Proper Cost Management, Knowledge Transfer, and Globalization

In: Business and Management

Submitted By srah
Words 1134
Pages 5
Proper Cost Management, Knowledge Transfer, and Globalization
For a
Successful Family Business

Abstract: Management of business accountants play an important role in planning, coordination with production, marketing, financial functions and finally with targeted profit. This study investigates whether proper management accountants in family businesses can contributes towards its success. Management and cost accountants need to be focused on the internal aspects of a business to keep it efficiently running and profitable. The paper also considers problems with knowledge transfer and globalization in a family run business through literature review and case studies including problems with family run businesses and makes suggestions to resolve those problems.
Introduction:

Introduction:

Most of the definitions of Family Business include least three dimensions: one or several families hold a significant part of the capital; family members retain significant control over the company, which depends on the distribution of capital and voting rights among nonfamily shareholders, with possible statutory or legal restrictions; and family members hold top management positions. (José Allouche). It has been suggested that profit maximization may have been inaccurately assumed to be the primary or even sole objective of a family business and that family firms often display a strong preference toward noneconomic outcomes (Thomas M. Zellweger) we find good reasons why family firms have a particular inclination to satisfy multiple stakeholders (Thomas M. Zellweger)

History: Family business currently faces the challenge of seeking legitimacy and resources, associated with disciplines and departments, while attempting to offer useful research, associated with multispecialty and multidisciplinary research. Family business is thus pulled in two directions just as…...

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