INFLUENCE OF PERSONAL QUALITIES OF CEOS ON FAMILY BUSINESS PERFORMANCE IN NIGERIA

This study surveyed the influence of personal qualities of Chief Executive Officers (CEOs) on the performance of family businesses in Nigeria. This area of research is important given that researchers in the area of behavioural finance and in management argue that CEOs characteristics such as assumption of control, willingness of successors to manage the business, level of entrepreneurship knowledge, understanding of successor on the competitive nature of business and legal knowledge of the business influence the way business problems are perceived and the decision making process. The numerous and growing challenges which businesses face, particularly in the area of operations ,cost-cutting and production efficiency makes the need to examine how CEOs personal qualities could be beneficial for firm performance. The personal characteristics for 1,215 CEOs across all states of the Nigeria federation were examined out of which only 859 respondents provided the required information. The study adopts survey research and the regression result shows that CEOs personal qualities have significant influence on business performance. Hence, the study recommends that successors to family business should be made to undergo training prior to succession; to enable them have relevant business experience in the operation of such business and be prepared character wise before taking over the family business. More so, to develop good approach in attending to their customers, family members and stakeholders since the study shows that these qualities influence business performance.