Abstract
Orientation: Owing to the vital contribution of family-owned small to medium enterprises to the economic growth of many economies worldwide, succession planning has gained prominence in the academic field. This is because family firms rarely practise succession planning despite its importance in business management.
Research purpose: This study examined the mediation effect of organisational commitment on the relationship between selected succession planning practices and the performance of family-owned small to medium enterprises in Zimbabwe.
Motivation for the study: Because approximately 70% of family businesses fail to go beyond the first generation, it has become increasingly necessary to investigate antecedents that can improve the survival of family businesses across several generations.
Research design, approach and method: This study adheres to the positivist paradigm and employs a quantitative approach. Data were systematically collected from 250 participants and analysed using Structural Equation Modelling.
Main findings: The study revealed that successor development and intergenerational relationships significantly impacted business performance. Furthermore, organisational commitment partially mediated the relationship between succession planning practices and business performance.
Practical/managerial implications: Successor training and relationship-building mechanisms play a pivotal role in improving the performance of family-owned businesses.
Contribution/value-add: As succession planning is rare in small family-owned businesses, this investigation identifies attributes with high predictive power concerning the performance of small family-owned businesses. Not only that, but this study also validates organisational commitment as an underlying mechanism that supports the succession planning – business performance link.
Keywords: family business; succession planning; successor development; Zimbabwe; intergenerational relationships.
Introduction
Many firms worldwide are family-owned (Memili et al. 2018). Accordingly, the importance of family businesses must be recognised (LeCounte 2022). According to Kurniawan, Tambunan and Manajemen (2022), family-owned businesses are at the heart of modernisation and industrialisation; hence, they are recognised globally for their role in economic development. It is therefore not surprising that there has been burgeoning literature on family businesses (see Ali, Mahmood & Mehreen 2019; Memili et al. 2018; Mokhber et al. 2017; Porfírio, Felício & Carrilho 2020; Umans et al. 2020, 2021; Wang, Lo & Weng 2019). Literature is also replete with interesting statistics about family businesses. According to Porfírio et al. (2020), about 30% of family-owned firms survive the first generation, 10% – 15% get to the third generation, and only about 3% survive to the fourth generation. Considering this, sound managerial techniques can maintain and improve these statistics. Succession planning is one such technique that can make family businesses prosperous and resilient in today’s volatile, uncertain and competitive business environment.
Although succession planning has been touted as critical in family businesses’ performance, many family-owned firms rarely undertake succession planning (see LeCounte 2022; Mokhber et al. 2017), with some collapsing before reaching the first generation. It has, therefore, become paramount to investigate and validate the building blocks of small family business performance. Prior research confirms that the performance of family-owned small businesses is premised on succession planning practices such as the preparation of heirs, relationships among family members and business partners (Mokhber et al. 2017), personal characteristics (Wang et al. 2019), performance appraisal (Ali et al. 2019), generational intentions (Umans et al. 2021), compensation issues (Michiels, Botero & Kidwell 2020), and successor development (Magasi 2022). However, prior research suggests that organisational commitment also significantly influences outcomes such as firm performance (see Iqbal et al. 2021; Silva, Moreira & Mota 2023). Owing to this, the underlisted research questions are pertinent to this investigation:
- What is the relationship between succession planning practices and the business performance of family-owned small to medium enterprises?
- Does organisational commitment mediate the relationship between succession planning practices and the business performance of family-owned small to medium enterprises?
This investigation has important implications in the field of human resources management and organisational behaviour. Firstly, this article is a response to frequent calls for further investigation into succession planning in family businesses, especially in developing countries, where the rate of informalisation in business is very high (Kiaga & Leung 2020). Secondly, succession planning practices are wide-ranging. Not only that, but research work on this concept is also skewed mainly to the Global North (see Bozer, Levin & Santora 2017; LeCounte 2022; Mahto et al. 2023; Mokhber et al. 2017; Porfírio et al. 2020; Umans et al. 2021). Hence, this research quantitatively examined selected dimensions of succession planning from the context of sub-Saharan Africa. Thirdly, this study is one of the few that extends the existing body of succession planning literature by examining the role of organisational commitment on the association between succession planning practices and business performance.
The next section reviews the literature applicable to this study, theoretical underpinning and hypothesis development. The methodology and discussion of results are presented after that.
Literature review
Succession planning
According to Wang et al. (2019), succession planning is a structured process of reserving potential candidates for successors in pursuit of new roles in an organisation. It involves the process of nurturing possible contenders for executive management positions in the future to ensure the continuity of critical posts in the business. This, in turn, will ensure future needs and organisational stability.
Family business
Family businesses refer to enterprises that are owned and run by families. Family businesses are crucial engines of economic growth. They are at the heart of industrialisation and modernisation. As a result of this, family-owned businesses have developed a visible sphere of study in entrepreneurial growth and have engrossed the responsiveness of many scholars (see Giménez & Novo 2020; LeCounte 2022; Magasi 2022; Umans et al. 2021; Zehrer & Leiß 2019). This type of business has limitless potential for job creation, local technological adoption improvement and indigenous entrepreneurship development (De Massis, Kotlar & Manelli 2021). Owing to the central role played by family businesses around the world, the concept of succession planning has become even more critical in such business organisations (Mokhber et al. 2017).
Theoretical underpinning, hypotheses development, and conceptual framework
Theoretical underpinning
This section discusses the social exchange theory (SET) as the basis of this study.
Social exchange theory
Recent studies confirm that the SET remains prominent in research (see Meira & Hancer 2021; Mora Cortez & Johnston 2020; Urbonavicius et al. 2021). It has also been applied in family succession literature (see Ali & Mehreen 2020). All this underscores the relevancy of the theory in this research. The exchange-based view of social behaviour is attributed to the work of Blau (1964). Social exchange theory is based on the normative rules of reciprocity with cooperative relationships (Ali & Mehreen 2020). This implies that people enter and maintain a relationship with the expectation of obtaining a net positive value (Mora Cortez & Johnston 2020). In a work context, when people offer their labour, they expect a fair reward in return. An adequate reward will spur them to apply more effort in the future. This study investigates the association between succession planning practices and business performance. Applying the SET theory, succession planning practices such as successor development mechanisms and relationship-building initiatives act as an investment in employees within the organisation. Investing in employees will spur positive employee attitudes, such as organisational commitment, which can improve business performance.
Hypotheses development and conceptual framework
Previous research identifies successor development and intergenerational relationships as critical factors in influencing the performance of small businesses. Hence, in this section, hypothesis statements are developed based on these selected succession planning practices; thereafter, a conceptual framework is presented.
Successor development and business performance
In succession planning, successors are essential (Wang et al. 2019). Succession will be challenging in business if no potential candidates are managerially and physically capable of effectively running an organisation. A succession planning programme must identify key attributes and competencies that can lead to effective business management. These competencies include communication, financial management, change management, budgeting and ethical leadership. Effective successor development initiatives result in improved business performance. Magasi (2021) argued that business effectiveness is related to successor grooming. This implies that successor development, if done correctly, can enhance the continued success of an organisation. Through successor development initiatives, employees can gain the important managerial capabilities, business skills and knowledge of company operations (LeCounte 2022), which are essential for business performance. It can thus be hypothesised that:
H1: Successor development positively influences business performance.
Intergenerational relationships and business performance
Managers must focus on generational differences and the creation of intergenerational synergies in family businesses (Rožman, Treven & Čančer 2020). This is because many family companies fail partly because of the generational gap (Kurniawan et al. 2022). Managers must craft strategies that can enhance intergenerational relationships. According to Zehrer and Leiß (2019), the number of generations integrated into a family business impacts its performance. Other authors, such as Kandade et al. (2021), opined that high-quality family relationships between the generations are critical to an effective succession. Empirical evidence suggests that if properly managed, intergenerational issues can positively impact family business performance (see Hanson, Hessel & Danes 2019; Kandade et al. 2021; Kudlats, McDowell & Mahto 2019; Zehrer & Leiß 2019). It can therefore be hypothesised that:
H2: Intergenerational relationships positively influence small family business performance.
Successor development, intergenerational relationships and organisational commitment
Training is critical for successor development in family firms. The training of family members in small and medium enterprises (SMEs) results in acquiring knowledge critical for objective accomplishment. Once employees become knowledge reservoirs, a sense of attachment to the organisation can develop. In support of this reasoning, Muleya, Ngirande and Terera (2022) confirmed that previous research has established significant positive correlations between training and development and employees’ affective commitment. On the other hand, intergenerational relationships have also become critical because of diversity in family firms. Cooperation among employees of different generations triggers knowledge sharing (Çelik & Polat 2023), which is essential for the continued success and growth of the organisation. In addition, Burmeister, Hirschi and Zacher (2021) opined that intergenerational relationships reduce negative attitudes and promote positive outgroup behaviours such as helping. This is important for developing employee attitudes, such as organisation commitment. Thus, it can be hypothesised that:
H3: Successor development positively influences organisational commitment.
H4: Intergenerational relationships positively influence organisational commitment.
The mediating role of organisational commitment
Organisational commitment describes the congruence between an individual’s beliefs with those of the organisation (Singh & Onahring 2019). This concept has become paramount in organisational behaviour studies as it positively influences a business’s overall performance (see Imamoglu et al. 2019; Loan 2020; Osei, Osei-Kwame & Osei Amaniampong 2017). The mediating role of organisational commitment has also been confirmed in several studies (see Arasanmi & Krishna 2019; Osei et al. 2017; Rafiq et al. 2019; Sobaih et al. 2022; Suliman 2002; Teck & Loo 2017). Organisational commitment has mediated the relationship between various organisational variables and outcomes such as organisation performance (Suliman 2002), work efficiency (Osei et al. 2017), intention to leave (Sobaih et al. 2022; Teck & Loo 2017), employee engagement (Rafiq et al. 2019) and knowledge sharing behaviour (Rafiq et al. 2019). Employees committed to an organisation develop positive attitudes towards it and its goals. This enhances the probability of superior organisational performance. In the same vein, successor development initiatives and positive intergenerational relationships stimulate the transfer of knowledge among employees. Upskilling employees can result in organisational commitment. High levels of attachment to an organisation can lead to higher organisational performance. It can therefore be hypothesised that:
H5: Organisational commitment positively influences business performance.
H6a, b: Organisational commitment positively mediates the link between successor development, intergenerational relationships, and business performance.
From the preceding discussion, the conceptual framework proposed in this study is depicted in Figure 1.
Research methods
Research paradigm and approach
This research adheres to the ontological position of objectivism and the epistemological position of positivism. It followed a quantitative approach to generate objective empirical data.
Participants
An online questionnaire developed using Google Forms was sent to 250 participants, who were conveniently sampled from small family businesses in Zimbabwe. The structured questionnaire had a section that required the informed consent of participants. The respondents were not coerced to participate in this study, as they could opt out anytime. Based on the demographic profiles of the respondents, 52% were male and 48% were female.
Measurement scales
The measurement items used in this investigation were adapted from the work of Lansberg, Astrachan and Astrachan (1994) (intergenerational relationship), Venter, Boshoff and Maas (2005) (successor development) and Eisenberger et al. (2001) (organisational commitment). Family business performance was measured on a five-point Likert scale, with measurement items as suggested by Alves and Gama (2020).
Reliability and validity
Indicator reliability (Factor Scores), Cronbach’s alpha, Average Variance Extracted (AVE) and Composite Reliability (CR) were used to assess the reliability. As shown in Table 1, the measurement scales satisfied the reliability thresholds.
| TABLE 1: Factor scores, reliability and validity values. |
Discriminant validity
The Fornell-Lacker criterion was used to assess discriminant validity (Hair et al. 2012). As shown in Table 2, the AVE values of each construct (shown diagonally) are greater than correlations with any other construct.
Ethical considerations
Ethical approval to conduct this study was obtained from the Department of Business Enterprise and Management, University of Zimbabwe. The research complied to all required ethical practices set out by the University of Technology, Chinhoyi, Zimbabwe. Participant confidentiality was ensured and maintained.
Results
Confirmatory factor analysis
Kaiser-Meyer Olkin (KMO) and Bartlett’s Test of Sphericity were used to assess the suitability of data for factor analysis. The KMO value was 0.85 and Bartlett’s Test of Sphericity was significant at p = 0.00. This means the data was suitable for factor analysis.
The model assessment involved using indices such as Chi-square minimum (CMIN), Incremental Fit Index (IFI), Comparative Fit Index (CFI), and the Root Mean Square Error of Approximation (RMSEA). The evaluation produced model fit indices with the acceptable thresholds: CMIN = 1.52, p = 0.000, IFI = 0.90, CFI = 0.91, and RMSEA = 0.078.
Structural equation modelling
Figure 2 shows the structural equation modelling (SEM) analysis output and Table 3 confirms that all model fit values were within the acceptable range.
 |
FIGURE 2: Structural equation modelling analysis output. |
|
Direct effects
Table 4 shows that successor development, intergenerational relationships and organisational commitment significantly impacted business performance (Beta = 0.25, probability value = 0.00; Beta = 0.32, probability value = 0.00; Beta = 0.36, probability value = 0.00, respectively). Hence, H1, H2 and H5 were accepted. Furthermore, successor development and intergenerational relationships significantly impacted organisational commitment (Beta = 0.61, probability value = 0.00; Beta = 0.19, probability value = 0.00). Hence, H3 and H4 were accepted.
| TABLE 4: Path coefficients and probability values. |
Mediation effects of organisational commitment
The study applied the bootstrapping technique in determining the mediating effect of organisational commitment. The results (Table 5) showed that organisational commitment partially mediated the relationship between successor development and business performance (β = 0.22, p = 0.01); hence, H6a was accepted. Organisational commitment also mediated the relationship between intergenerational relationships and business performance (β = 0.07, p = 0.00); hence, H6b was accepted.
Discussion
Literature suggests that succession planning is essential to exceptional performance in family businesses. In recent years, several authors have discussed the impact of succession planning practices on the performance of family-owned small businesses (see Ali et al. 2019; Mokhber et al. 2017; Porfírio et al. 2020; Wang et al. 2019). This growing body of literature confirms the central role of succession planning in business management. However, despite increased evidence on succession planning in business, more studies are required, especially in developing countries where most small businesses are primarily informal (see Kiaga & Leung 2020) and hence require sound management practices.
Firstly, the empirical findings of this study confirm all the hypotheses proposed for this study. Consistent with the findings of Magasi (2021), successor development had a positive impact on business performance (β = 0.25, p = 0.00). This finding underscores the importance of succession training in business. According to Bozer et al. (2017), the success of a business is premised on a solid foundation of successors and the successor transition process. In the same vein, the identification of and subsequent development of successors is critical in the sustainability and performance of small businesses (Wang et al. 2019). Candidates for succession development can be classified into two categories, namely family successors by inheritance and professional management (Wang et al. 2019). Each route has its own merits. Family successors can quickly adapt to the business because of familiarity. They understand the business culture and hence can quickly comprehend the business dynamics. This can improve the performance of the business.
On the other hand, professional managers can bring vast experience from other jurisdictions. This can enhance the business’s creativity and innovativeness and thus improve its performance. Considering all this, this study argues that successor development has become paramount in enhancing the performance of family-owned small businesses.
Secondly, this study also confirmed a positive relationship between intergenerational relationships and business performance (β = 0.32, p = 0.00). This implies that intergenerational relationships play a pivotal role in business performance. This finding resonates with the work of Kandade et al. (2021) and Zehrer and Leiß (2019). By nature, cordial relationships at the workplace create an atmosphere of teamwork, which is crucial for effective performance. An environment of hostility and conflict can only dampen the work spirit and, hence, the performance of the business. High-quality relationships result in the development of trust (Kandade et al. 2021), which is a crucial variable in knowledge sharing. Through knowledge sharing, family businesses can foster a culture of entrepreneurial behaviour and learning, which improves performance (Zehrer & Leiß 2019).
Thirdly, this study confirmed that successor development and intergenerational relationships positively impacted organisational commitment (β = 0.61, p = 0.00; β = 0.19, p = 0.00). This underscores the importance of organisational factors in influencing employee attitudes. The findings resonate with the work of authors such as Çelik and Polat (2023) and Muleya et al. (2022), who argued that successor development and intergenerational relationships are critical ingredients of positive employee attitudes. If employees are developed and relations within the organisation are congenial, an atmosphere that generates commitment among employees can develop.
Fourthly, in line with the findings of authors such as Imamoglu et al. (2019) and Loan (2020), it was also established that organisational commitment positively influences business performance (β = 0.36, p = 0.00). This implies that if employees are highly committed to an organisation, the likelihood of exceptional business performance is high. Exceptional performance emanates from the sense of belonging among employees, which triggers positive attitudes such as employee engagement and organisation citizenship behaviours.
Lastly, consistent with prior research (see Arasanmi & Krishna 2019; Osei et al. 2017; Rafiq et al. 2019), this study confirmed the underlying role of organisational commitment in the relationship between succession planning practices and business performance. As argued earlier, attachment to the organisation elicits high levels of effort from employees, which is critical to an organisation’s compelling performance.
Theoretical implications
This study is theoretically significant in several ways. Previous research stresses the importance of investigating the relationship between succession planning and organisational outcomes (Ali et al. 2019). This study is, therefore, a response to this call as it explored the nexus between succession planning practices and the business performance of family-owned small to medium enterprises. Although many authors have investigated succession planning in family businesses (see; Bozer et al. 2017; Mokhber et al. 2017; Porfírio et al. 2020; Wang et al. 2019), these studies are mainly Global North context-based. The applicability of their research results may, therefore, vary in context. This investigation is significant as it contributes to empirical evidence from a Global South perspective. Lastly, this study has validated the link between selected succession planning practices (successor development and intergenerational relationships) and business performance. These findings can act as a basis for future research.
Practical significance
The results of this investigation imply that family business consultants and owners should pay attention to antecedents of firm performance, which were validated in this research. Successor development, organisational commitment and intergenerational relationships were positively associated with the performance of family businesses. In line with the exclusive approach to talent management (Gallardo-Gallardo, Thunnissen & Scullion 2020), family businesses need to identify potential successors for critical business positions for continuity purposes. Human resource development programmes can then target the selected pool of potential highflyers. The acquisition of knowledge through development programmes may lead to the development of organisational commitment, which is critical to the performance of an organisation (Imamoglu et al. 2019).
In addition, family business managers can also devise innovative mechanisms to influence positive attitudes among employees. Compensation mechanisms such as share ownership schemes, profit sharing and flexible working arrangements can influence the development of positive attitudes such as organisational commitment and organisational citizenship behaviours.
Regarding intergenerational issues, family business managers must cultivate an environment that builds trust and mutual respect and develop mentoring programmes. Trust reduces the cost of knowledge sharing. The level of trust, therefore, determines how information is passed across generations. Family business practitioners can use family cohesion, commonalities, values and a commitment to the business to enhance trust among their members and reap its benefits through better family business performance. They must proactively promote the abovementioned concepts using formal and informal mechanisms, such as training programmes and education for the next generation. All this leads to developing high-quality relationships (Kandade et al. 2021) crucial for effective performance.
Conclusion
Although succession planning is receiving attention from scholars and practitioners, the concept is generally rare in family-owned small businesses. Hence, it needs to be sufficiently examined. This research suggests that successor development, organisational commitment and intergenerational relationships are significant predictors of the performance of family-owned businesses. This calls for family business decision-makers to create an organisational environment that facilitates successor development and building high-quality relationships across generations. A well-managed succession plan in family businesses can lead to high-performing enterprises, which are crucial for national development.
Limitations
This study addresses an important concept in business management and has improved our understanding of family businesses. However, we caution readers to generalise our findings beyond the study context as they have limitations. Study context that utilises family-owned small to medium enterprises in Zimbabwe limits the generalisability of study findings to firms outside Zimbabwe. Our study sample size of 250 respondents might represent a small fraction. However, scholars need to test our conceptual model in a large sample quantitative study to assess its validity. Despite these limitations, this study has provided practical empirical evidence demonstrating the relationship among variables investigated in this study.
Acknowledgements
Competing interests
The authors declare that they have no financial or personal relationship(s) that may have inappropriately influenced them in writing this article.
Authors’ contributions
W.M. contributed to literature review, hypotheses development, statistical analysis and discussion sections. A.K. wrote the introduction and background of the study. L.J. assisted with the review of the revised document and also provided the theoretical contribution and implications sections.
Funding information
This research received no specific grant from any funding agency in the public, commercial or not-for-profit sectors.
Data availability
Data may be available upon reasonable request from the corresponding author, W.M.
Disclaimer
The views and opinions expressed in this article are those of the authors and are the product of professional research. The article does not necessarily reflect the official policy or position of any affiliated institution, funder, agency or that of the publisher. The authors are responsible for this article’s results, findings and content.
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