Significance of Family Representation among Family Businesses in the Czech Republic

Abstract

Family businesses are the foundation of any economy. They have been heavily influencing our society for many centuries. The level of involvement among family members is vital to flourish a family business. Therefore, research is conducted to assess the dependencies of six aspects of the selected family businesses in the Czech Republic. Several findings from the family survey are found in the correlation analysis: there is the highest indirect dependence between the number of directors and the number of family members actively involved in a family business, and some factors do not show dependence. This is evidenced by the relationships between the number of members of the board of directors or managing directors and the number of family members who are not interested in family business. Correlation analysis methods are used on top of the methods of analysis, synthesis and comparison.