The regenerative power of family businesses in a developing country: A study of governance and regulation

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Abstract

Family businesses have been pivotal contributors to the economic boom in Asia, significantly enhancing the region’s robust growth and development (Fang et al., 2021). In Thailand, family-owned businesses have been experiencing strong and rapid growth (Sethsathira & Satityathiwat, 2020). The objective of this research is to identify and analyze the critical factors that contribute to the successful regeneration and intergenerational transition of family businesses in Thailand, with the aim of ensuring their long-term growth, sustainability, and viability across generations. Utilizing qualitative methodologies, the research involved conducting in-depth interviews with a diverse sample of eight Thai family business owners to gather comprehensive insights. Content analysis was employed to interpret the collected data. The analysis identified critical factors for rejuvenation and sustained growth during generational transitions, highlighting four core themes: leadership transition strategies, the influence of cultural values and family dynamics, business continuity practices, and innovative capacity. These findings contribute to the literature on family business succession and offer practical insights for business owners and policymakers. The study underscores the importance of integrating traditional practices with modern governance and innovation to ensure smooth generational transitions and long-term sustainability.

Keywords: Family Business, Regenerate, Succession, Sustainability

Authors’ individual contribution: Conceptualization — P.S., R.S., C.A., and S.C.; Methodology — P.S. and R.S.; Validation — P.S. and R.S.; Formal Analysis — P.S. and R.S.; Investigation — P.S. and R.S.; Resources — P.S., R.S., C.A., and S.C.; Data Curation — P.S., R.S., C.A., and S.C.; Writing — Original Draft — P.S. and R.S.; Writing — Review & Editing — P.S. and R.S.; Visualization — P.S. and R.S.; Supervision — R.S.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: L25, L26, M10, M14

Received: 24.05.2024
Revised: 14.10.2024; 24.03.2025
Accepted: 18.04.2025
Published online: 22.04.2025

How to cite this paper: Sawat, P., Sonsuphap, R., Amornbuth, C., & Chinnapha, S. (2025). The regenerative power of family businesses in a developing country: A study of governance and regulation. Journal of Governance & Regulation, 14(2), 98–107. https://doi.org/10.22495/jgrv14i2art10