The Cultural Foundations of Successful Family Business Management: Critical Review
This study intends to examines what makes Successful Family Business unique with a frame work Hofstede's
cultural dimension`s theory. Hofstede developed his original model, the original theory proposed four dimensions along
which cultural values could be analyzed: individualism-collectivism; uncertainty avoidance; power distance (strength of social
hierarchy) and masculinity-femininity (task orientation versus person-orientation). Independent research in Hong Kong led
Hofstede to add a fifth dimension, long-term orientation, to cover aspects of values not discussed in the original paradigm. In
2010, Hofstede added a sixth dimension, indulgence versus self-restraint. The theory has been widely used in several fields
as a paradigm for research, particularly in cross-cultural psychology, and this paper is a critical analysis of influence of cultural
dimension on the success of family business as a contribution for the existing literature.
Key Words- Family Business, Cultural Foundations, Review, Success.