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Does female descendent Female

descendent
entrepreneur’s self-compassion entrepreneurs

and financial literacy matter

for succession success?
Zeshan Ahmad Received 11 July 2023
Revised 12 August 2023
Department of Management and Marketing, Faculty of Business and Economics, 12 August 2023
Universiti Malaya, Kuala Lumpur, Malaysia Accepted 13 August 2023

Shahbaz Sharif
School of Business and Management Sciences, Minhaj University Lahore,
Lahore, Pakistan
Iftikhar Ahmad
Hailey College of Banking and Finance, University of the Punjab, Lahore, Pakistan
Syed Muhammad Waseem Abbas
Bahauddin Zakariya University, Multan, Pakistan, and
Mussrat Shaheen
Riphah International University – Lahore Campus, Lahore, Pakistan

Abstract
Purpose – Present study investigated the influence of female descendent entrepreneur’s self-compassion on
the perceived succession success of small-family businesses (S-FB) with the mediating mechanism of financial
literacy.
Design/methodology/approach – The primary data was collected from 319 female descendent
entrepreneurs who were designated as chairwomen, and managing director positions in their retails sector
S-FBs. The purposive sampling technique was used to collect the data. The provided hypotheses are tested
using the partial least square structural equation modeling (PLS-SEM) technique. This study followed multiple
regression analyses to see the influence of self-compassion (mindfulness, self-isolation, self-judgment and
over-identification) on financial literacy and perceived succession success.
Findings – The results reveal that female descendent entrepreneurs mindfulness and over-identification
significantly increase but self-isolation decreases the likelihood of successful succession transition. Moreover,
female descendent entrepreneur’s financial literacy increases mindfulness and overidentification while it
decreases self-isolation and improves the likelihood of succession success. However, financial literacy does not
influence self-judgmental traits and perceived succession success.
Practical implications – This study highlights a vital issue, how the financial literacy of female descendent
entrepreneurs manages their self-compassion and increases the likelihood of succession success. In addition, it
covers a research gap and helps the S-FBs to improve their survival rate by focusing on the descendent
entrepreneur’s self-compassion and financial literacy.
Originality/value – This study contributes to the body of knowledge by emphasizing predictors that
influence the successful succession transition to subsequent generations. This study determines the influence
of self-compassion of female descendent entrepreneurs on perceived succession success and financial literacy
as a mediator by using the self-control theory. The study can be useful to family business consultants,
policymakers and family businesses.
Keywords Financial literacy, Self-compassion, Small-family business, Succession success
Paper type Research paper

1. Introduction Journal of Family Business

Management
Succession transition failure of small-family businesses (S-FB) into subsequent generations is © Emerald Publishing Limited
2043-6238
a matter of deep concern for family business researchers even before the onset of the DOI 10.1108/JFBM-07-2023-0102
JFBM COVID-19 pandemic (Jaufenthaler, 2023). Statistics reveal that the majority of family firms
struggle to endure beyond the second generation, with only about 30% managing to sustain
into this stage and a mere 3% successfully navigating beyond the third generation (Ahmad
and Yaseen, 2018). The succession transition failure of S-FBs has become more grievous, as
15% of small businesses closed down during the pandemic phase and still face the risk of
permanent closure (Engidaw, 2022). Despite this alarming situation, studies investigating the
factors that can improve the likelihood of successful succession transition of S-FB are scarce.
In addition, entrepreneurial literature demands further investigations to improve the survival
rate of S-FBs across generations (successful succession transition) (Ahmad et al., 2022b).
S-FBs are managed and controlled by family members (descendent entrepreneurs [1]).
Every descendent entrepreneur has different cognitive capabilities to handle complex
matters like succession. The descendent entrepreneur, either son or daughter, may play an
equally important role in the family business’s development and longevity, but the female
descendent entrepreneur role has largely been ignored in emerging economies (Khan et al.,
2021). Female descendent entrepreneurs face significant barriers, making them hesitant to
lead their S-FB (Chang et al., 2021). Brundin et al. (2023) revealed that 15% of female
descendent entrepreneurs quit their S-FB due to various psychological, social and religious
barriers.
Female descendent entrepreneurs are more vulnerable during crises in comparison to their
male counterparts (Iram et al., 2022b). Female-owned businesses faced greater challenges in
terms of their performance and survival across generations than male-owned businesses
(Iram et al., 2023a). Economic slowdown raises immense pressure on them to make crucial
decisions to survive during tough times (Gates et al., 2022). The chaotic situation due to
economic unrest hurt the cognitive approach and sentiment of female descendent
entrepreneurs (Santos et al., 2010). Scholars revealed that leadership styles, strategic
planning and financial management capabilities predict maintaining the S-FBs performance
(Łukowski, 2017). However, cognitive capabilities to deal with succession matters need more
investigation.
The cognitive capabilities of individuals are linked with the self-compassion (Zhou et al.,
2013). Self-compassion has gained attention of entrepreneurial scholars in recent years
(Ahmad et al., 2022a). Self-compassion entails mindful awareness of negative or positive
thoughts and emotions so that entrepreneurs may use a balance and equanimity approach
(Neff and Dahm, 2015). Self-compassion is double-edge sword that can lead the entrepreneur
to success or failure, depending on how it is practiced and applied (Yang et al., 2021).
Literature indicates that balancing positive or negative thoughts and emotions (self-
compassion) during dealing with complex matters like succession becomes difficult (Huy,
2002). That’s why high probability of a wrong decision decreases the likelihood of succession
success. Therefore a detailed examination of self-compassion in the context of S-FB is crucial
in order to gain a comprehensive understanding of its impact on the successful succession
transition of S-FB. So, the first research question is:
RQ1. Does female descendant entrepreneurs’ self-compassion increase the likelihood of
S-FB succession success?
S-FB researchers and stakeholders can gain deeper insight into the underlying process and
pathways through a mediating mechanism between self-compassion and perceived
succession success (Dodson and Heng, 2022). An entrepreneur’s financial knowledge is a
key factor that helps to make calculated decisions and improves a business’s profitability.
A profitable business is more likely to transact into subsequent generations (Ahmad et al.,
2018). Individuals with financial literacy can address their unique challenges regarding
access to capital and long-term financial success (Andriamahery and Qamruzzaman, 2022).
Financial literacy can help female entrepreneurs to obtain external funding to increase
sustainable performance. Despite the importance of financial literacy, the financial literacy Female
rate is lower among female entrepreneurs than male counterparts (Egbo et al., 2020). descendent
However, how financial literacy can help female descendent entrepreneurs effectively
manage their self-compassion and make informed decisions regarding investments, cost
entrepreneurs
management and expansion opportunities (Engel et al., 2021), which increases the likelihood
of succession transition needs further explanation. So, the second research question is:
RQ2. Does financial literacy mediates the relationship between female descendent
entrepreneur’s self-compassion and perceived succession success of S-FBs?
To obtain the answer to the proposed questions, this study collected the primary data from 319
female descendant entrepreneurs of S-FBs, who were designated as CEOs, managing directors or
chairwomen in their respective family businesses. The results of this study revealed that female
descendent entrepreneurs having mindfulness and over-identification characteristics can
successfully transact their S-FB into subsequent generations, but self-judgmental may not.
While self-isolated descendent entrepreneurs do not have an interest in their S-FB’s survival. In
addition, the financial literacy of descendent entrepreneurs improves their mindfulness and over-
identification to gauge the opportunities and results in a high likelihood of succession success.
Financial literacy contributes to decreasing the self-isolation of descendent entrepreneurs and
increasing the likelihood of succession success but self-judgment is not influenced by financial
literacy. This study used the self-control theory to explain the proposed model. The results are
helpful for S-FBs members and policymakers to induce policies and psychological well-being
programs. Results urge them to take initiatives to increase the financial literacy of female
descendant entrepreneurs so that they could compete psychologically during tough economic
situations and become able to transact their business into subsequent generations.

2. Literature review and hypothesis development

2.1 Self-compassion
Self-compassion is an essential psychological construct that has gained significant attention in
the field of psychology. Entrepreneurs face numerous challenges in their journey, including
uncertainty, failure and stress (Ahmed et al., 2022c). These challenges can have a detrimental
impact on their psychological well-being and performance. Self-compassionate entrepreneurs
recognize that being imperfect, failing and experiencing difficulties are inevitable, so they tend to
be gentle or critical of themselves when confronted with business losses (Yang et al., 2022). Being
gentle means acceptance of failure with a looser feeling, and critical means feeling pain and never
accepting failure. Both states of self-compassion may harm the family business’s longevity and
hinder the entrepreneur’s growth and success. In line with previous literature, self-compassion
has emerged as an important factor in the well-being and success of entrepreneurs (Ginting-
Szczesny et al., 2023). The self-compassion proposes four vital factors are: mindfulness, self-
isolation, self-judgment and over-identification (Muris et al., 2019). So, this study investigates the
influence of mindfulness, self-isolation, self-judgment and over-identification on perceived
succession success directly and through the financial literacy mechanism.

2.2 Mindfulness
Mindfulness refers to the ability to be fully present and aware of one’s thoughts, emotions and
bodily sensations in a non-judgmental way (Bayuk et al., 2022). Mindfulness allows
entrepreneurs to observe their experiences without getting entangled in them and helps them
to approach challenges with clarity and acceptance. In recent years, the mindfulness
characteristic of females in entrepreneurship has emerged as a critical matter (Gupta et al.,
2023). Previous researchers have examined the effect of mindfulness on entrepreneurial
JFBM decision-making (Iram et al., 2023b), stress management (Bressler and Bressler, 2020),
entrepreneurial intention (Ozcan et al., 2023), gender biases (Lassander et al., 2021) and social
expectations (Rosenkranz et al., 2019). Furthermore, the literature highlights female
entrepreneurs’ unique experiences and barriers in various contexts (Croce, 2020). These
studies have contributed to developing a comprehensive understanding of the mindfulness of
female entrepreneurs and the strategies they employ to navigate the complex landscape of
the entrepreneurship (Daradkeh, 2023). However, the literature is limited to the female
entrepreneur’s mindfulness toward the longevity of SMEs and S-FBs (Choong, 2017). The
existing literature emphasizes exploring mindfulness practices and strategies for business
growth and successful succession transition (Klaczak, 2023). To address this gap, scholars
have shifted their focus to exploring the role of female descendent entrepreneurs’ mindfulness
for successful succession transition.
2.2.1 Mindfulness and perceived succession success. Charoensukmongkol (2019) revealed
that mindfulness is positively associated with various aspects of entrepreneurial
performance. A study by Moder et al. (2023) found that entrepreneurs who practiced
mindfulness exhibited greater creativity and problem-solving abilities, which in turn,
increases their venture performance. Another study by Wang et al. (2023) showed that
mindfulness was positively related to entrepreneurs’ ability to manage stress and make
effective decisions in their businesses which result in improved business performance.
Previous studies have investigated the effect of male entrepreneurs’ mindfulness on the
business’s performance, but how female descendent entrepreneurs’ mindfulness influences
the longevity of S-FB needs answers. So, the proposed hypothesis is
H1a. Mindfulness of female descendent entrepreneurs has a positive relationship with
perceived succession success.

2.3 Self-isolation
Self-isolation refers to entrepreneurs’ tendency to disengage from social contacts and support
systems due to the challenging nature of their business and the pressure they may feel to
perform progressively (Thukral, 2021). Self-isolation can be detrimental to an entrepreneur’s
well-being, leading to feelings of loneliness, exhaustion and a lack of drive to pursue their
entrepreneurial ambitions. Entrepreneurship researchers have been interested in the self-
isolation of female entrepreneurs. Studies have acknowledged the need to explore the specific
problems posed by entrepreneurs who prefer to explore entrepreneurial endeavors in isolation
(Murnieks et al., 2020). Studies indicate that female entrepreneurs have significantly different
traits than male entrepreneurs, including sanity, self-isolation, fear of rejection and personal
fulfillment (Agarwal et al., 2020). However, researchers have been driven to investigate self-
isolation’s influence on female-led firms’ growth and progress (Courtin and Knapp, 2017). This
literature also acknowledges that female entrepreneurs are likelier to establish smaller firms
and endure slower growth than male entrepreneurs (Mu~ noz-Fernandez et al., 2019). In addition,
there is a dearth of studies on how the self-isolation of female entrepreneurs affects the long-
term survival and successful transition of business into subsequent generations.
2.3.1 Self-isolation and perceived succession success. Existing studies have found that
entrepreneurs who engage in higher levels of self-isolation tend to experience lower levels of
business performance (Yustian, 2021). Research conducted by van Baal et al. (2022) found
that self-isolation was negatively related to business growth and profitability. Furthermore,
Shevchenko et al. (2023) found that self-isolation was associated with higher stress levels and
lower job satisfaction levels among entrepreneurs. The results suggest that self-isolation
might be harmful to the entrepreneur and their business performance. Furthermore, Penco
et al. (2022) revealed that self-isolation was linked with decreased creativity and innovation
among entrepreneurs. Alameeri et al. (2021) revealed that self-isolation hinders an
entrepreneur’s ability to generate new ideas and adapt to changing market conditions, Female
ultimately impacting their business performance. Literature indicates that an entrepreneur’s descendent
self-isolation has a negative effect on the business’s performance (Alanzi et al., 2021).
However, there is limited research in the context of S-FB and the literature needs the answer
entrepreneurs
that, whether a descendent entrepreneur’s self-isolation may hinder or support the smooth
transition of S-FB into subsequent generations. So, the deduced hypothesis is:
H2a. Self-isolation of female descendent entrepreneurs has a negative relationship with
perceived succession success.

2.4 Self-judgment
Self-judgment is the process through which people analyze and judge themselves in light of
their own internal norms, principles and beliefs (Fong et al., 2023). Self-judgment is subjective
and can negatively affect an entrepreneur’s self-esteem, drive and fundamental well-being.
Literature on the self-judgment of entrepreneurs, particularly focusing on female entrepreneurs,
is still developing (Vossenberg, 2013). Scholarships investigated the role of self-judgment in
various contexts like career decision-making (Griffin, 2020), personal development (Radu, 2017)
and leadership (Bj€orkstr€om et al., 2008). In addition, female self-judgment has been studied in
the context of gender stereotypes (Rusch et al., 2008) and cultural influences (Cheung et al.,
2023). However, when it comes to the context of entrepreneurship, literature on the self-
judgment of female entrepreneurs is relatively limited. Few studies have investigated the link
between self-judgment and entrepreneurial performance (Widodo and Santoso, 2023), but the
concept of a female descendent entrepreneur’s self-judgment and its role toward the successful
succession transition needs investigation.
2.4.1 Self-judgment and perceived succession success. Self-judgment is linked with
entrepreneur’s success and business performance (Simarasl et al., 2022). One study conducted
by Neneh (2022) found that entrepreneurs who had higher levels of self-judgment were more
likely to have higher levels of entrepreneurial self-efficacy and resilience, which in turn
positively influenced their business performance. Furthermore, self-judgment has been
connected to an entrepreneur’s capacity to manage and navigate through problems and
setbacks efficiently (H€agg, 2021). Feelings of inadequacy, self-doubt and self-criticism can
result from self-judgment (Zhao et al., 2021). These negative feelings might make it difficult
for an entrepreneur to take risks, make decisions and explore possibilities (Cubbon et al.,
2021). The literature suggests an inconsistency in the association between self-judgment and
business performance. However, the impact of female descendant entrepreneurs’ self-
judgment on the effective succession shift of S-FB to subsequent generations is generally
unexplored and requires further exploration. So, to fill this gap, the proposed hypothesis is:
H3a. Self-judgment of female descendent entrepreneurs has a negative relationship with
perceived succession success.

2.5 Over-identification
Over-identification has been used in psychology and sociology domains. Psychology
researchers have examined the individual’s over-identification with identities, behaviors and
emotions (Ellemers et al., 2019). While sociology researchers used over-identification of
individuals with specific social settings and occupations (Franco et al., 2022). However, the
over-identification construct has rarely been used in the entrepreneurial context (Elahi et al.,
2022). Literature pointed out to examine the effect of the over-identification of female
entrepreneurs on various aspects of their entrepreneurial behavior, such as their attitudes
toward their businesses (Subramaniam and Masron, 2022), adoption of entrepreneurial
values (Li et al., 2021a), business performance and longevity (Bettinelli et al., 2022). So, there is
JFBM a gap in the literature regarding exploring over-identification among female entrepreneurs
and the transition of S-FB into subsequent generations.
2.5.1 Over-identification and perceived succession success. Entrepreneur’s over-
identification is a psychological concept that refers to the extent to which an entrepreneur
personally identifies with their role as a business owner or with their venture (Hartmann et al.,
2022). This concept has gained attention in the domain of entrepreneurship as it has been
found to have implications for an entrepreneur’s psychological well-being and organizational
performance (Chen et al., 2021). Several studies have examined the relationship between an
entrepreneur’s over-identification and their performance in various contexts (Reddy and
Wellalage, 2023). For example, a study by Dorta-Afonso et al. (2021) found that entrepreneurs
who over-identify with their business tend to have higher levels of motivation and
commitment, which can in turn positively impact their performance.
Another study by Long et al. (2023) found that over-identification with a venture can also
lead to tunnel vision and an inability to critically evaluate the viability and potential flaws of
the business, which can ultimately hinder performance. Additionally, research has shown
that over-identification can have both positive and negative effects on an entrepreneur’s
performance depending on the context (Ghardallou et al., 2020). Coaston and Lawrence (2022)
revealed that a tendency to over-identify can make people reluctant to ask financial experts
for assistance or advice. This can further contribute to poor financial decision-making and
hinder the success of a family business. But, whether female descendent entrepreneur’s over-
identification can influence the succession transition of S-FB remains largely unexplored in
the existing literature. So, the proposed hypothesis is:
H4a. Over-identification of female descendent entrepreneurs has a relationship with
perceived succession success.

2.6 Financial literacy

The concept of financial literacy has been investigated in various contexts. Some studies have
examined the relationship between financial literacy and financial behavior (Rahman et al.,
2021b). Other studies have focused on the impact of financial literacy on investment decisions
(Adil et al., 2022). These studies have found that individuals with higher levels of financial
literacy are more likely to make informed and effective investment decisions. However,
limited studies have investigated female entrepreneurs’ financial literacy. Fauzi et al. (2020)
found that the financial literacy rate of female entrepreneurs is significantly low. Other
studies have explored the impact of the financial literacy of female entrepreneurs on
investment decision-making (Iram et al., 2021). But, how the financial literacy of female
descendent entrepreneurs contributes to resolving complex matters like succession needs
further investigation.
2.6.1 Mediating mechanism. Mindfulness has a direct impact on several areas of
entrepreneurial success, including creativity, problem-solving skills, stress management and
decision-making efficacy (Panditharathne and Chen, 2021). However, the mechanism through
which mindfulness influence these outcomes remains unknown. To fill this gap in the
literature, it is critical to investigate mediating variables that may explain the association
between a descendent entrepreneur’s mindfulness and the success of a family business
succession. Financial literacy is essential for entrepreneurs because it allows them to manage
their financial resources properly and make wise decisions (Usama and Yusoff, 2019).
Number of studies have found that entrepreneurs with greater levels of financial literacy
have better financial management practices, which improves their firm performance and
financial outcomes (Goyal and Kumar, 2021). Furthermore, prior study has discovered a
favorable association between financial literacy and mindfulness, implying that entrepreneurs
with financial education have higher levels of mindfulness (Iram et al., 2023b). Mindful
entrepreneurs were more likely to engage in financial planning and decision-making activities, Female
resulting in better financial outcomes for their enterprises (Yu et al., 2022). How the financial descendent
literacy of a descendent entrepreneur in a family business may increase their mindfulness and
subsequently succession success is still unexplored. Given the importance of financial literacy
entrepreneurs
in successful succession transition, it is plausible to hypothesize that a female entrepreneur’s
financial literacy may serve as a mediator between mindfulness and perceived succession
success in family businesses. So, the proposed hypothesis is:
H1b. Financial literacy of female descendent entrepreneurs mediates the relationship
between mindfulness and perceived succession success.
Female entrepreneurs’ financial literacy phenomenon has gained attention (Iram, Bilal,
Ahmad and Latif, 2022a). Literature indicates that financial literacy has a positive effect on
business performance (Tuffour et al., 2022). A higher level of financial literacy is associated
with greater profitability and growth of a business (Baker et al., 2019). However, self-isolated
entrepreneurs may face psychological barriers in accessing financial education and resources
(Branicki, 2020). This could potentially limit the financial literacy of isolated entrepreneurs
and impact their ability to make informed financial decisions for their businesses. The
literature shows the limitation of previous studies, about the role of self-isolated female
descendent entrepreneur’s financial literacy in the success or failure of a family business in
subsequent generations. So, the proposed hypothesis is:
H2b. Financial literacy of female descendent entrepreneurs mediates the relationship
between self-isolation and perceived succession success.
Financial literacy is a crucial factor for entrepreneurial success and sustainability. One study
conducted by Kulathunga et al. (2020) revealed that financial knowledge is key to achieving
competitive advantage among firms. The study conducted by Ye and Kulathunga (2019) found
that financial literacy has a significant effect on an individual’s performance. Entrepreneurs
who have self-judgment and low levels of financial literacy find it difficult to manage their
finances, make informed decisions regarding investments, allocate resources and navigate
through financial challenges (Harahap et al., 2022). However, the available literature does not
provide a clear consensus on the impact of self-judgmental descendent entrepreneurs on
financial literacy and the subsequent success of family businesses across generations. So, this
study investigates the mediating role of financial literacy on the relationship between self-
judgment and perceived succession success of S-FB. So, the proposed hypotheses are:
H3b. Financial literacy of female descendent entrepreneurs mediates the relationship
between self-judgment and perceived succession success.
The financial literacy of an entrepreneur plays a crucial role in their ability to effectively
manage and grow their business. Arya and Singla (2022) have found that entrepreneurs with
high levels of financial literacy are more likely to find out opportunities to secure funding,
make informed financial decisions and have better overall business performance. Literature
reveals that over-identification leads to increased stress, anxiety and burnout among
entrepreneurs, which can negatively impact their decision-making abilities and hinder their
financial literacy development (Rahman et al., 2021a). Furthermore, poor financial literacy can
lead to inadequate management practices and restrict entrepreneurial activity (Alshebami
and Al Marri, 2022). The link between over-identification and financial literacy has not been
extensively studied in the context of entrepreneurship (Li and Qian, 2020). So, the mediating
link of female descendent entrepreneur’s financial literacy in the relationship between over-
identification and succession transition of a family business remains unclear. So, the
proposed hypothesis is:
JFBM H4b. Financial literacy of female descendent entrepreneurs mediates the relationship
between over-identification and perceived succession success.

2.7 Theoretical framework

The psychological functioning of people in general and business owners, in particular, can be
studied using the technique of self-compassion. The four highly predictive dimensions of self-
compassion—mindfulness, self-isolation, self-judgment and over-identification—were
examined in the current study because researchers can combine both positive and negative
dimensional combinations (Kumlander et al., 2018). This research endorses up the self-control
theory to explain the model (Kotabe and Hofmann, 2015). According to the self-control theory,
exercising self-control is an essential executive function for achieving personal objectives. It is a
cognitive process for controlling behavior in the service of individual objectives. Successful self-
control has been correlated with career achievement and business success (Ahmad et al., 2022a).
This sophisticated executive function enables us to restrain our own impulsive behavioral
responses. Higher-order objectives, desire-goal conflict and control capability are elements of
the self-control theory (Halfmann, 2021). When a person’s desire to attain goals becomes at least
partially or completely incompatible with higher-order goals like high profitability and
performance of the firm, this is known as a desire-goals conflict, which can lead to self-
judgment. In order to control desires, control efforts are effective at controlling nonmotivational
cognitive resources. When entrepreneurs do not find the needed potential to fulfill business
goals, control desires grow and cause self-isolation. The motivation to perform better through
cognitive activities is provided by a higher-order goal, which is primarily a cognitive construct
linked to an endorsed end state (mindfulness). Persuasion of goals by means of mindfulness/
cognitive anticipation is associated with the declarative expectation of long-term benefits for
the business. Entrepreneurs who overly identify with their business goals become dedicated to
achieving high levels of performance and profitability (Chanana and Sangeeta, 2021).
In addition, financial literacy improves the effectiveness of self-control in entrepreneurs by
providing them with the necessary knowledge and skills to make informed financial decisions
and effectively manage their financial resources, leading to greater business success across
generations.

3. Methodology
3.1 Sample and data collection
We used a cross-sectional technique to collect the primary data from the descendent
entrepreneurs of Malaysian S-FBs. COVID-19 severely hit the Malaysian S-FBs. Declined
sales trends or S-FB’s shutdown raised psychological pressure among descendent
entrepreneurs (Haltiwanger, 2022). Therefore, descendent entrepreneurs of Malaysian S-
FBs may support us in gauging the effect of female descendent entrepreneurs’ self-
compassion on perceived succession success. S-FBs were tracked through the available list at
the Malaysian SME Corporation in the three oldest districts: Kuala Lumpur, Melaka and
Johor Bahru, which have large numbers of S-FBs.
The researchers considered a few conditions to filter out the exact S-FBs: (1) S-FB has been
in existence for over five years, (2) two or more family members are in charge of the family
firm and (3) the number of employees is below 200. The S-FB’s CEO, chairwoman, or
managing directors were focused on collecting the data. The contact details to approach the
respondents were provided by SME-Corp Malaysia. To gain more meaningful results, our
research focused solely on the retail sector (Knight et al., 2020). The retail sector is the highest
contributor toward the Malaysian GDP, and focusing on a single sector would offer better
insight into that sector without complexities (Sakrabani et al., 2019).
 In this study, descendent entrepreneurs who belong to the second-generation or Female
subsequent generations of S-FB were the unit of analysis. The study concentrated on the descendent
highest designation ranked female descendant entrepreneurs. Since such descendent
entrepreneurs set the direction of their S-FB by using the power of their designation (Gagne
entrepreneurs
et al., 2011), which results in S-FB’s failure or successful transaction into subsequent
generation (Ahmad et al., 2023).
A list of 479 female descendant entrepreneurs was compiled based on volunteer
participation. Female descendent entrepreneurs were contacted according to their set
appointment date and time. Considering the convenience of female descendent
entrepreneurs, this study used three mediums to collect the responses: (1) face-to-face, (2)
What’s App and (3) Email. We received back 432 questionnaires. We excluded 113
questionnaires due to incomplete responses and inappropriate respondents. The details are
24 questionnaires were incomplete with valid reason descriptions. Thirty-nine
questionnaires were discarded due to S-FBs having more than 200 employees, 21
descendent entrepreneurs were not designated as CEO, chairwoman or managing directors,
while the age of 19 S-FBs was below five years, and family of ten female descendent
entrepreneurs had a share below 50%. Thus, 113 questionnaires were discarded before any
reliability and validity testing. 319 questionnaires were finalized for data analysis. The
personal information of participants revealed that 69% were middle-aged (i.e. between 40
and 60 years old) and rest were below 40 years of age. While 62% belonged to 2nd, 23%
from 3rd and 8% from 3rd generation. This study used PLS-SEM by using Smart-PLS
software for data analysis. There are a few reasons for using PLS-SEM. (1) It’s second-
generation software with the capability to deal with data multicollinearity issues. (2)
Despite the low number of responses, it provides reliable and valid results. (3) PLS-SEM
deals with the formative measurement constructs (Sarstedt and Cheah, 2019).

3.2 Common method bias

Before commencing data collecting, we took the following action to eliminate common
method bias:(1) The close-ended instrument was accompanied by a cover letter and explicit
consent form; (2) Responses from respondents were treated with confidentiality; (3) The
questionnaire was divided into distinct sections; and (4) A marker variable, “attitude toward
the color blue” was utilized (Cooper et al., 2020). In addition Massey and Tourangeau (2013)
noted that bias was likely due to the significant non-response rate. Consequently, this study
also investigated the non-response bias.

3.3 Non-response bias

To evaluate non-response bias, we followed the two steps below. The dataset was first split in
two parts. Two parts (the first 25% and the last 25% of responses) were analyzed for sales
and years in business (Fricke et al., 2020). The ANOVA test findings showed that there was no
discernible difference between the two parts of the data set. The Mann–Whitney U test was
further employed to compare respondents and non-respondents of small family firms;
however, the results were non-significant. It is intriguing that some non-respondents returned
the survey with few portions completed and mentioned a lack of time as the reason for their
inability to reply. In light of these variables, it was determined that non-response bias was
minimal (Cheung et al., 2017).

3.4 Measures
Self-compassion - The four components of self-compassion (mindfulness, self-isolation, self-
judgment and over-identification) have four items (Neff, 2003). It was measured on a five-
JFBM Likert scale ranging from “Not at all true for me” to “Very true for me”. Four self-judgment
items are as follows: (1) “When I see aspects of myself that I don’t like, I get down on myself”,
(2) “When times are really difficult, I tend to be tough on myself”, (3) “I can be a bit cold-
hearted toward myself when I’m experiencing suffering”, (4) “I’m disapproving and
judgmental about my own flaws and inadequacies.” The items of isolation construct are (1)
“When I fail at something that’s important to me I tend to feel alone in my failure”, (2) “When I
think about my inadequacies it tends to make me feel more separate and cut off from the rest
of the world”, (3) “When I’m feeling down I tend to feel like most other people are probably
happier than I am” (4) “When I’m really struggling I tend to feel like other people must be
having an easier time of it”. The items of mindfulness are (1) “When something upsets me I try
to keep my emotions in balance” (2) “When I’m feeling down I try to approach my feelings
with curiosity and openness”, (3) “When something painful happens I try to take a balanced
view of the situation”, (4) “When I fail at something important to me I try to keep things in
perspective” The items of over-identification scale are (1) “When something upsets me I get
carried away with my feelings”, (2) “When I’m feeling down I tend to obsess and fixate on
everything that’s wrong”, (3) “When something painful happens I tend to blow the incident
out of proportion” and (4) “ When I fail at something important to me I become consumed by
feelings of inadequacy”.
Perceived Succession Success – We adopted the perceived succession success scale and
measured on a 5-point Likert scale (Venter et al., 2005; Cabrera-Suarez and Martın-Santana, 2012;
Mussolino and Calabro, 2014; Sharma et al., 2001). We measure the perceived succession success
using the following items: (1) “Relationships of my family business with suppliers, customers,
financial institutions, etc., have not been damaged by the change of management”, (2) “My
expectations for the future of this family business are favorable”, (3) “Family business has
improved its strength and competitive position since I have been working in it”, (4) “ The working
atmosphere and employee satisfaction have improved”, (5) “My family is satisfied with the
evolution of this family business” and (6) “I am satisfied professionally with the evolution of the
succession process”.
Financial Literacy - The financial literacy scale was validated by (Iram et al., 2022b). There
are five elements in this construct and measured by using a 5-point Likert scale. The elements
are (1) “I have knowledge about financial risk”, (2) “I have knowledge about costs associated
with financial products/services”, (3) “In this organization, members can easily compute
interest rates”, (4) “I can easily understand the simple financial terms”, (5) “I have knowledge
about the key features of financial products/services”.

3.5 Conceptual framework

Social learning Theory

Financial Literacy

Self-Compassion Perceived Succession

Success

Direct effect: Mediang effect

Source(s): Created by author

3.6 Reliability and validity Female
a) Exogenous constructs descendent
Each exogenous construct (mindfulness, self-isolation, self-judgment, over-identification and
entrepreneurs
financial literacy) had a Cronbach’s alpha of around 0.7, as recommended by Arulogun et al.
(2020). In addition, AVE (average variance extracted) exceeds 0.5 (Hair et al., 2012). The factor
loading of each reflective construct is higher than 0.6, and the significance level (p < 0.000)
(Hair et al., 2020). It ensures that all indicators are identical and have achieved AVE values
greater than 0.5. Therefore, the convergent validity of each scale is achieved (Hair et al., 2020)
and provided in Table1.
b) Endogenous Construct
The perceived succession success construct is formative, indicating convergent validity as
the redundancy analysis value is above 0.7 (Hair et al., 2019). Since all of the VIF values for the
indicators are less than 5, there is no multicollinearity problem (Hair et al., 2019). Some of the
elements have insignificant outer weight values. Each element’s value was greater than 0.5
and statistically significant when examined using outer loading (Hair et al., 2019). The
reliability and validity of endogenous construct, perceived succession success is provided in
Table 2..
c) Discriminant Validity
The values of the Fornell-Larcker test in Table 3 are under standard values, and HTMT values
in Table 4 are below 0.85. Therefore, there is discriminant validity in this measurement model.

Internal
Convergent validity consistency Reliability
Outer Indicator Composite Cronbach’s
loading reliability t-value AVE reliability α
Constructs Indicators >0.7 >0.5 >2 >0.5 >0.7 >0.7
Mindfulness MF1 0.915 21.376 0.000 0.747 0.921 0.892
MF2 0.889 8.160 0.000
MF3 0.875 5.381 0.002
MF4 0.770 21.470 0.000
Self-isolation SI1 0.819 23.573 0.000 0.702 0.903 0.867
SI2 0.872 8.327 0.000
SI3 0.837 4.783 0.030
SI4 0.839 2.855 0.000
Self-judgment SJ1 0.753 32.143 0.000 0.642 0.843 0.738
SJ2 0.929 72.828 0.000
SJ3 0.888 21.873 0.000
SJ4 – – –
Financial FL1 0.909 23.507 0.000 0.825 0.950 0.929
literacy FL2 0.917 76.167 0.000
FL3 0.915 60.345 0.001
FL4 0.891 205.75 0.000
Over- O-i1 0.819 19.432 0.002 0.709 0.907 0.863
identification O-i2 0.872 21.382 0.001
O-i3 0.837 20.981 0.000 Table 1.
O-i4 0.839 20.458 0.000 Exogenous construct’s
Source(s): Author’s own calculation- reliability and validity
JFBM Convergent
Collinearity validity
Outer Redundancy
loading t-value VIF analysis

Indicators >0.6 >1.96 <5

Perceived Succession PSS1 0.330 7.454 1.486 0.394
Success PSS2 0.619 9.438 1.928
PSS3 0.664 8.741 3.564
Table 2. PSS4 0.993 46.622 1.996
Endogenous PSS5 0.881 42.697 2.203
construct’s reliability PSS6 0.952 45.771 2.516
and validity Source(s): Author’s own calculation

Constructs FL MF O-I PSS S-J S-I

FL 0.908
MF 0.625 0.864
O-I 0.736 0.656 0.842
PSS 0.670 0.500 0.651
S-J 0.469 0.484 0.632 0.428 0.801
S-I 0.166 0.150 0.123 0.127 0.180 0.838
Note(s): n 5 319. MF 5 Mindfulness; SI5 Self-Isolation; SJ5Self-Judgment; FL5Financial literacy; PSS5
Table 3. Perceived Succession Success
Fornell–Larcker test Source(s): Author’s own calculation

Constructs FL MF O-I S-J S-I

FL 0.000
MF 0.625
O-I 0.816 0.684
S-J 0.525 0.527 0.730
S-I 0.161 0.134 0.131 0.195
Note(s): n 5 319. MF 5 Mindfulness; SI5 Self-Isolation; SJ5Self-Judgment; FL5Financial literacy; PSS5
Table 4. Perceived Succession Success
HTMT Source(s): Author’s own calculation

4. Results
The findings of the association between the independent and dependent constructs are
presented in Table 5. The mindfulness of descendent entrepreneurs (H1a: β 5 0.165-
t 5 4.349) has a positive connection with perceived succession success. The self-isolation of
descendent entrepreneurs (H2a: β 5 0.042 and t 5 3.353) has a negative connection with
perceived succession success. The self-judgment of descendent entrepreneur’s (H3a:
β 5 0.023 and t 5 0.903) has an insignificant relationship with perceived succession
success. The over-identification of descendent entrepreneurs (H4a: β 5 0.395 and t 5 8.179)
has a positive relationship with perceived succession success. The descendent entrepreneur’s
financial literacy (H5: β 5 0.670 and t 5 21.413) has a positive relationship with perceived
succession success.
 Table 6 reveals the results of mediating mechanism that explains how financial literacy Female
mediates between self-compassion (mindfulness, self-isolation, self-judgment and over- descendent
identification) and perceived succession success. The results show that financial literacy
mediates the relationship between mindfulness (H1b: β 5 0.165 and t 5 4.349) and perceived
entrepreneurs
succession success. Financial literacy mediates the relationship between self-isolation (H2b:
β 5 0.395 and t 5 7.689) and perceived succession success. While financial literacy does not
mediate the relationship between self-judgment (H3b: β 5 0.023 and t 5 n.g) and perceived
succession success. In addition, financial literacy mediates the relationship between over-
identification (H4b: β 5 0.042 and t 5 2.347) and perceived succession success.
The statistical framework of the study is provided in Figure 1 for a complete
understanding of the direct and moderating mechanism.

5. Discussion and conclusion

This study investigated the effect of female descendent entrepreneurs’ self-compassion
(mindfulness, self-isolation, self-judgment and over-identification) on perceived succession
success. In addition, it investigated the mediating effect of financial literacy in the
relationship between self-compassion (mindfulness, self-isolation, self-judgment and over-
identification) and the perceived succession success of S-FBs.

5.1 Direct relationship

The results of hypothesis H1a revealed that female descendent entrepreneur’s mindfulness
has a positive relationship with perceived succession transition (H1a 5 Accepted). Li et al.
(2021b) also supported that mindful individuals effectively manage the challenges and
uncertainties that come with achieving high performance. We can deduce that female
descendent entrepreneurs having mindfulness gauges the short-term and long-term effects of
their decisions on their business performance and family bonds. Their vigilant and calculated

Hypothesis Path Coefficient Std. Dev t-value Q2 R2 f2 VIF Supported

H1a MF → PSS 0.165 0.038 4.349 0.017 2.761 Yes

H2a S-I → PSS 0.042 0.018 2.347 0.023 3.353 Yes
H3a S-J → PSS 0.023 0.025 0.903 0.026 2.098 No
H4a O-I →PSS 0.395 0.051 7.689 0.094 8.179 Yes
H5 FL →PSS 0.670 0.031 21.413 0.12 0.449 1.225 3.397 Yes
Note(s): n 5 319. MF 5 Mindfulness; SI5 Self-Isolation; SJ5Self-Judgment; FL5Financial literacy; PSS5 Table 5.
Perceived Succession Success Boot strapping – direct
Source(s): Author’s own calculation relationship

Hypothesis Path Coefficient Std. Dev t-value Q2 R2 f2 Supported

H1b MF→FL→PSS 0.165 0.038 4.349 0.081 Yes

H2b S-I→FL→PSS 0.042 0.018 2.347 0.009 Yes
H3b S-J→FL→PSS 0.023 0.025 0.903 0.002 No
H4b O-I→FL→PSS 0.395 0.051 7.689 0.403 0.582 0.365 Yes
Note(s): n 5 319. MF 5 Mindfulness; SI5 Self-Isolation; SJ5Self-Judgment; FL5Financial literacy; PSS5 Table 6.
Perceived Succession Success Boot strapping –
Source(s): Author’s own calculation mediating relationship
JFBM

Figure 1.
Statistical framework

decisions increase the likelihood of a successful succession transition. Self-control theory

contributes to explaining that mindfulness allows descendent entrepreneurs to regulate their
emotions and thoughts, leading to better decision-making and problem-solving abilities.
Mindful female descendent entrepreneurs enhance their self-regulation and become more
focused and disciplined in their business endeavors. They take prior action by anticipating
potential challenges and obstacles in their succession process due to changes in customer
demands and market trends. In addition, mindful descendent entrepreneurs improve their
coping strategies to deal with uncertain succession matters during an economic downturn.
Thus, the high mindfulness of the descendent entrepreneur helps them calculate their
decisions’ long-term effect on the sustainable performance and, subsequently, successful
succession transition of their S-FB.
Self-isolation has a negative association with perceived succession success
(H2a 5 Accepted). Weinstein and Nguyen (2020) also support the result of this hypothesis,
as they revealed that self-isolated individuals may be more likely to experience feelings of
loneliness and isolation, leading to decreased motivation and productivity. We can deduce
that female descendant entrepreneurs who isolate themselves and lack social connections
may face challenges in achieving successful succession transitions. They may lack the
necessary support and resources, both financial and emotional, to effectively navigate the
complexities of succession planning. Relying on the self-control theory, it can be explained
that female descendant entrepreneurs who isolate themselves may have limited access to
valuable information, resources and supportive networks that could hinder their succession
transition. Furthermore, female leaders often face additional obstacles and challenges due to
gender stereotypes and biases. These barriers can contribute to feelings of isolation and
limited access to support systems, further hindering their ability to successfully manage
succession processes.
The results of H3a reveal no relationship between self-judgment and perceived succession
success (H3a 5 Rejected). Mroz (2023) also support these findings and found that self-
judgment may have lower levels of confidence and self-esteem, which can negatively impact Female
their motivation. It can be inferred that female descendent entrepreneurs who engage in self- descendent
judgment may have a lower perception of their capabilities, be less likely to take risks or seek
out growth opportunities for the successful succession of their S-FB, resulting in succession
entrepreneurs
failure. The lens of self-control theory provides further insight into this relationship, as it
suggests that self-judgmental female descendent entrepreneurs may have lower levels of self-
control, which can hinder their ability to effectively make strategic decisions to preserve the
business’s success across generations. In addition, self-judgmental descendent entrepreneurs
undermine their confidence, have lower motivation and a decreased willingness to take risks.
Thus, they might be reluctant to seek opportunities which would raise hurdles and result in
succession failure.
Moreover, a high level of over-identification with the business was found to positively
affect perceived succession success (H4a 5 Accepted). Elliott et al. (2020) also support this
finding, stating that entrepreneurs who feel a strong sense of ownership and identification
with their business are more likely to invest time and effort into its growth and success. We
can infer that female descendent entrepreneurs who have a high level of over-identification
with the business are more likely to perceive their succession success as higher. Furthermore,
female descendent entrepreneurs with a high level of over-identification may also be more
motivated to seek professional support for the successful business transition, as they have a
strong emotional attachment and sense of responsibility toward its success. Relying on the
self-control theory, it can be deduced that female descendant entrepreneurs with a strong
over-identification with the business may be more motivated to take proactive measures to
ensure a smooth succession transition, such as implementing effective succession plans.
These measures are taken to maintain the legacy and reputation of the S-FB across
generations. Female descendent entrepreneurs with a strong sense of ownership and
identification with their business are more likely to exert self-control and make decisions
aligning with their values and the survival of S-FB across generations.

5.2 Mediating relationship

The financial literacy of female descendant entrepreneurs mediates the relationship between
mindfulness and perceived succession success (H1b 5 Supported). Babajide et al. (2021) also
support these findings, stating that financially literate individuals have a better
understanding of earning sustainable profits and performance. We can deduce that
financial literacy equips female descendant entrepreneurs with the knowledge and skills to
make informed financial decisions, manage their resources effectively and allocate their
investments by applying their mindfulness abilities. They are able to evaluate the financial
implications of their decisions and ensure the long-term sustainability of their business
during the succession process. Financial literacy, combined with mindfulness, enables female
descendant entrepreneurs to navigate the complexities of succession and make informed
financial decisions for a successful succession transition. Through the lens of self-control
theory, it can be argued that female descendant entrepreneurs with high levels of financial
literacy are able to regulate their impulses and emotions when faced with financial decisions.
These individuals are better equipped to resist the temptation of making impulsive and
emotional decisions and, instead, consider the long-term implications and potential risks
associated with their investment choices. This self-control and rational decision-making are
particularly important in the context of succession planning, where the business’s future and
the family’s financial well-being are at stake.
The results of hypothesis H2b indicate that financial literacy negatively mediates the
relationship between self-isolation and perceived succession success (H2b 5 supported).
Buheji and Ahmed (2020) also support these findings. They revealed that individuals who
JFBM engage in self-isolation are less likely to seek out opportunities for growth or take calculated
risks due to their limited social network and poor analytical approach and education. We can
deduce that a lack of social connections (self-isolation) can result in a limited understanding of
financial concepts and strategies, making it more difficult for female descendant
entrepreneurs to effectively manage their financial resources and make informed decisions
for the successful transition of their business into subsequent generations. Self-control theory
helps to explain that self-isolated descendant entrepreneurs may lack the self-control to
manage their finances and make strategic financial decisions for their S-FB’s secure future
and longevity. In addition, self-isolated female descendent entrepreneurs do not want to face a
dynamic business environment. Despite their financial literacy, they underestimate their
capabilities to deal with complex financial matters, resulting in less likelihood of succession
success.
Hypothesis H3b reveals that financial literacy does not mediate the relationship between
self-judgment and perceived succession success (H3b 5 Rejected). According to Zhang et al.
(2022), financial literacy does not influence the self-judgment of an individual. We can deduce
that despite having financial knowledge and skills, descendant entrepreneurs who engage in
self-judgment may still perceive their succession success as lower. Rely on the self-control
theory, it can be explained that self-judgment is based on internal perceptions and
evaluations rather than external factors such as financial literacy. Therefore, financial
literacy may not play a role in a successful succession transition due to the self-judgmental
characteristics of female descendant entrepreneurs. In addition, self-judgment can lead to
lower levels of self-confidence and self-esteem, which may contribute to a decreased
willingness to actively seek out opportunities and take risks, regardless of their level of
financial literacy. Thus, financial literacy may not be the primary determinant of perceived
succession success for female descendant entrepreneurs who engage in self-judgment.
However, several other factors, such as family dynamics and external resources, may help the
female descendent entrepreneur to control her self-judgment and improve the chances of a
successful succession transition.
Furthermore, H4b results show that over-identification increases perceived succession
success, and that this link is partially mediated by financial literacy (H4b 5 supported).
Al Barrak et al. (2023) revealed that people who have a strong sense of over-identification with
their firm are more inclined to prioritize its success and invest the required resources and
attention to ensure its long-term survival. We can infer that female descendant entrepreneurs
with high over-identification with their S-FB may exhibit a greater understanding of financial
management and decision-making. This understanding of financial literacy may contribute
to their perceived succession success, as they can make informed and strategic financial
decisions to support the growth and sustainability of their S-FB across generations. The lens
of self-control theory enlightens that descendant entrepreneurs who over-identify with their
business’s performance are more likely to engage in proactive financial management
practices, such as seeking financial education and making informed financial decisions,
resulting in improved business performance and perceived succession success. This theory
implies that female descendant entrepreneurs with high affiliation (over-identification) with
their S-FB actively engage in financial management practices to ensure their business’s long-
term success and continuity across generations.

5.3 Practical implications

The outcomes of this study have important practical implications for female descendant
entrepreneurs to increase the likelihood of successful succession transition. First, female
descendent entrepreneurs should realize the possible negative effects of self-isolation and
self-judgment on their competence to seek out development possibilities and take measures in
a dynamic business environment in order to successfully overcome succession problems. By Female
practicing mindfulness and over-identification, female entrepreneurs of descent can better descendent
comprehend their own cognitive processes and avoid becoming trapped in cycles of self-
criticism and self-isolation. This can give them a clearer picture to make better decisions for
entrepreneurs
the sustainable future of their S-FB and family members. Furthermore, the study contributes
that a rationalized balance of self-compassion qualities can help female descendant
entrepreneurs to navigate succession issues and increase the likelihood of successful
succession transition. Second, policymakers’ attention on female descendent entrepreneurs’
financial literacy can improve their mindfulness and over-identification to make educated
financial judgments which will not only increase their S-FB’s performance but also contribute
for successful succession transition across generations. However, self-isolated and self-
judgmental female descendent entrepreneurs should also be supported by family members,
mentors and business advisors to help them navigate the challenges of succession and
increase their financial literacy.

5.4 Theoretical implications

The findings of this study have several theoretical implications. Firstly, it supports the idea
that self-compassion plays a significant role in the succession success of S-FB. Secondly, it
revealed that, descendent entrepreneur’s financial literacy is a crucial factor that maintains
self-compassion during recessions and supports their decision-making abilities and
ultimately their business performance. Third, this study explained the proposed model
using the self-control theory in the family business context. Relying on the self-control theory,
we deduced that, female descendent entrepreneurs who possess higher levels of financial
literacy are more likely to exercise self-control and make informed financial decisions. Lastly,
through the support of self-control theory, it adds to the understanding of how self-
compassion can help overcome barriers and challenges faced by financially literate female
entrepreneurs and they become able to successfully transact their S-FB into subsequent
generations.

5.5 Limitation and future research

Although this study shed light on the role of financial literacy in maintaining self-compassion
and resultantly perceived succession success. However, some limitations should be
addressed. One limitation of this literature review is the lack of diversity in the sample.
This study focused only on female descendent entrepreneurs, limiting the findings’
generalizability to a more diverse entrepreneurial population. Future research should include
a more diverse sample, including male entrepreneurs and entrepreneurs from different
cultural backgrounds, to provide a more comprehensive understanding of the relationship
between financial literacy, self-compassion and succession success. The discussed
relationship should be investigated by using moderating mechanisms like fin-tech
adoption, predecessor’s support and resilience, etc.

5.6 Conclusion
In conclusion, female descendent entrepreneurs’ mindfulness, self-judgment, self-isolation
and over-identification are all factors that can impact the perceived succession success of the
S-FB. Mindfulness and over-identification can facilitate, while self-isolation and self-
judgment hinder effective decision-making, adaptation and growth during the succession
process of S-FB. This study revealed that the financial literacy of female descendent
entrepreneurs increases their mindfulness and over-identification to take initiatives for
successful succession transition, but self-judgmental and self-isolated female descendent
JFBM entrepreneurs cannot successfully transact their S-FB into subsequent generations despite
their financial knowledge. But, it needs to investigate further to understand the specific
mechanisms and processes through which the effect of financial literacy can be enhanced by
mitigating the negative effect of self-judgment and self-isolation on perceived succession
success.

Note
1. For ease of reference, we refer to the descendant of an entrepreneur who takes over the control of the
small-family business started by the entrepreneur as “descendant entrepreneur”.

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Corresponding author
Zeshan Ahmad can be contacted at: malikzeeshan1@hotmail.com

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