Family Business and the Nigerian Economy: A Critical Review

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Wale-Oshinowo, B.
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Nigerian Academy of Management Journal
Objectives: The aim of this paper is to examine the importance of family businesses globally and their relevance to the Nigerian economy, especially with the growing economic challenges the country is currently experiencing. Prior Work: Family businesses occupy a large proportion of the business landscape of most developed nations of the world (Pearson, Carr & Shaw, 2008); both empirical and the theoretical evidence abound in the literature linking family businesses to the economic growth of these countries (Zahra, 2005). This has made the study of family business become both an important line of enquiry and a fully developed research field in the last two decades in developed economies such as the United States of America, UK, Germany, and Japan. Approach: This paper is based on a critical and extensive review of the literature on family businesses drawn from historical, theoretical and empirical studies carried out across different countries Implications: This paper’s aim is to identify and examine the distinctiveness and dynamism of family businesses may be one of the timeliest and most appropriate measures taken to achieve the focus of developing other sectors of the Nigerian Economy. Paying deliberate attention to this form of business may be pivotal to increasing economic wealth and job creation especially during the rapidly spreading harsh economic climate. It also highlights the linkage between family business and diversification of the Nigerian Economy at the National Level. Value: In this review paper, an attempt is made to draw the attention of management scholars and academics in Nigeria to the possible prevalence of family businesses in Nigeria and its importance to achieving the proposed diversification of the Nigerian economy if the required attention is paid to them
Scholarly articles
Prevalence , Longevity , Economic Growth , Diversification , Family Business , Research Subject Categories::SOCIAL SCIENCES::Social sciences
Wale-Oshinowo, B. (2017). Family Business and the Nigerian Economy: A Critical Review. Nigerian Academy of Management Journal. 11(1): 32-41