![]() ![]() ![]() However, the upward trend for family businesses as a significant part of their national economies in emerging markets remain strong and will represent nearly 40 percent of the world’s largest companies in 2025, up from 15 percent in 2010, which shows the growing importance of understanding Family Business and its sustainability in the long run in the midst of the current global scenario. According to McKinsey, in emerging economies, Family Business account for approximately 60 percent of the private-sector companies with revenues of $1 billion or more, compared to less than one-third of the companies in the S&P 500. A Harvard Business Review article argued that Family Businesses tend to be more frugal and enter the recessionary period with leaner cost structures. However, in the midst of the crisis, research has shown that family business remains a strong and resilient force which helps propel the economy. The Global economic landscape is still recovering from the prolonged crisis which has significantly affected consumer’s buying power, hit commodity prices, as well as hampered growth in general.
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