A Systematic Review on the Impact of Sustainable Leadership Practices in Family-Owned

Businesses.
EXECUTIVE SUMMARY

This research examined the impact of sustainable leadership practices in family-owned

businesses. The oldest and most common type of business that delivers significant economic
benefits for a variety of countries around the world is the family-owned business. Many family
businesses fail and never reach the third generation, despite the fact that the majority of family
business owners intend to pass the business on to the next generation. Family-owned businesses
fail due to a lack of organizational structure, nepotism, disregarding defined standards and
policies, lack of succession planning, lack of respect, lack of trust, poor communication, and
decision-making. A lack of sustainable leadership practices is one of the key reasons for many
family-owned businesses collapsing. Sustainable leadership practices provide a well-maintained
climate, low financial resources, and improved economic success. The triple bottom line
approach when used with sustainable leadership practices aim to help family-owned businesses
transition to a more regenerative and sustainable future.

The conclusion of this report indicate that sustainable leadership practices have a positive impact
on family-owned businesses. Family-owned businesses that implement sustainable leadership
practices will definitely grow and be able to pass the company to future generations. Valuing
employees eliminate nepotism, staff turnover and conflicts. Employee development, succession
planning, open communication, and encouraging room for innovation and decision making are
all aided by the sustainable leadership practice of knowledge sharing. Trust and respect are
fostered through showing ethical behaviour practices. Once implemented, these practices will
support the family-owned business with improved business operations resulting in business
sustainability.

pg. 2
 TABLE OF CONTENT

EXECUTIVE SUMMARY.............................................................................................................2
LIST OF TABLES...........................................................................................................................5
LIST OF FIGURES.........................................................................................................................6
CHAPTER 1 : INTRODUCTION...................................................................................................7
1.1. Background.......................................................................................................................7
1.2. Rationale...........................................................................................................................8
1.3. Research Issue...................................................................................................................9
1.4. Aim..................................................................................................................................10
1.5. Research Question...........................................................................................................10
1.6. Research Objectives........................................................................................................10
1.7. Integration of Areas to assist with the research..............................................................10
1.8. Method of Analysis.........................................................................................................11
1.9. Thesis Structure...............................................................................................................11
CHAPTER 2 : LITERATURE REVIEW......................................................................................12
2.1. Introduction.....................................................................................................................12
2.2. Definition of Family-Owned Business...........................................................................12
2.3. Importance of Family-Owned Business..........................................................................12
2.4. Factors that Contribute to the Collapse of Family-Owned Business..............................13
2.5. Leading and Managing Organizational Resources.........................................................14
2.6. Strategy and the Global Competitive Environment........................................................14
2.7. Corporate Innovation and Entrepreneurship...................................................................15
2.8. Theories to Support Research.........................................................................................15
2.8.1. Leadership................................................................................................................15
2.8.2. Triple Bottom Line Theory......................................................................................15
2.9. Sustainable Leadership Practices in Family Owned-Businesses....................................17
2.9.1 Sustainable Leadership............................................................................................17
2.9.2 Significance of Sustainable Leadership...................................................................18
2.9.3 Sustainable Leadership Practices.............................................................................19
2.9.4 Sustainable Leadership Practices on Family-Owned Businesses............................21

pg. 3
CHAPTER 3 : SYSTEMATIC REVIEW AS METHOD OF ANALYSIS..................................23
3.1 Sources of Information....................................................................................................23
3.2 Data - Search Terms.......................................................................................................23
3.3 Narrowed Search.............................................................................................................25
3.4 Data Collection Sample..................................................................................................26
3.5 Final Data Collection......................................................................................................27
CHAPTER 4 : DISCUSSION.......................................................................................................29
4.1. Importance of Family-Owned Business..........................................................................29
4.2. Failure of Family-Owned Businesses.............................................................................29
4.3. Triple Bottom Line Theory and Sustainability...............................................................31
4.4. Impact of Sustainable Leadership Practices in Family-Owned Businesses....................32
CONCLUSION..............................................................................................................................35
RECOMMENDATIONS...............................................................................................................37
REFERENCES..............................................................................................................................39

pg. 4
 LIST OF TABLES

Table 1 - Sustainability Leadership Practices................................................................................19

Table 2 - Example of a Balanced Scorecard incorporating family influence................................22
Table 3 - Search Terms..................................................................................................................23
Table 4 - Criteria for Data Gathering............................................................................................25
Table 5 - Final Data Collection.....................................................................................................27

pg. 5
 LIST OF FIGURES

Figure 1 – Family-Owned Businesses in the Private Sector............................................................7

Figure 2 - Triple Bottom Line.......................................................................................................16
Figure 3 - Sustainable Leadership Model......................................................................................18
Figure 4 - Data Collection Sample................................................................................................26
Figure 5 - Triple Bottom Line and Sustainability..........................................................................31

pg. 6
 CHAPTER 1 : INTRODUCTION

1.1. Background
The oldest and most common type of company that makes significant economic gains to a
variety of countries around the world is the family-owned business (Muchinsky, 2011).
According to Astvachan (2010), a family-owned business is one in which the family owns more
than 50% of the company in private sector or more than 10% of the stock in public sector. It is
true that one or more than one family member works in the business.

Figure 1 – Family-Owned Businesses in the Private Sector

Source: Tharawat Magazine Issue 22, 2014

Research has shown in most cases the owner of a family business intends to pass the business on
to the next generation of family members. Many family-owned businesses, on the other hand,
continue to fail and never reach the third generation. Only 14% of family businesses are passed
down to the next generation in the United States, compared to 51% in Germany and even 70% in
Italy (KPMG, 2016). According to Nnamseh and Akpan (2015), the difficulty that family-owned
businesses face is a lack of leadership abilities to maintain long-term viability. Family-owned
businesses which are closely linked to their communities and focused on maintaining wealth and
guaranteeing success for future generations, are particularly concerned about sustainability.

pg. 7
According to Duh (2012), only a third of family-owned businesses survive the shift from
founders (first generation) to second generation owners. Most research showed that effective
succession is the cornerstone to a successful and long-lasting family-owned business (Ghee et.
al, 2015). In today's competitive environment, family businesses’ growth and survival are
heavily reliant on their ability to create, enlarge, or rearrange operational effectiveness in
response to changing environments. (Baykal, 2019). Family governance, especially in the
context of family businesses, can lead to strategic decisions and activities like the adoption of
sustainable leadership practices (Steier and Rau, 2012). Sustainable leadership practices can
assist the family-owned business in establishing a positive reputation and establishing
relationships with stakeholders, particularly those in the external environment, as well as
ensuring the family business's continuation across generations.

The triple bottom line is a transformation paradigm for businesses and other organizations that
aims to help family-owned businesses transition to a more regenerative and sustainable future
(Chabowski et al., 2011). This concept demonstrates that if a company is just focused on profit
while ignoring people and the planet, it will be unable to account for the complete cost of doing
business and so will fail in the long run. The focus of this thesis is on the impact of sustainable
leadership practices in family businesses, which may help to promote the continuity of family-
owned businesses beyond descendants. The use of the triple bottom line theoretical framework
will underpin the research and aid in answering the research question and achieving its objectives
of providing recommendations to assist the family-owned business, in overcoming obstacles and
remaining viable through sustainable leadership practices.

1.2. Rationale
Profitability and sustainability are indicators of a company's success, therefore, a family business
that does not make a profit will not survive for long. The question of family business success is
the basis of a company's long-term performance and existence. El-Chaarani, (2013), identified in
his research that most family businesses have major hurdles because of poor corporate
governance and the lack of sustainable leadership which affects the companies from passing on
from one generation to the next. According to Coleman (2011), 30% of North America's family-
owned businesses successfully transition to the second generation, 10% to the third generation,
and only 3% continue through the fourth or subsequent generations.

pg. 8
For businesses, long-term leadership is a source of sustainable competitive advantage.
Businesses benefit from sustainable leadership in the form of innovation, continual development,
sustained competitive advantage, and long-term success (McCann and Holt, 2010). The Journal
of Leadership in Organizations, in its 2014 article, the emerging significance of values-based
leadership, emphasised that the role of leadership in an organization is critical in terms of
creating a vision, mission, determining and establishing objectives, designing strategies, policies,
and methods to achieve organizational objectives effectively and efficiently, as well as directing
and coordinating efforts and organizational activities (Copeland, 2014). The findings of this
study can be used to expand knowledge into the ositive impact of sustainable leadership practices
in family businesses, which could help to strengthen the continuity of family businesses beyond
descendants, as well as raise awareness among family business owners on the best practices in
training and developing or selecting a new leader.

1.3. Research Issue

Family businesses make up most businesses around the world, and as a result, they play a critical
role in the economy, contributing considerably to the creation of new jobs as well as the growth
of communities and countries (Sharma et al, 2014). The failure of family businesses to transition
from one generation to the next is a widespread issue, which is exacerbated by the lack of
succession plans among family business owners (Ogundele et al, 2012). According to Gomez-
Mejia et al. (2010), in a family-controlled business, responsibilities are frequently defined and
the decision-making process is intentionally limited to one or two important family members.
Bocatto et al. (2010), highlighted that the lack of an effective succession planning process is the
most important factor of transgenerational family business failure, and family business
transitions are more difficult and have broader implications for business continuity.
Sustainability practices may be especially essential to family-owned businesses, however there is
a lack of data on the factors that influence sustainability practices in family-owned businesses.
An assessment of the influence of sustainable leadership practices in family-owned businesses
can help determine how these practices can contribute to the long-term viability of the business.

pg. 9
1.4. Aim
The aim of this research is to examine the impact of sustainable leadership practices in family-
owned businesses.

1.5. Research Question

How can sustainable leadership practices assist family-owned businesses to overcome obstacles
and achieve long-term sustainability?

1.6. Research Objectives

i. To examine the causes and factors that contribute to the collapse of family own
businesses’ long-term viability.
ii. To analyse the impact of sustainable leadership practices in family-owned businesses.
iii. To provide recommendation on how sustainable leadership practices can be implemented
in family-owned businesses to provide long term business life.

1.7. Integration of Areas to assist with the research

Additional topic areas will be applied to provide a deeper understanding of the impact of
sustainable leadership practices in family-owned businesses. The following are some of the
topics that will be enhance this research:
 Leading and Managing Organizational Resources - Farlow (2012) emphasized that
leading and managing people is critical to organizations, in particular, to the workforce,
such as managers and employees which is a fundamental aspect of the company's
operations and policies.

 Strategy and the Global Competitive Environment - this area will take into account the
current issues and challenges faced by senior management in businesses to distinguish
winning strategies in a competitive environment.

 Corporate Innovation and Entrepreneurship - oversees promoting innovation inside a

company by examining new prospects, acquiring resources, implementing, exploiting,
promoting innovative products or services and accessing the corporate culture and
leadership styles.

pg. 10
1.8. Method of Analysis
A systematic review combines data from a range of sources, making them neutral, generalizable,
comprehensive, and easy to update when new data and evidence become available. The
systematic review's research technique was derived from Wang et al (2016). A Systematic
Review was chosen as the method of analysis for this study, mainly because the topic; the impact
of sustainable leadership practices in family-owned businesses has a wealth of information, some
of which could be useful and some of which may not. The systematic study was carried out
using business databases from the University of Bedfordshire Library, including Emerald
Collections, Science Direct, Scopus, Statista, Web of Knowledge, and Google Scholar, also The
Journal of Leadership in Organizations. Combinations of "family business" and "sustainable
leadership" were utilized as key phrases in the searches. The study gathered secondary data from
2010 to 2020 on factors that contribute to the collapse of family-owned businesses’ long-term
viability and the impact of sustainable leadership practices in the family-owned businesses.

1.9. Thesis Structure

The format of this thesis is a systematic review of available publications and peer-reviewed
journals to meet the study's aim and objectives. Each chapter is clearly laid out to meet the
research aim, question and objectives. Chapter 1: explains the thesis's aim and objectives while
also presenting the topic and offering background information on the investigation. Chapter 2:
outlines the research's literature review and analyse the sources of information used and their
quality in connection to the application of theory to practice. Chapter 3: presents the systematic
review and demonstrates the approach of analysis adopted for this study. The systematic review
extracts data from the literature and correlates it with the study's aim and objectives. Chapter 4:
presents the discussion on the findings of the study. Chapter 5: outlines the conclusion and
recommendations. The conclusion summarizes the research and highlights the important areas
of analysis, while the recommendations are based on the research findings and can be
implemented to remedy the research issue.

pg. 11
 CHAPTER 2 : LITERATURE REVIEW

2.1. Introduction
This literature review contributes to the research objectives in a systematic, non-biased, and
concentrated manner by investigating the causes and factors that contribute to the collapse of
family-owned businesses’ long-term viability. The literature review also aids in analysing the
impact of sustainable leadership practices in family-owned businesses, as well as the
demonstration of leadership and the triple bottom line approach. These factors assist the research
in demonstrating its significance and legitimacy through important analysis of secondary data as
well as reliable impactful contributors on the topic of the impact of sustainable leadership
practices in family-owned businesses.

2.2. Definition of Family-Owned Business

Matherne et al., (2011) described a family business as owned by a prominent group of family
members with the goal of shaping and pursuing the business's goals. According to Pyplacz
(2014), when a founder of the company, their descendants, or relatives all occupy management
or board of director roles at the same time, the company is said to be a family-owned business.
In simple terms, a family-owned business is owned and controlled by a family.

2.3. Importance of Family-Owned Business

Family-owned businesses make up most businesses around the world, and as a result, they play a
critical role in the economy, contributing considerably to the creation of new jobs as well as the
growth of communities and countries (Sharma et al, 2014). According to Bammens et al. (2011),
family businesses contribute greatly to wealth creation expansion, making them the world's
leading company organization system. In other words, family-owned businesses have a lengthy
history and can be regarded as the economy backbone.

pg. 12
2.4. Factors that Contribute to the Collapse of Family-Owned Business
Despite the fact that family-owned businesses are the most profitable and have a prestigious
reputation in the business world, they still face several challenges, and many of them eventually
fail and never make it to the third generation (KPMG, 2016). The failure of family-owned
businesses is affected by a multitude of circumstances. Some of reasons family-owned
businesses fail are:
 Lack of an organisational structure
 Nepotism, prioritizing loved ones over better performers
 Neglecting set standards and policies
 Lack of Succession Planning
 Forcing family members into the business when they do not want to join
 Lack of respect
 Lack of trust
 Greed and jealousy
 Lack of communication skills
 Poor governance practices
 Poor decision making
 Disconnection between family generations
 Family conflicts
 Allowing emotions to run the business instead of strategic plan
 Poor organisational structure
 Lack of sustainable leadership
However, a major reason for many of the business failure is the lack of sustainable leadership
practices within the family-owned business (Smallbone et al.,2015).

pg. 13
2.5. Leading and Managing Organizational Resources
According to a study conducted by Smith (2011), leadership and managing people is critical and
should be a part of any organization's existence. Farlow (2012) stressed the significance of
leading and managing people in businesses, particularly in the workforce, such as managers and
employees, who are a crucial part of the company's operations and policies. Farlow (2012) went
on to say that having the ability to lead and manage organizational resources have become a must
for managers since it leads to effective and efficient management and specialization when
coupled with skills, knowledge, and attitude. As a result, in a family-owned business, leading
and managing people plays an important role for its long-term presence. Leading and managing
organisational resources includes the creation of a good organizational structure, which is not
only necessary for any successful company, but is also directly related to the company's
efficiency. Mehrabi et al., (2013), pointed out that leadership styles, organizational success,
innovation, employee trust and job happiness, perceived equality, individual job performance,
job involvement, and learning organization all have a significant impact on the organizational
structure.

2.6. Strategy and the Global Competitive Environment

Profitability and long-term viability are characteristics of a company's success, therefore a
family-owned business that does not produce a profit will not last long. The success of a family
business is critical to its long-term performance and survival. According to a number of notable
researchers, Caligiuri and Tarique (2019) being one, agreed that leaders who can effectively
manage in a complicated, ever-changing, and often-ambiguous global context, are vital to an
organization's success. At the same time, due to a global shortage of this unique talent, effective
corporate leaders are in high demand, and there is a pressing need to build effective global
leaders (The Economist, 2010). In today's competitive environment, family businesses’ growth
and survival are heavily reliant on their ability to create, enlarge, or rearrange operational
effectiveness in response to changing environments. (Baykal, 2019).

pg. 14
2.7. Corporate Innovation and Entrepreneurship
Shane (2012) contends that entrepreneurship entails more than the process of finding profit-
generating opportunities, it includes innovation as a fundamental element of entrepreneurship. It
also entails developing a business plan for recombining resources to take advantage of such
opportunities. Family-owned businesses play a significant role in many countries' economies;
therefore, it is critical that family-owned businesses engage in entrepreneurial activities since
entrepreneurship is critical for value creation.

2.8. Theories to Support Research

2.8.1. Leadership
According to Northouse (2013), leadership is the process by which one individual influences
others to attain a common purpose. As members of an organization, leaders can achieve their
goals through enabling others to achieve their goals. A study by Kotter, (2012) suggest that
leadership establishes the vision for the future, aligns people with that goal, and encourages them
to make it a reality despite the challenges.

2.8.2. Triple Bottom Line Theory

Elkington's (1997) concept, the Triple Bottom Line of People, Planet, and Profit, has become a
widely adopted approach around the globe (Chabowski et al., 2011). The triple bottom line is a
transformation paradigm for businesses and it aims to help family-owned businesses transition to
a more regenerative and sustainable future (Chabowski et al., 2011). It is a strategy which is
used to focus businesses on the economic value they add and the environmental and social value
the businesses create. As a result, sustainability, which is defined as the integration of the three
performance areas: economic, social, and environmental, is seen as a crucial practice for family-
owned businesses’ existence (Lawson and Beckmann, 2010).

pg. 15
 Figure 2 - Triple Bottom Line

Source: Portland Consulting Group, 2020

The term social or people performance refers to a company's ability to undertake supportive and
fair business practices toward its employees, human capital, and the community in which it
operates. These actions, according to the theory, add value to society and "give back" to the
community. Fair salaries and giving health care coverage are two examples of these behaviours
(Goel, 2010). The economic performance, or profit, focuses on the value provided by the
business and extends beyond financial performance and financial terms such as sales growth,
cash flow, shareholder value to include the economic and operational business impact on society
(Chabowski et al., 2011). The effective management of strategic capabilities such as core
competencies, leads to an organization's performance which results in profit. Environmental
performance, also known as planet performance, refers to behaviours that do not jeopardize
future generations' environmental resources. It is concerned with the efficient use of energy
resources, the reduction of greenhouse gas emissions, and the reduction of environmental
imprint. Environmental measures have an impact on a company's long-term viability (Goel,
2010).

pg. 16
According to a study conducted by Voegtlin et al., (2012), leaders with higher stakeholder values
are more likely to generate a better financial outcome for their businesses than those leaders who
are less concerned about stakeholders. Stakeholder actions will be managed by a leader to
achieve common goals, such as triple bottom line performance. Leadership, according to
(Voegtlin et al., 2019), helps any business improve its triple bottom line performance by
fostering interaction among stakeholders and balancing opposing interests in order to develop
workable solutions. According to Willard (2012), implementing the triple bottom line approach
will result in sustainable behaviour that can contribute to a company's profits by increasing
revenue, employee productivity, lowering energy, water, waste, and materials costs, lowering
employee turnover, and lowering strategic and operational risks. The triple bottom line strategy
and leadership go hand in hand. Despite the pursuit of sustainability through the triple bottom
line strategy, many businesses find it difficult to adopt due to a lack of sustainable leadership
practices (Lueneburger and Goleman, 2010).

2.9. Sustainable Leadership Practices in Family Owned-Businesses

2.9.1 Sustainable Leadership
The Sustainability Leadership Institute (2011) defines sustainable leaders as those who are
motivated to make a difference by improving their understanding of themselves in relation to the
world around them. As a result, they embrace new ways of seeing, thinking, and doing, resulting
in creative, long-term solutions. Sustainable leadership contributes to a great part in the growth
of organizational learning in a company. According to Avery and Bergsteiner (2011),
sustainable leadership is the primary reason why some businesses remain at the forefront of their
industries despite environmental influences. Businesses that operate with sustainable leadership
has a better track record of success and profitability than those operating without. Pastore,
(2020), suggested that a sustainable leader must possess a set of personal and managerial
characteristics that enable him or her to lead with empathy in a multitasking setting. In other
words, a sustainability leader is someone who motivates and encourages others to take action to
make the business world a better place. Figure 3 on the other page, illustrates the traits, styles,
skills and knowledge of a sustainable leader.

pg. 17
 Figure 3 - Sustainable Leadership Model

Source: Sustainability Leadership (Courtice, 2011)

2.9.2 Significance of Sustainable Leadership

Peterlin et al., (2015) mentioned that individual, organizational, and social sustainability are all
principles that are promoted by sustainable leadership. According to McCann and Holt (2010),
sustainable leadership concentrates on corporate quality improvement, long-term transformation,
and long-term success. Sustainable leadership encourages effective leadership, which boosts
present and future earnings and improves the quality of life for all stakeholders. Leaders that can
instil sustainable practices in their communities and organizations while simultaneously fuelling
economic growth are required for long-term success (Metcalf and Benn, 2013).

pg. 18
 2.9.3 Sustainable Leadership Practices
Sustainability leadership practices reframe leadership in the context for long-term business
future. For a number of reasons, family-owned businesses may find sustainability practices
important. These practices aid in the development of a positive reputation in the community and
the establishment of relationships with stakeholders. These practices also help family businesses
stay in the family for generations. Some sustainability leadership practices are listed in the table
1.

Table 1 - Sustainability Leadership Practices

pg. 19
Below explains four sustainable leadership practices in depth, namely: Interacting in a Real-Life
Situation, Managing Conflict and Expansion, Facilitating Results and Collaborative Learning.
Interacting in a Real-Life Situation - Before mobilizing individuals in the task of change, a
sustainable leader is always clear about his or her own identity, principles, and goals. Leaders
aim to create and implement integrated solutions, such as long-term cooperation and
intergenerational engagement, while cultivating and deepening genuine relationships with all
stakeholders. The technique of fostering collaborative reflection on what is happening, what has
happened, why it happened, and what it means for future thinking and action builds reflective
consciousness and involvement among the work team. According to Smith and Ramirez (2012),
a sustainable leader articulates how sustainability strategies are important to a company's current
and long-term success. The leader demonstrates how sustainable solutions are frequently the
greatest solutions for basic issues.

Managing Conflict and Expansion - Sustainable leadership practice welcomes and appreciates
different points of view while also seeking mutual understanding and solutions for the greater
good. This encourages growth and expansion of business operations (Shriberg and MacDonald,
2013). When working with others, especially those whose support is crucial to the company's
success, the leader takes the time to grasp the complexities of dynamic power relationships, as
well as any tension or conflict that may arise. This enables the leader to identify ways to deal
with any resulting stress or conflict without being bias.

Facilitating Results - A good sustainable practice is the ability to leverage the maximum impact
of resources through process creating strategic partnerships. It encourages strategic efforts to be
implemented (Peterlin et al., 2015). Another practice is to govern responsibly and creatively.
This encourages productive thinking and action within existing laws and policies, as well as the
necessary adjustments in laws and policies to achieve long-term results. Developing ways to
guarantee that stakeholders hold themselves and each other accountable for reaching agreed-
upon outcomes aids in the long-term viability of a business. Sustainability frameworks are used
by a sustainable leader for integrated analysis, planning, design, and implementation.

pg. 20
Collaborative Learning - A sustainable leader spends time understanding what the team does
individually and collectively, this focuses on long-term building and growth. The leader's
approach is to share information and knowledge as it develops. This provides a comprehensive
picture of the company's strategic goals, justifies changes, and encourages learning throughout
all processes (Hallinger and Suriyankietkaew, 2018). Inviting outside specialists for training or
change management implementation helps to expand system capability and business growth.

2.9.4 Sustainable Leadership Practices on Family-Owned Businesses

The goal of the managerial perspective of sustainable leadership is to achieve more sustainable
outcomes, accelerate inventions, and reduce unnecessary staff turnover (Avery and Bergsteiner,
2011). Sustainable leadership practices, according to Kantabutra and Avery (2011), provide a
well-maintained climate, minimal financial resources, and improve business success. Family
businesses make up most businesses around the world, and as a result, they play a critical role in
the economy, contributing considerably to the creation of new jobs as well as the growth of
communities and countries (Sharma et al, 2014). The failure of family businesses to transition
from one generation to the next is a widespread issue, which is exacerbated by the lack of
succession plans among family business owners (Ogundele et al, 2012). According to Lucia et
al., (2018), several family-owned businesses have understood that the old leaders' time has
passed. In previous decades, male leaders accounted for 78% of all positions, while female
leaders accounted for 22%. This has since changed to ensure that family-owned businesses
continue to thrive beyond the fourth generation. About half of the next generation being trained
or anticipated to become leaders are male and half female. Some family-owned businesses have
changed their structure to include sustainable leadership to guide and promote business
continuity. In an article titled 4 Companies that Define Sustainable Practices, the University of
Scranton featured four companies: Biogen, Adidas, Kesko, and BMW, all of which practice
sustainable leadership by incorporating the triple bottom line strategy. To date, these businesses
have remained stable and profitable (The University of Scranton, 2020).

pg. 21
A family-owned business should be driven by measurable metrics, which can be incorporated
into a Balanced Scorecard. There is evidence that creating a Balanced Scorecard will
successfully enhance business sustainability (Barnabe, 2011). A balanced scorecard is a strategic
management performance tool used to assist businesses in identifying and improving internal
operations in order to achieve external outcomes.

Table 2 - Example of a Balanced Scorecard incorporating family influence

Source: (Barnabe, 2011)

Family-owned businesses that focus on the establishment of long-term planning, which

encompasses corporate governance, strategic planning, and succession planning, maintain
organizational sustainability, according to Oudah et al., 2018. This kind of long-term emphasis
necessitates sustainable leadership. Deloitte (2019) argued that sustainable leadership has a
positive impact on family-owned businesses. Some family businesses have withstood the odds
and thrived beyond the fourth generation in today's environment. Among them are: Dell,
Walmart, BMW and Carnival Corporation.

pg. 22
 CHAPTER 3 : SYSTEMATIC REVIEW AS METHOD OF ANALYSIS

The author chose a systematic review as the method for this study to help achieve the aim of
examining the impact of sustainable leadership practices in family-owned businesses. This was
accomplished by the author's collecting, analysing, arranging and combining the data in an
unbiased and evidence-based manner. Systematic review necessitates the collection of data from
reliable sources, such as peer-reviewed publications with conclusions that may be easily applied
to the study. This strategy emphasizes the significance of the study and verifies its validity. The
data in this systematic review is secondary data spanning for the years 2010 to 2020.

3.1 Sources of Information

Data were sourced from peer-reviewed journals, academic journals and accredited online articles
using databases. These databases were form the University of Bedfordshire Library, including
Emerald Collections, Science Direct, Scopus, Statista, Web of Knowledge, as well as traditional
searches using Google Scholar and The Journal of Leadership in Organizations.

3.2 Data - Search Terms

Table 3 - Search Terms

Database Search Terms Results Revised Search

Generated
The Journal of Sustainable leadership, >500 Importance of
Leadership in
sustainable leadership practices, sustainable leadership,
Organizations
examples of sustainable
leadership practices
Emerald Collections Family-owned business, >500 About family-owned
sustainable leadership, businesses, the need for
sustainable leadership practices, sustainable leadership,
triple bottom line, Why use sustainable
leadership practices
importance of triple
bottom line
Science Direct Family-owned business, >50,000 About family-owned

pg. 23
 Database Search Terms Results Revised Search
Generated
sustainable leadership, businesses, the need for
sustainable leadership practices, sustainable leadership,
triple bottom line, importance of triple
bottom line, impact of
sustainable leadership on
family-owned businesses
Scopus Family-owned business, >2,000 About family-owned
sustainable leadership, businesses, the need for
sustainable leadership practices, sustainable leadership,
triple bottom line, importance of triple
bottom line
impact of sustainable
leadership on family-
owned businesses
Statista Family-owned business, >1,000 About family-owned
sustainable leadership, businesses, the need for
sustainable leadership practices, sustainable leadership,
triple bottom line, Why use sustainable
leadership practices
importance of triple
bottom line
Web of Knowledge Family-owned business, >10,000 About family-owned
sustainable leadership, businesses, the need for
sustainable leadership practices, sustainable leadership,
triple bottom line, Why use sustainable
leadership practices
importance of triple
bottom line

pg. 24
3.3 Narrowed Search
The scope was narrowed to ensure the data met the criteria as per Table 4.

Table 4 - Criteria for Data Gathering

The data included authors and their perceptions of family-owned businesses, sustainable
leadership, sustainable leadership practices and triple bottom line.
The data ranged from the years 2010 - 2020.
The research included peer-reviewed and otherwise accredited sources.
Articles that were based on family-owned businesses and its success.
Articles that were based on family-owned businesses failure.
Articles that were based on sustainable leadership practices.
Articles that were based on sustainable leadership.
Articles that were based on triple bottom line approach.
Articles that were based on the impact of sustainable leadership practices on family-owned
businesses.
Articles that were based on leading and managing organizational resources.
Articles that were based on strategy and the global competitive environment.
Articles that were based on corporate innovation and entrepreneurship.
Articles that were too focused on one aspect of family-owned businesses were eliminated as the
author recognised that family-owned business is a vast topic and as such, the articles used must
echo the same sentiments.
Articles that were too heavily based on statistics were eliminated because of the inconsistencies
that can occur from doing so.
Articles that met the above criteria were included and those that did not were eliminated.
The final working data sample consisted of 18 publications

pg. 25
 3.4 Data Collection Sample

Figure 4 - Data Collection Sample

Research Study Area

15%

Triple Bottom Line

40% Sustainable Leadership
15%
Sustainable Leadership
Practices
Family-Owned Business

30%

The pie chart depicts the outcomes of the data samples. The coloured areas and their percentages
are displayed. This data was gathered by analysing the literature and categorizing the data into
different categories. 40% of the he study focused on data for family-owned businesses,
including business failure and success. The concept, importance, and impact of sustainable
leadership and sustainable leadership practices on family-owned firms were explored. The
relationship between the triple bottom line approach and long-term leadership was also
investigated.

pg. 26
3.5 Final Data Collection

Table 5 below shows the final data collection information. This consists of Authors, Concepts

and Sample and is listed in alphabetical order for ease of reference.

Table 5 - Final Data Collection

Author/ Journal Concepts Sample (if any)

ACRN Journal of Corporate N/A
Entrepreneurship Perspectives Entrepreneurship
2012

Asian Academy of Management Family Business 250 reviews

Journal 2015 Succession Planning

Avery 2011 Sustainable leadership 400 peer reviews

practices for enhancing
business
Coleman 2011 Family business N/A
succession planning
Economic & Business Review Sustainable Leadership 350 reviews
2015 approaches
European Scientific Journal 2012 Entrepreneurial Success N/A

International Journal of Sustainable Leadership 500 peer reviews

Leadership Studies 2014

International Journal of Family Businesses 300 peer reviews

Management Reviews 2011
Journal Global Leadership 200 peer reviews
of World Business 2019
Journal of Business and Retail Success of family N/A
Management Research 2013 businesses

Journal of Business Ethics 2013 Leadership Abilities N/A

Journal of Finance, Accounting, Triple bottom line 300 reviews

and Management 2010

pg. 27
Author/ Journal Concepts Sample (if any)
Kantabutra 2011 Sustainable Leadership 500 reviews

Kotter 2012 Leading Change N/A

Northouse 2013 Leadership Theory And N/A

Practice

Sustainability Leadership Sustainability Leadership N/A

Institute 2011
The University of Scranton 2020 Sustainable Practices 120 reviews

Willard 2102 Triple Bottom Line N/A

pg. 28
 CHAPTER 4 : DISCUSSION

4.1. Importance of Family-Owned Business

Sharma et al, (2014) mentioned that family-owned businesses make up most businesses around
the world and contributes considerably to the creation of jobs as well as the growth of
communities and countries. Bammens et al. (2011), confirmed that family businesses contribute
greatly to wealth creation, making them the world's leading company organization system. It is
clear to say that family-owned businesses can be considered as the economy's backbone since
their contributions are extremely valuable to society. In today's rapidly changing world, family
business encompasses a wide range of businesses in many countries and sectors, ranging in size
from tiny family-owned businesses to massive international corporations. Family businesses are
attributed with cultivating entrepreneurial talent, a sense of dedication to business success, and
long-term strategic commitment through generations, making them one of the engines of
industrial growth processes. Walmart and BMW are two well-known instances of long-standing
family-owned businesses.

4.2. Failure of Family-Owned Businesses

In the United States, only 14% of family businesses are passed down to the next generation,
compared to 51% in Germany and even 70% in Italy (KPMG, 2016). According to Nnamseh and
Akpan (2015), a lack of leadership competencies makes it difficult for family-owned businesses
to retain long-term profitability. A family business that does not make a profit will not be able to
survive in the long run. Profits serves as a measurement of a company's success as well as a
source of funds for expansion. A family business's prosperity also aids in attracting new
shareholders who can help them fund future projects and production. Profit is important for a
business's sustainability because it helps it to respond to changes and creates a reserve for future
heirs to continue the business's success. Due to family politics, poor communication inside the
family-owned business leads to divisions among the members and the development of an essence
of dishonesty and governance. For example, if the company's CEO is unable to express his
desires to the younger generation, a gap develops, which can lead to business failure. The issue
of honesty, trust, and mutual respect plays a part in the disruption of the business operations as a
result of inadequate communication inside the family-owned business.

pg. 29
The family business is most times based on emotion, loyalty, and care for family members' well-
being. The business is focused on achieving results through the efficient completion of assigned
duties, and there should be no room for emotions, which are the cornerstone of family bonds.
Too often, these two systems interact, resulting in disputes, which are reflected in the decline of
family businesses. Nepotism encompasses a wide range of practices that include favouritism,
such as hiring and promoting semi-qualified, incompetent, or totally unqualified employees
based on a familiar relationship. Loved ones are sometimes put ahead of superior performers in
family businesses, this can be a harm to the business and can have negative consequences.
Confusion results from the absence of a well-designed organizational structure. Employees' egos,
ideas, and personalities are prone to collide. The establishment of a good organizational structure
is not only required for any successful company, but it is also directly related to the company's
efficiency. Leading and managing organizational resources includes the creation of a solid
organizational structure.

Bocatto et al. (2010), highlighted that the lack of an effective succession planning process is an
important factor of transgenerational family business failure, and family business transitions are
more difficult and have broader implications for business continuity. The downfall of a family-
owned business is caused by poor succession planning. This can happen when a founder retires
or die without leaving a clear succession plan in place. The absence of a succession plan leads to
family strife, bad leadership decisions, and most times, a loss of business focus, all of which
inevitably lead to the business's demise. A proper succession plan includes naming the individual
who will succeed the existing leader whenever he or she steps down or dies, it also entails the
outgoing leader spending time teaching the successor the operations, vision and future of the
business. Family-owned businesses fail for a variety of reasons, but one of the most significant
reason is a lack of sustainable leadership practices within the family-owned business (Smallbone
et al.,2015). Sustainable leadership, according to McCann and Holt (2010), focuses on corporate
quality improvement, long-term transformation, and long-term success. Sustainable leadership
promotes effective leadership, which increases current and future revenues and enhances the
quality of life for all stakeholders while also contributing in the resolution of all other business
difficulties.

pg. 30
4.3. Triple Bottom Line Theory and Sustainability
The ability of family-owned businesses to meet current demands without jeopardizing future
generations' ability to do so is known as sustainability. The triple bottom line is a transformation
paradigm for businesses and it aims to help family-owned businesses transition to a more
regenerative and sustainable future (Chabowski et al., 2011). It is a strategy which is used to
focus businesses on the economic value they add and the environmental and social value the
businesses create. The triple bottom line, which consists of the 3Ps (Planet, People, and Profit),
has long been viewed as a foundation for a competitive market position. As a result, including
sustainability into a business operations and objectives are critical to its success. The ability of a
corporation to engage in supportive and fair business practices toward its employees, human
capital, and the community in which it works is referred to as people performance. Profit focuses
on the value given by a company and goes beyond financial success and financial terminology
like sales growth, cash flow, and shareholder value to include the economic and operational
influence of the company on society. Planet performance refers to actions that do not threaten the
environmental resources of future generations.

Figure 5 - Triple Bottom Line and Sustainability

Source: Portland Consulting Group, 2020

pg. 31
Applying the triple bottom line theory to a company's strategy helps with the company’s
evaluation and decision-making procedures that take into account economic, environmental, and
social factors. This can aid in the establishment of operating guidelines for the family-owned
business and a focus on the overall impact of business actions. Sustainability is measured using
the triple bottom line approach. A study by Lawson and Beckmann (2010), reviled that using a
business model that takes into account people, the environment, and profits will result in
enhanced resilience and cost savings, reduced organizational risk, lower unplanned costs, and
overall corporate success. As a result, applying the triple bottom line approach will undoubtedly
aid family-owned businesses in moving beyond third generation. The triple bottom line strategy
and leadership goes hand in hand. However, despite the pursuit of sustainability through the
triple bottom line strategy, many businesses find it difficult to adopt due to a lack of sustainable
leadership practices (Lueneburger and Goleman, 2010).

4.4. Impact of Sustainable Leadership Practices in Family-Owned Businesses

Family businesses account for the majority of firms around the world, they play an important
role in the economy, contributing significantly to the creation of new jobs as well as the growth
of communities and countries (Sharma et al, 2014). According to research, the majority of family
business owners plan to pass the firm on to the next generation of family members. However,
family-owned businesses continue to fail and never reach the third generation. According to
Coleman (2011), 30% of family-owned firms in North America successfully transfer to the
second generation, 10% to the third generation, and only 3% to the fourth and later generations.
In Chapter2, we looked at the various reasons why family-owned businesses fail. The
concentration of ownership, control, and crucial managerial roles among family members is one
of the major factors that leads to the failure of these organizations. This leads to ineffective
management, a lack of succession planning, and a lack of inventive techniques to compete in the
global marketplace, mainly because there is a lack of sustainable leadership. According to
Oudah et al., 2018, family-owned businesses that focus on the formation of long-term planning,
which includes corporate governance, strategic planning, and succession planning, maintain
organizational sustainability. This type of long-term focus demands sustainable leadership and
practices.

pg. 32
Sustainable leadership promotes effective leadership, which improves the quality of life for all
stakeholders by increasing current and future earnings. Long-term success requires leaders who
can instil sustainable practices in their communities and businesses while still fuelling economic
growth (Metcalf and Benn, 2013). For businesses, long-term leadership is a source of
competitive advantage. Organizations benefit from sustainable leadership in the form of
innovation, continual development, sustained competitive advantage, and long-term success. By
lowering expenses and increasing potential revenue, sustainable leadership improves
organizational performance. Sustainable leaders take a proactive approach, scanning the
environment on a regular basis to monitor external market changes and cultivating long-term
relationships with internal and external stakeholders. Strategic planning, a necessary criteria
towards business sustainability is included into the business's goals through the knowledge,
skills, and traits of a sustainable leader, as shown in Figure 3 in the Literature Review. This
planning includes scope and long-term goals, as well as the use of resources and competences in
changing contexts to fulfil the business's required scope and goals, which will lead to long-term
viability. Family-owned businesses can benefit from sustainable leadership practices to
overcome difficulties and achieve long-term viability. The practices can be implemented with the
goal of developing and implementing integrated solutions, such as long-term cooperation and
intergenerational participation, while fostering and deepening true relationships with all
stakeholders.

Sustainability leadership practices can be divided into three categories, as shown in Table 1 in
the Literature Review: foundation, higher-level, and key performance drivers. Family-owned
businesses that employ sustainable leadership practices will undoubtedly prosper and be able to
pass the business down to future generations. Sustainable leaders use the foundation practices to
recognize and reward all employees, hence avoiding nepotism. Staff, whether family members or
non-family members, will feel appreciated, this can lead to higher operational productivity and
lower staff turnover. Base on the research, it was observed that a sustainable leader can employ
the triple bottom line approach of people performance to develop staff members. A business
would be useless if it did not have people, therefore, sending employees to training or providing
in-house training helps to develop employees and equip them with the necessary knowledge and
tools to carry out their responsibilities. Because stakeholders are crucial to a business, leaders

pg. 33
who place a higher value on them are more likely to produce a better financial outcome for their
businesses than leaders who place a lower value on them.
Understanding stakeholders' requirements and putting them into the business plan can help
businesses overcome some challenges. Sustainable leadership practice welcomes and
appreciates different points of view while also seeking mutual understanding and solutions for
the greater good, this helps in managing conflicts among employees. Leadership and people
management are vital, according to Smith (2011), and should be a part of any company’s
survival. The study goes on to illustrate that establishing a good organizational structure is not
only vital for any successful business, but it is also linked to efficiency. Farlow (2012)
emphasized the importance of leading and managing people in organizations, especially those in
the workforce, such as managers and employees, who are integral to the company's operations
and policies. As a result, in a family-owned business, leading and managing people is critical to
the company's long-term survival. Leaders that can effectively manage in a difficult, ever-
changing, and often-ambiguous global setting, according to Caligiuri and Tarique (2009), are
critical to a business's success. A sustainable leader is always clear about his or her own identity,
principles, and goals before engaging others in the job of change. This establishes the leader's
ethical behaviour and fosters team members' respect and trust. When employees respect and trust
their leader, it contributes to transparent communication and open dialogue, which leads to better
productivity in the long run.

The practice of inviting and respecting multiple points of view from team members can assist in
solving problems and contribute to innovation, corporate growth and expansion, since it
eliminates the decision making from one person, the founder. The strategy of the leader to
communicate information and knowledge as it becomes available, presents a full picture of the
company's strategic goals, justifies changes, and fosters learning throughout all processes
(Hallinger and Suriyankietkaew, 2018). Shared knowledge, shared ideas and a willingness to
collaborate and share information are critical, it improves the abilities, experience, and
knowledge of employees within the company. Sustainable leadership practices, according to the
research, bring a great deal of value to a company's operations. It encompasses the management
of people, the environment, profits, corporate governance, succession planning, all of which
contribute to long-term business sustainability.

pg. 34
pg. 35
 CONCLUSION

The family-owned business is the oldest and most prevalent type of corporation that generates
major economic benefits for a range of countries around the world (Muchinsky, 2011).
According to Astvachan (2010), it is one in which the family holds more than 50% of the
company in the private sector or more than 10% of the stock in the public sector. In the KPMG
(2016) study, the majority of family business owners plan to pass the business on to the next
generation of family members; however, many family businesses fail and never reach the third
generation. Lack of an organizational structure, nepotism which entails prioritizing loved ones
over better performers, neglecting set standards and policies, lack of succession planning, lack of
respect, lack of trust, poor communication, and poor decision making are all factors that
contribute to the failure of family-owned businesses. One of the main reasons for many family-
owned businesses failing is a lack of sustainable leadership practices (Smallbone et al.,2015).

Sustainable leadership, according to McCann and Holt (2010), focuses on corporate quality
improvement, long-term transformation, and long-term success. Sustainable leadership promotes
effective leadership, which improves the quality of life for all stakeholders by increasing current
and future earnings. Long-term success requires leaders who can instil sustainable practices in
their communities and businesses while still fuelling economic growth (Metcalf and Benn,
2013). People, Planet, and Profit, or the Triple Bottom Line, has become a widely accepted
concept around the world (Chabowski et al., 2011). It is a business transformation paradigm that
intends to assist family-owned businesses in making the transition to a more regenerative and
sustainable future. Implementing the triple bottom line approach, according to Willard (2012),
will result in sustainable behaviour that can help a business increase profits by increasing
revenue, employee productivity, lowering energy, water, waste, and materials costs, lowering
employee turnover, and lowering strategic and operational risks.

According to Kantabutra and Avery (2011), sustainable leadership practices provide a well-
maintained climate, low financial resources, and improved economic success. Sustainable
leadership practices can help family-owned businesses overcome challenges and achieve long-
term profitability. Family-owned businesses that implements sustainable leadership practices will
definitely grow and be able to pass the company to future generations.

pg. 36
Valuing employees eliminate nepotism, staff turnover and conflicts. Employee development,
succession planning, open communication, and encouraging room for innovation and decision
making are all aided by the practice of knowledge sharing. Trust and respect are fostered through
showing ethical behaviour practices. It can be concluded that sustainable leadership practices
will have a positive impact on the long-term viability of family-owned businesses. The study
met the research aim and objectives by examining the impact of sustainable leadership practices
in family-owned businesses. It showed how sustainable leadership practices can help family-
owned businesses overcome challenges and achieve long-term sustainability, hence the research
question was also answered. The study also outlined the causes and factors that contribute to the
collapse of family-owned businesses. The recommendations would provide information on how
family-owned businesses can implement sustainable leadership practices to ensure long-term
business viability.

pg. 37
 RECOMMENDATIONS

The purpose of the study was to examine the causes and factors that contribute to the collapse of
family-owned business, as well as the impact of sustainable leadership practices in family-owned
businesses. The research accomplished its aim and objectives, and will offer recommendations
on how to implement sustainable leadership practices in family-owned businesses to ensure
business sustainability.

Firstly, to distinguish duties and responsibilities, a proper organizational structure must be

established. The structure will allow for a sustainable leader. Outside resources should be used if
they are required for the structure's preparation, as professionalism is compulsory for successful
work. Hire competent, qualified, and skilled staff as needed after the structure has been
established and approved. Instead of jeopardising the business, by recruiting family members to
fill roles just because they are entitled to the business, make these members shareholders, they
can benefit from the earnings of the business instead of working and making a mess of the
business. Mixing business and pleasure can be a dangerous combination because business is
focused on tangibles like revenue, whereas family company is focused on love and support.

Secondly, business continuity necessitates succession planning. Developing a proper succession

plan requires naming the individual who will succeed the existing leader after he or she retires or
dies. It also involves the outgoing leader devoting time to demonstrating the company's vision
and future direction to the incoming leader.

Another sustainable leadership practice that can be implemented is the setting of boundaries and
implementing workable strategies and policies. This helps the business work smoothly on a
day-to-day basis, by removing secrecy and allows for free communication. Family ties will
always exist, but all operational operations will be held to a set of standards, with no space for
bending the rules to suit any family member.

pg. 38
Avoid nepotism, which can lead to loved ones being prioritized over better performers. This can
be detrimental to the business and can have negative consequences. The family business should
be objective, requiring less emotion and more reasoning. Fairly valuing and rewarding
employees build trust and respect while also enhancing productivity, which decreases conflicts
and employee turnover.

Business expansion leads to increased profitability and growth. Expansion and innovative
options should be discussed among strategic team members in brainstorming session. This is
where having a good organizational structure comes in handy. Family members are sometimes so
preoccupied with their personal lives that they do not even have time to come up with new
business ideas. Having a sustainable leader facilitates forward thinking and strategic planning for
business expansion.

Separate personal and business finances of the family. At all times, there should be
accountability for the company's funds. It is not appropriate for a family member to use personal
funds to cover business expenses. This can lead to arguments and financial stress on both a
personal and professional level. Separate all personal and business finances at all times. For the
business, a separate bank account should be established. This can lead to gaining funds for
investments.

pg. 39
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