Sustainable Business Development Perspectives. Proceedings of Scientific Papers
KapitolaSustainability of family businesses during a pandemic COVID-19
Rok vydání: 2022https://doi.org/10.5817/CZ.MUNI.P280-0197-2022-25
Abstrakt
Family business is the most ubiquitous form of business organization in any world economy. Behavior of family businesses is to some extent different than other types of business. The key problem and factor of family businesses is sustainability. Family businesses have many specific features -family firms tend to be more stable, accountable, and trustable on the one hand, but on the other hand, they must combine private and business life and deal with succession issues. Research on the sustainability of family businesses is relatively new, and there are three aspects - sustainability in this type of business has been defined as those concerns related to continuity, perseverance, the second aspect includes actions related to the transparency and values of the company, internal audits, respect for the environment, relationships with both suppliers and customers or consumers, and interaction with the community, all focused on strengthening the viability of the company and the third view focuses on financial stability and sustainable financial performance. We focused on three models – Altman Z-score, IN05 and Binkert´s model a analysed period before and after outbreak COVID-19 pandemic. We monitored how COVID-19 pandemic influenced financial stability of family businesses in selected sector – construction.
Klíčová slova
sustainability, family business, financial health, COVID-19
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