IMPACT OF GOVERNANCE ON FAMILY BUSINESS SUSTAINABILITY IN LAGOS STATE, NIGERIA

Olufemi Olabode OLAYEMI; Taofeek Olalekan GBADAMOSI

Olufemi Olabode OLAYEMI Department of Business Administration, University of Lagos
Taofeek Olalekan GBADAMOSI Department of Business Administration, University of Lagos

Keywords: Governance, sustainability, Family-business, CEO Duality, Ownership-structure.

Abstract

Family business is vital to economic growth of Nigeria. Various literatures exist on governance and family business, but little research have explored how governance impact family business sustainability in Lagos, Nigeria. To bridge this gap, this study investigated governance impact on family business sustainability in Lagos, Nigeria. A multistage sampling technique was used, in which the study area was initially selected using judgmental sampling and respondents were subsequently chosen from the designated site using convenience sampling. SPSS was used to analyse data, specifically, multiple regression analysis was employed. Findings demonstrate that CEO Duality and Ownership Structure significantly impact the sustainability of family businesses in Lagos, Nigeria. The study drawn the conclusion that CEO duality and ownership structure consideration remain paramount in enhancing sustainability of family. It was recommended that family firms concentrate on creating a well-defined ownership structure while carefully weighing the pros and downsides of CEO duality.