Browsing by Author "Elo-Pärssinen, Krista"

This thesis explores the concept of ownership competence in the context of family businesses through an integrative literature review. Family businesses are crucial to the global economy, contributing significantly to employment and wealth creation. Despite their prominence, the concept of ownership competence has been relatively unexplored in the existing research. This study synthesizes the existing literature by defining ownership competence as the specific knowledge, skills, and behaviors necessary for family business owners to manage ownership tasks effectively. This study focuses on the dimensions of ownership competence, identifying both hard and soft competencies. Hard competencies include general business skills, functional capabilities, decision-making skills, industry knowledge, (tacit) business knowledge, matching and governance competence, while soft competencies encompass emotional and relational skills, communication and entrepreneurial skills, motivation, and conflict management. The study also examines how ownership competence is acquired, emphasizing internal learning through mentorship, family governance, strategic involvement, and external learning through, for example, education, networking, and work experience outside the family business. This thesis concludes with the proposed framework for ownership competence. It identifies gaps in the current research, calling for a multilevel approach to further understand the individual, familial, and organizational aspects of ownership competence in family businesses. The findings aim to inform academics and practitioners about the critical role of ownership competence in ensuring business continuity and competitive advantage in family businesses.