RISK CULTURE IN A FAMILY BUSINESS – MOVING TOWARDS SUSTAINABILITY?

Purpose: The objective of the paper is to diagnose the features of risk culture in the studied family-owned enterprise. Design/methodology/approach: The theoretical part employs the method of Systematic Literature Review (SLR) while in the empirical part, qualitative research was used. The case study method was employed as it is particularly suited to answering the questions of why and how. Findings: The conducted research allows for the formulation of the following conclusions. The overarching factor which influences risk culture in the studied family business. is the risk approach of the owners. The other factor to be taken into consideration is the approach towards risk of external stakeholders. The dominant influence of the owners’ risk approach is related to their accumulation of institutional knowledge and their role in taking decisions and resolving strategic issues within the family. The influence of these factors results in caution in decision making and a conservative approach to risk. Research limitations/implications: A limitation of the conducted empirical research is certainly the fact that it was carried out on a single family enterprise. However, considering the lack of empirical research on sustainable risk culture in family businesses so far, the conducted case study can be treated as a pilot study aiming to create a basis for future research. Practical implications: Given the limited empirical research on risk culture in family businesses in Poland, this case study can be considered a pilot study, laying the groundwork for future research in this area. Additionally. The findings aim to encourage family owners and managers to pay greater attention to understanding this aspect in the operations of family controlled enterprises. Originality/value: The paper is based on own surveys.