EFFECTS OF CONTEXT FACTORS ON POST-SUCCESSION PERFORMANCE OF FAMILY BUSINESSES IN NIGERIA

This study surveyed the effect of context factors on post-succession performance of family businesses in Nigeria on post-succession performance of family businesses in Nigeria. In the study, post-succession performance were measured by successor understanding of business context, comprehensive perception of business cycle and environment and monitoring employee while survey design was adopted as research design. The population of the study is eight hundred and fifty eight (858) family businesses selected in Nigeria. The whole numbers of selected businesses were used as the target population for the study. The data collected were tested for reliability. The result of the reliability indicates a Cronbach Alpha of 82% which implies that the instrument was capable of measuring the views of the respondents with consistency. The data collected were analyzed using regression techniques. The analysis was done for each zone and their combined effects using panel regression. The study found that a unit increase in the level of successor understanding of the business results will increase performance. Also, increase in comprehensive perception of business cycle and environment and monitoring of employee will increase performance. In line with the findings and the conclusion above, the study thus recommends that successors should equip themselves with the understanding of the business environment and its cycles as well as ensuring that the right people are in charge through careful search and proper placement in strategic positions of the business. This will lead to a better focus thus resulting in improved performance and development of the businesses.