TAILIEUCHUNG - Family influence on business: Application of a modified F-PEC scal to private small business in Vietnam
Family influence on business: Application of a modified F-PEC scal to private small business in Vietnam. This paper uncovers dimensions of family influence on private small business in Vietnam. Although the F-PEC scale, which comprises three subscales or power, experience and culture dimensions of family in luence, has been validated in the lit- erature, app lication of the scale in an Asian context, like Vietnam | Journal of Economics and Development Vol. 15, , August 2013, pp. 38 - 53 ISSN 1859 0020 Family Influence on Business: Application of A Modified F-PEC Scale to Private Small Business In Vietnam Vu Hoang Nam Massey University, New Zealand National Economics University, Vietnam Email: namvh@ Truong Tuan Anh National Economics University, Vietnam Nguyen Ke Nghia National Economics University, Vietnam Abstract This paper uncovers dimensions of family influence on private small business in Vietnam. Although the F-PEC scale, which comprises three subscales for power, experience and culture dimensions of family influence, has been validated in the literature, application of the scale in an Asian context, like Vietnam, may face challenges due to context differences. The study modified the original scale based on qualitative findings from five interviews with entrepreneurs and comments on the scale from business scholars. Data from a survey of 143 entrepreneurs were used for EFA, resulting in four factors. And CFA proves fitness of the measurement model of the four-factor structure to the data, in which two dimensions regarding the cultural aspect were confirmed. Keywords: Family business, small business, F-PEC scale. Journal of Economics and Development 38 Vol. 15, , August 2013 1. Introduction using data collected from a sample of 143 entrepreneurs, resulting in dimensions of the family influence in the context of Vietnam. Family involvement in business has gained the increasing interest of scholars. Entrepreneurs would not be immune to Hoy and Sharma’s argument that “(F)amily is the first social system that has a foundational lifelong influence on an individual” (Hoy & Sharma, 2010, p. 43). Family and business could be viewed as intertwined and reciprocal systems ensuring family business sustainability, and family, therefore, could be viewed as a stakeholder of strategic management. The family influence on business has, therefore, been of .
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