A MODEL OF THE RELATIONSHIP BETWEEN FAMILY BUSINESS GOVERNANCE, ORGANIZATIONAL CULTURE, CORPORATE SOCIAL RESPONSIBILITY, THE CHARACTERISTICS OF FAMILY BUSINESS ENTREPRENEURS AND THE BUSINESS PERFORMANCE
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The objective of this research article is to study the influence of entrepreneurial characteristics of family business owners on the direct performance outcomes of family businesses, as well as to investigate the indirect effects of family business governance, organizational culture, social responsibility, and organizational culture that are transmitted through the entrepreneurial characteristics of family business owners to the business performance outcomes. The research is designed as a mixed-method explanatory research, collecting data from a sample group of 344 cases of automotive and component businesses with family business structures. The sample includes small, medium, and large businesses operating in Thailand. Structural equation analysis was employed to test the hypotheses. While the results of the hypothesis testing found that family business governance, organizational culture, and social responsibility have an impact on the entrepreneurial characteristics of family business owners and have indirect effects on business performance outcomes. Meanwhile, family business governance, organizational culture, and social responsibility have indirect effects on business performance outcomes through the entrepreneurial characteristics of business owners. Additionally, the entrepreneurial characteristics of family business owners have a direct impact on business performance outcomes. In this regard, the development of characteristics for family business entrepreneurs should be emphasized. It is of paramount importance to promote the cultivation of entrepreneurs who are responsible for managing family businesses, possessing a suitable culture that aligns with the goals, vision of the business, and the family. Additionally, it is important to encourage them to embrace new ideas about the sustainability of the business, such as social responsibility or important dimensions of future-oriented management. However, the nature of these entrepreneurial qualities will determine how the guidance and oversight of family businesses, akin to a legal framework, are crucial in granting entrepreneurs the authority to operate in accordance with the family's agreements, consequently influencing the direct outcomes of business operations.
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