NEUROTICISM PERSONALITY TRAIT OF CEOS AND SURVIVAL OF FAMILY-OWNED BUSINESSES IN SOUTH-SOUTH, NIGERIA
Authors:
Stanfast Suotonye Barnabas & Prof. G. I. Umoh
Abstract:
The importance of family-owned businesses (FOBs) to economic growth and wealth creation of developed and developing economies cannot be over-emphasized. Family-owned businesses are prominent players both in regional and world economic development. They have continued to gain significance because they create new jobs, incubate new businesses, and drive entrepreneurial activities within communities. However, despite these significant contributions, very few family-owned businesses survive to the second and third generations; a situation that has become a source of concern to many scholars who have attributed the cause of this failure to include conflict, succession issues, and general management problems. A search of the literature on the relationship between neurotic personality traits of Chief Executive Officers (CEOs) and the survival of these family-owned businesses was scant. This quantitative study therefore critically examined CEOs neurotic personality traits and how it affects the survival of family-owned businesses in South-south Nigeria. The theoretical framework for this study was based on Stewardship Theories (ST). The study population consisted of 628 hotels in the South-south region of Nigeria with 289 participants drawn from these hotels. Structural Equation Model used for data analysis revealed that CEOs’ neurotic personality trait greatly affect the survival of family-owned businesses.