Malone (1989) found, in a study of three hundred thirty-five wholesale lumber dealers, that strategic planning and continuity planning are related, and that a positive and significant relationship existed between an outsider-dominated board and the level of continuity planning. Ward (1987) points out that strategic planning needs to incorporate the strategic plans of the family to insure that "family philosophies" regarding the family's role in the com-pany's future are taken into account. The importance of the family mission to the company strategic plan differentiates strategic planning in family firms from nonfamily firms. Dyer (1986) believes that the role of the business, fam-ily, and the board—and their cultural configuration—is critical to succession. He describes business, family and board conditions that favor succession transitions in family firms.
Malone (1989) found, in a study of three hundred thirty-five wholesale lumber dealers, that strategic planning and continuity planning are related, and that a positive and significant relationship existed between an outsider-dominated board and the level of continuity planning. Ward (1987) points out that strategic planning needs to incorporate the strategic plans of the family to insure that "family philosophies" regarding the family's role in the com-pany's future are taken into account. The importance of the family mission to the company strategic plan differentiates strategic planning in family firms from nonfamily firms. Dyer (1986) believes that the role of the business, fam-ily, and the board—and their cultural configuration—is critical to succession. He describes business, family and board conditions that favor succession transitions in family firms.
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