A CRITICAL VIEW ON DEFINING THE CONCEPT OF FAMILY BUSINESS IN ROMANIAN, EUROPEAN AND INTERNATIONAL CONTEXT
DOI:
https://doi.org/10.56177/11icmie2023.34Keywords:
family business, Romanian business, succession, ownership, managementAbstract
Family businesses represent an important percentage of the world economy in terms of global turnover and social impact by providing many jobs. The essential characteristics, such as durability over time, flexibility in periods of economic instability, and certain ethics promoted in the business, have attracted the researchers’ attention, especially from the second half of the last century. A global analysis of this economic segment is difficult, primarily due to a lack of a unitary field definition.
The present study attempts to present some definitions used in the most developed economic areas of the world, such as the European Union, the United States of America, China, etc., emphasizing the local particularities but especially the common aspects, based on which it will be possible to individualize the field of family businesses, considering the process of increased globalization of the world economy. It will be analysed the effort and interest of the European Union in developing a unitary definition of family businesses, starting from the national definitions, to create unitary legislation as an essential element in achieving cohesion at the European level.
The methodology included specialized literature (analyses, articles, studies) on various aspects of the field and the research of some legal, national, and European documents related to the definition of the family business concept as secondary research. The present study is part of a larger research on the field of family business, focusing on technology-based family businesses and especially on family businesses in the book publishing industry.
The study is addressed to the researchers of the family business sector and their managers to find effective ways. It means making the political factor aware of the domain's importance and creating a legislative framework adapted to this type of business's specific needs for support, promotion, and development.
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