Global determinants of sustaining and developing family enterprises in Slovakia

¹ Technical University in Zvolen, Faculty of Wood Sciences and Technology, Department of Economics, Management and Business, T. G. Masaryka 24, 960 01 Zvolen, Slovakia
² Matej Bel University in Banská Bystrica, Faculty of Economics, Department of Quantitative Methods and Information Systems, Tajovského 10, 975 90 Banská Bystrica, Slovakia

^* Corresponding author: sedliacikova@tuzvo.sk

Abstract

Family enterprises play an important role in global economies and in national economies of all developed countries. Creating new, and maintaining the existing family enterprises, combined with their continuous development should be the key priority of all countries. Based on the evaluation of the current state of family business in Slovak micro, small, and medium enterprises, the main objective of this paper is to identify the key determinants which affect its development. At the same time, the authors propose such measures the implementation of which into business practice will lead to sustainability of the existing, as well as the support of the newly established family enterprises in Slovakia. The research has been evaluated with the use of methods of testing the statistical hypothesis and methods of descriptive statistics. As the conducted research has proved, at the external environment, the most negative determinant that limits the activities of family enterprises is strong competition of other enterprises operating in the Slovak market. The biggest problem related to internal environment of family enterprises is obtaining a stable qualified. The results led to conclusions and recommendations, the implementation of which into practice will help to support family business in Slovakia.