A NEXUS OF CONTROL, IDENTIFICATION, SOCIAL TIES, EMOTIONS AND SUCCESSION ON OPERATION PERFORMANCE OF PHARMACEUTICAL BUSINESS IN THAILAND
An effective number of organizations around the globe are family-managed or family-owned. The involvement of family members in a business is generally through management, membership or ownership. However, the main objective of the given study is to explore the role or impact of family control over pharmaceutical firms on the operational performance of the firm. The mediating impacts of nexus of control, social ties, emotional attachment, and the identification of family members are also been identified to evaluate the operational performance of family-owned pharmaceutical firms. The study develops a model of how the control of family members over a firm can affect the performance of the firm. The developed model of the study was tested on a sample of 323 family members of different family owned firms of Thailand. The nature of the study mainly based on a cross-sectional approach and SEM, KMO and confirmatory analysis were also being used to analyze and compute data. The results of the study revealed that the impact of family control over the business can positively affect the operational performance of the firm. Furthermore, the results indicate that emotional attachment can negatively affect the operational performance of the firm.
Family-owned firms, nexus of control, identification, social ties, emotional attachment, and succession