CORPORATE GOVERNANCE AND FAMILY-OWNED BUSINESS PERFORMANCE: THE ROLE OF STRATEGIC DECISION AND SUCCESSION PLANNING

The study examines the extent to which strategic decision and succession planning could extend the influence of corporate governance to performance within the context of family-owned businesses. The study relied on survey method for the data gathering and covariance based structural equation modelling for statistical analysis. The study finds that strategic decision and succession planning play a critical role in the relationship between corporate governance and the financial performance of family-owned businesses. The research design of this study relied on the stewardship theory to further our understanding of the relationship among corporate governance, strategic decision, succession planning and financial performance offamily-owned businesses. This relationship includes how strategic decision and succession planning play critical role in the unfaltering relationship between corporate governance and the performance of family-owned firms. The study highlights the need for corporate executives to appreciate the essential role of strategic decision-making and succession planning in ensuring the sustainability and viability of family-owned businesses.