THE INFLUENCE OF FAMILY CONSTITUTION, LEADERSHIP STYLE, GENERATION COHORT, INNOVATION CAPABILITY, AND STRATEGIC MANAGEMENT PROCESS IN FAMILY BUSINESS SU CCESSION ON THE SUCCESS OF FAMILY BUSINESSES FOR SUSTAINABLE SUCCESSION

Abstract Family businesses are essential to the Thai economy, contributing to product and service development, job creation, and competitive advantage. Strengthening these enterprises is crucial for integrating them into the Digital Economy, which is vital for the sustainability of Thailand's economic system. This research aims to: 1) examine the levels of family constitution, leadership style, generation cohort, innovation capability, and family business success for sustainable succession; 2) investigate how these factors, along with the strategic management process, influence family business succession and success; and 3) develop a model or framework to enhance the success of family businesses for sustainable succession. This research employs a mixed-methods approach, combining quantitative and qualitative research. The quantitative research involves a sample of 400 family business owners from the second generation onwards in Thailand, with the sample size determined based on a ratio of 20 times the number of observed variables and a stratified random sampling method. Data was collected through questionnaires and analyzed using structural equation modeling. Qualitative research involved in-depth interviews with 20 key informants, specifically successors of family businesses from the second generation onwards in Thailand. The findings revealed that: 1) family constitution and the strategic management process of family business succession are at a moderate level, while leadership style, generation cohort, innovation capability, and family business success for sustainable succession are at a high level; 2) these factors significantly influence family business success for sustainable succession at the 0.05 statistical significance level; and 3) the researcher developed a model for family business success for sustainable succession, named the FLGISF for Family Firm Model.