), 285-310.
  • Saunders, M., Lewis, P., & Thornhill, A. (2009). Research Methods for Business Students (5. b.). Essex: Pearson Education Limited.
  • Sheeran, P., Norman, P., & Orbell, S. (1999). Evidence that Intentions Based on Attitudes Better Predict Behaviour than Intentions Based on Subjective Norms. European Journal of Social Psychology(29), 403-406.
  • Yaşlıoğlu, M. M. (2017). Sosyal Bilimlerde Faktör Analizi ve Geçerlilik: Keşfedici ve Doğrulayıcı Faktör Analizlerinin Kullanılması. Istanbul University Journal of the School of Business(46), 74-85.
  • Yener, S. (2018). Sosyolojik Kuramlar Çerçevesinde Aile ve Girişimcilik İlişkisi. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 6(6), 869-878.
  • Yeniçeri, T., & Özbezek, B. D. (2019). Tüketici Karar Verme Tarzları: Suriyeli Sığınmacılar Üzerine Bir Araştırma. BMIJ, 7(5), 2282-2298.
There are 35 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Issue
Authors

Mehmet Yücenurşen 0000-0002-6327-0169

Publication Date November 1, 2022
Submission Date January 17, 2022
Acceptance Date April 29, 2022
Published in Issue Year 2022

Cite

APA Yücenurşen, M. (2022). AİLE ŞİRKETLERİNİN FİNANSAL KARAR VERME SÜREÇLERİ: PLANLI DAVRANIŞ TEORİSİ ÇERÇEVESİNDE BİR ARAŞTIRMA. Journal of Accounting and Taxation Studies, 15(3), 483-508. https://doi.org/10.29067/muvu.1059180

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