The Impact of Family Businesses on the Innovative Performance of the Tourism Industry in Pakistan

Authors : Ali Raza, Abdulmonam Selam A Elmajdub, Abdul Wajid, Kamran Khan

Pages : 32-46

View : 53 | Download : 94

Publication Date : 2024-06-30

Article Type : Research Paper

Abstract :The influence of family businesses on innovation in Pakistan\'s tourism sector, uncovering crucial factors that foster or impede innovation, and offering actionable advice for policymakers and family business owners to boost innovation and long-term viability. The research methodology employed a quantitative approach, utilizing a 300-question survey among Pakistan\'s tourism sector participants. A total of 300 responses were collected and analyzed using statistical techniques, including regression analysis, to examine relationships between variables and inform decisions on family business success and legacy. This study\'s findings reveal that teamwork, operation, strategy, culture, and innovative performance are crucial for organizational success and sustainability in Pakistan\'s tourism industry. Teamwork and innovative performance are key strengths, while operation and culture require improvement. Succession planning is vital for long-term success, and technology adoption and effective communication drive innovation. This study pioneers an exploration of the impact of family businesses on innovation in Pakistan\'s tourism industry, addressing a significant research gap. By examining the cultural, teamwork, operational, and strategic aspects of family businesses, this research provides novel insights into the factors that facilitate or hinder innovation, offering practical recommendations for policymakers and family business owners.
Keywords : Aile işi, Yenilik, Turizm, Sustainability