KUBÍČKOVÁ, Dana, Irena JINDŘICHOVSKÁ and Vladimír NULÍČEK. Family Firms And Financial Literacy. In L. Gómez Chova, A. López Martínez, I. Candel Torres. 2169.pdf. Valencia: IATED Academy. p. 9400-9410. ISBN 978-84-09-34549-6. doi:10.21125/iceri.2021. 2021.
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Basic information
Original name Family Firms And Financial Literacy
Name in Czech Rodinné firmy a finanční gramotnost
Authors KUBÍČKOVÁ, Dana, Irena JINDŘICHOVSKÁ and Vladimír NULÍČEK.
Edition Valencia, 2169.pdf, p. 9400-9410, 11 pp. 2021.
Publisher IATED Academy
Other information
Original language English
Type of outcome Proceedings paper
Field of Study 50206 Finance
Country of publisher Spain
Confidentiality degree is not subject to a state or trade secret
Publication form storage medium (CD, DVD, flash disk)
WWW URL
Organization unit University of Finance and Administration
ISBN 978-84-09-34549-6
ISSN 2340-1095
Doi http://dx.doi.org/10.21125/iceri.2021
Keywords (in Czech) Rodinné firmy, finanční gramotnost, business model
Keywords in English Family firms, risk aversion, financial literacy, business model
Tags AR 2021-2022, duplicitní záznam
Tags International impact, Reviewed
Changed by Changed by: Bc. Jan Peterec, učo 24999. Changed: 25/2/2022 07:34.
Abstract
The business model of family firms as a special type of economic subjects usually differs from the profit orientation model. On the other hand, the family character of the firm´s management does not allow to solve the financial matter with adequate knowledge and attention. This paper aims to reveal how family firms manage their finances and what is the level of the financial literacy that is reflected in it. In our study we employ the case study method. Using the semi-structured interviews with open-ended questions in personal discussion we tried to analyse how typical situations of financial management in four family firms are solved. Our findings reveal that financial matters are not the core of interest of the family firms´ owners. The investigated firms pay only a little attention to financial issues, such as budget preparation or assessment of achieved results, financial structure and other areas of financial management. To cover the tasks of the firm finances they use their own expertise and views. Only in one company the education of the second generation was targeted at the field of economics, but with a focus on marketing. In all examined companies the finance and financial gain were not the primary point of interest. In the decision making they tend to be conservative. The level of financial literacy depends on the education of family members and also on their business expertise gained before.
Abstract (in Czech)
The business model of family firms as a special type of economic subjects usually differs from the profit orientation model. On the other hand, the family character of the firm´s management does not allow to solve the financial matter with adequate knowledge and attention. This paper aims to reveal how family firms manage their finances and what is the level of the financial literacy that is reflected in it. In our study we employ the case study method. Using the semi-structured interviews with open-ended questions in personal discussion we tried to analyse how typical situations of financial management in four family firms are solved. Our findings reveal that financial matters are not the core of interest of the family firms´ owners. The investigated firms pay only a little attention to financial issues, such as budget preparation or assessment of achieved results, financial structure and other areas of financial management. To cover the tasks of the firm finances they use their own expertise and views. Only in one company the education of the second generation was targeted at the field of economics, but with a focus on marketing. In all examined companies the finance and financial gain were not the primary point of interest. In the decision making they tend to be conservative. The level of financial literacy depends on the education of family members and also on their business expertise gained before.
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