Sustainability and Technology Go Hand in Hand to Achieve Excellence in Thai Family Businesses: A Big Data Analytical Perspective

• Published in: JOURNAL OF FAMILY AND ECONOMIC ISSUES
• Main Authors: Sawangchai, Anusara; Khalid, Rimsha; Raza, Mohsin; Alshuaibi, Mohammad Said; Valeri, Marco; Kasuma, Jati
• Format: Article; Early Access
• Language: English
• Published: SPRINGER INT PUBL AG 2024
• Subjects: Business & Economics; Family Studies
• Online Access: https://www-webofscience-com.uitm.idm.oclc.org/wos/woscc/full-record/WOS:001318170000001

This paper aims to investigate the role of big data analytical (technological, management, talent) capabilities of family businesses and examines the dual aspects of family leadership focus and family members' concerns to sustain the business. Further, the study explains the generational transition, innovation, and tradition paradox and proposes a solution to maintain the family legacy. Family businesses are crucial sources of wealth in Southeast Asian countries and 80% of Thailand's family businesses are owned by second or third generations and so on. The data is collected from Phuket, Thailand which is a regional hub of family businesses. The respondents of study 203 businesses were chosen for data collection and further interpreted through Smart PLS 4.0. The results found that big data analytics management capabilities are significantly associated with the innovation and learning performance of family members and sustainable family business excellence. specifically, talent capabilities and technological capabilities have an insignificant association with a direct relationship with sustainable family business excellence. Furthermore, the moderating role of family members' adaptability to change is particularly insignificant, associated with big data analytics technological capabilities and sustainable family business excellence. The study analysis revealed mixed findings and generally advocated the need for big data implications in a family business. Most literature focused on non-family businesses, and this study is one of the pioneering studies that discuss big data integration in a family business as a driver of sustainable excellence.