Implementation of Strategic Sustainability Frameworks in the Context of Family Business: A Quantitative Analysis

Family business, which represents a significant segment of the global economy, combines family values with business activities. Building a strategy for sustainability in family businesses is a crucial factor for their long-term stability, development and ability to respond to dynamic challenges of the business environment. The scientific objective of this research was to identify the status of implementation and the perceived importance of the strategy and development of Slovak family businesses from the perspective of sustainability. To achieve the set objective, the methodological tool employed was a questionnaire survey of a sample of 457 Slovak family businesses. The established hypotheses were tested using the Chi-square test and the Hypothesis Test on Relative Frequency. From the results, it can be concluded that the majority of family businesses consider the implementation of a development and sustainability strategy to be crucial for their further progress and competitiveness, but most businesses have not yet implemented this process. It was found that the majority of family businesses are interested in a comprehensive framework strategy and sustainability, while its implementation directly depends on the size of the business. The results of the presented research provide valuable knowledge for the family business segment.