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Financial Literacy in Family Firms: An Exploratory Examination and Opportunity for Business Owners and Student Learning
Journal article   Peer reviewed

Financial Literacy in Family Firms: An Exploratory Examination and Opportunity for Business Owners and Student Learning

Denise Dickins, Shanan Gibson, Michael Harris and William McDowell
The Journal of applied management and entrepreneurship, Vol.21(3), pp.57-72
07-01-2016
DOI: https://doi.org/10.9774/GLEAF.3709.2016.ju.00005

Abstract

Advocacy Business ownership Business valuation Case studies Cash flow statements Debt financing Debt management Entrepreneurs Equity financing Family owned businesses Financial literacy Financial statements Interest rates Interviews Inventory control Knowledge Principal components analysis Product development Sales Students Studies Success Succession planning Teachers Accounting Financial Management Polls & Surveys Small Business
This study provides insight into the financial and accounting knowledge of family business owners and considers this in relation to satisfaction with business performance. In an effort to improve identified shortcomings in knowledge, a scenario-based discussion of five financial and accounting content areas is provided. These are: 1) cost of capital; 2) financial statements; 3) fiscal failure; 4) tax implications of transferring business ownership; and 5) business valuation.
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