Реферат: Влияние глобализации на семейный бизнес

Assignmentfor international business

Topic: “ Influence of globalization on a familybusiness”

Student 1521222

The influence of globalization on afamily business.

In our century everybody are talking about the globalization and herinfluence of every aspect of our life, in my assignment I am going to look onthe influence of globalization on a family business and if there is aninfluence, try to understand if it is more positive or negative. At first we have to give the definitions whatdoes the globalization and family business mean.

There is no strong definitionabout what does the globalization mean itself. See ap1 However we can assumethat the globalization is developing of market and economy involving newmembers in this process. Now we should give the definition of a family businessand here we can see that there are a lot of definitions and a lot of theorieshow we should look at this problem. See ap 2

Actually if we compare two companies one is owned by a family, and thesecond one is just an average one. We will see that there are not so manydifferences however there are some particular problems in family ownedcompanies. For example struggling over the person who is making a decision andtaking over of business see ap3. In this work we will be looking at the whisky producing companies and see howglobalization deals with them

But to understand how does theglobalization influences family business and small companies we should look atthe instruments that globalization uses. There are three of them the first oneis WTO the second one is IMF and thethird one is World Bank. “Look at the three main institutions that governglobalization: the IMF the World Bankand the WTO”1“ The IMF and the world bank become the new missionaryinstitutions, through which these ideas (free market) were pushed on thereluctant poor countries that often badly needed their loans and grants”2 Sothat give us the right to say that globalization was born in 1944 “When the Bretton Woods Agreement was reached”3 and for Europe the main data was on 25 march1957 year see ap 5.. Nonetheless there aredifferent interpretations the main idea is that This organization was establishto protect the economy from a crisis andalso to make it more stability. Also we need to mention the internet, becausethis is a part of globalization, may be not as strong as WTO IMF and world bankbut all in all it became the part of our life we do not even mention how deeplyit integrated in our life. And if when we say globalization we usually meaneconomy in the case of internet we can talk about globalization of informationand cyber culture.

Now we shall look at therelations between family owned companies and globalization. However as I have alreadymentioned there are not so many differences between family companies andaverage enterprises. And it is mostly impossible to look at all family businesscompanies because there are a lot of them and they go through theglobalization, it will be a mistake to compare a ford motor company to a pubsomewhere in <st1:country-region w:st=«on»><st1:place w:st=«on»>Scotland</st1:place></st1:country-region>.At the same time they both will be the family owned companies. That was areason why I decided to look at some Scottish whisky producing companies.

As an example of thecompany, I decided to take Scottish whisky distilleries owned by family forexample Glenfiddich,, Cutty Sark, Springbank, etc.At first because these are the typical family business companies and they alsopositioned themselves in this way see ap 6. Thesecond reason because the hole history of <st1:country-region w:st=«on»>Scotland</st1:country-region>is deeply intertwined with a history of whisky, and also because <st1:place w:st=«on»><st1:country-region w:st=«on»>Scotland</st1:country-region></st1:place>has got the absolute advantage inproducing of uisge beata what means the water of life if we translate it fromGaelic. Because according to a scotch whisky act only whisky that were producedin <st1:place w:st=«on»><st1:country-region w:st=«on»>Scotland</st1:country-region></st1:place>might be called Scottish see app. 7. So it is possible to call the whiskyScottish liquid gold because no countryin the world is allowed to produce this drink and the only way to buy a realwhisky-is to by a Scottish brand.

Looking at the relations

At first we should look on globalizing processes through the lens of thisdistilleries. As we already put the advantages that gives us economic union wecan assume that for companies that producing whisky these are very positivemoments. Because the inner British market is limited. And to be honest whisky it is not the most popular drink in <st1:country-region w:st=«on»>England</st1:country-region> however in <st1:country-region w:st=«on»><st1:place w:st=«on»>Scotland</st1:place></st1:country-region> itself the market is muchsmaller. According to the data there are something around 6000 millions peopleliving in <st1:place w:st=«on»><st1:country-region w:st=«on»>Scotland</st1:country-region></st1:place> at the moment. And again nonetheless theScottish traditions are dying see ap 8, whisky issteel a traditional drink but Scotsmen usually do not always drink this spirit,they keep a bottle of good whisky in thecupboard and that’s all. As weunderstand it does not bring huge profit to whisky makers. At the same timeentering the economic union has given a huge market for Scottish distilleriesto conquer. At the same time if wecompare the situation on a Russian market we can see that the averagedifference in the price of production is 2,5-3 times bigger in Russia than in Europe and of coursepeople do not by this spirits because of the price however if we were in theunion the price would fall down and wewould be able to by this products for normal price and again the distillerieswill get the new market. And also nonetheless the tradition of drinking whiskyis dying in <st1:place w:st=«on»><st1:country-region w:st=«on»>Scotland</st1:country-region></st1:place>,at the moment, people abroad can still bring profit to distilleries. Becausethe traditional way to think that the real whisky can be made only in <st1:place w:st=«on»><st1:country-region w:st=«on»>Scotland</st1:country-region></st1:place>and people like to have some noble traditional made drinks in their own bar. Orthey (distilleries) can position their product as a drink for cocktails LikeJack Daniels whiskey did, and again make profit. The question is what marketing efforts do theytargeting see ap 9 what categories of customers the company singles out as the main .So we can see now that globalization and enteringthe economic union give the opportunity to the companies to sell their productson a new market without any barriers from the national governments of otherstates. And the only thing they have got to do now is just to make the good marketing reserchment, advertising campaignand choose a good way of economic development. However in a case of <st1:country-region w:st=«on»><st1:place w:st=«on»>Russia</st1:place></st1:country-region> theystill have to deal with protectionism. That prevent the company to develop on the market itself. And also, we mightlook at these situation through the marketing point of view. As we know if thecompany wants to be successful in selling it has to follow the “four Ps” rulesee ap 9. So now we can compare two countries one isan average European country and another is <st1:country-region w:st=«on»><st1:place w:st=«on»>Russia</st1:place></st1:country-region>. And in this case we seethat even if the company makes everything right – promote the product in themarket ,controls the availability of theproduction in the shops it will fail in a question of a price in Russia, andthis “ P” will prevent the company from success. After this case we can assumethat this company would like <st1:country-region w:st=«on»><st1:place w:st=«on»>Russia</st1:place></st1:country-region>to enter at least WTO so the producer could avoid a lot of problems with protectionism,having his product cleared by the customs e.t.c.

As a second we need to look at thesecond aspect of globalization. An this are shops that give the opportunity tothe companies to sell their products. Not the small shop on the corner but the multinational bigstorages that supply thousands of peoplewith products. Imagine how is it easy now to make only one agreement forexample with spar and sell them your production. Unfortunately it is hardlypossible to find any information how many bottles is selling to storages by forexample Glenfiddich but we can assume that a lot or we can also compare thequantity of bottles in the small shop and Tesco for example. Usually in smallshops there are from 2-3 bottles on the shelf however in Tesco when I haveasked if it was possible for me to by 20 bottles the manager answered yes . Atthe same time if we think about how many agreements is necessary to make withsmall shops to reach the same selling level we will easily understand thepositive things about these moment.

The next thing we are going to look at is going to be internet.Because might be seen as a globalization in the area of information. And againwe can establish that internet gives thebig advantages for this companies. If we look particularly at the Glenfiddichweb site we will see the opportunity to by their products from the internetsome rare ad expensive products ( of course it is also possible to by andaverage production). But not only can we buy the product we also can read about it. And is not it god for a company to promote their product avoidingbig costs on doing it in different sources like TV radio and newspapers. They steel must advertise their products but Nowit is possible to make a reference on a web-site and people will go there readthe information about the product and understand it. Using the interne they cankeep in touch with the customers, research the attitudes of their customersbecause if you want to be register ,to get the last news from the company youhave to go through a questionnaire but even if you do not registry you stillleave the information about your age. Itmeans that for the company it is easier nowto collect the data give it to the department of marketing and analyze it.

In the conclusion we need to saythat on the example of Scottish whisky distilleries there is a positiveinfluence of globalization on this particular family business however we also need to mention that thereare different types of familyenterprises and it is mostly to possible to apply my assignment in all thecases. In my assignment we see that the globalization and entering the economicunion brought these companies to the opportunities to go further their owncountries and sell their products everywhere inside this union without anyrestrictions and it means more customers and more customers means more profitand the more profit company the better for the company. There are no evidences thatmight bee interpret as negative influence. Starting from this we can assumethat in this area of family business globalization brings the positive aspects.And the last thing about the family whisky distilleries- They are proud of beingtraditional Scottish company that was founded by their family but they areenjoining going global. But it might be fair only regarding to the companies wehave researched, because as I have already mentioned there is a big variety offamily business companies and if we look at the other companies the influenceof globalization might be different.

1) Joseph Stiglitz ,globalization and its discontents, penguin books2002 page 10

1) Joseph Stiglitz ,globalization and its discontents, penguin books2002 page 13

3) Michael R.Chinkota et all, internationalbusiness, 7 th edition, Thomson south-west 2005, page230

1) Appendix

Discussions of definition of family business

1)”globalizationthe process by which governments sign away the rights of their citizens infavor of speculative investors and transnational corporations”1

a)Atypical — but restrictive — definition can be taken from the InternationalMonetary Fund,[citation needed] which stresses thegrowing economic interdependence of countries worldwide through increasingvolume and variety of cross-border transactions in goods and services, freeinternational capital flows, and more rapid and widespread diffusion oftechnology 1-a

b)Globalization – the growing integration of economies and societies around theworld 1-b

c)globalization refers to fundamental changes in the spatial and temporalcontours of social existence, according to which the significance of space orterritory undergoes shifts in the face of a no less dramatic acceleration inthe temporal structure of crucial forms of human activity 1-c

d)“Globalization reflects a business orientation based on the beliefthat the world is becoming more homogeneous and that distinctions betweennational markets are not only fading but, for some products, will eventuallydisappear. As a result, companies need to globalize their internationalstrategy by formulating it across markets to take advantage of underlyingmarket, cost, environmental, and competitive factors.” Czinkota380

“globalization is the watchword that increasingly looms large in allwalks of life, not only in our entertainment, our fashion, and the products webuy, but also in our morals, belif systems, and our very sense of being a human species.Foe the firs time in history, the availability of international products andservices has reached beyond the elite to become the reasonable expectations ofthe masses. The global market is inevitable, inescapable, and here.” Czinkota 18

“International business consists of transactions that are devised andcarried out across national borders to satisfy the objectives “ Czinkota 5 1-d

These examplesshow us that there are different points of view on the globalization especiallyif we look into the antiglobalists web sites. But inthese sources usually there are a lot of emotions and very small knowledgethat’s why I do not bring here their opinion.

2)A Family Business. Litz (1995) identifiedfamily businesses conceptually based on ownership, management, and intention totransfer. He developed a nine fold typology of business types and identifiedfour of the nine business types as family businesses or potential familybusinesses. Although his conceptual work further developed definitions offamily business, the definitions were not applied to empirical data. Handler(1992) has identified four ways in which theorists usually define familybusiness: degree of ownership and/or management by family members, degree of familyinvolvement, potential for generational transfer, or multiple criteria.

3)There are two particular things that single out the family business from other kind of business. The firstone is the struggling over the person who is making a decision . And the second is the big problem about theovertaking the business.

So there might be adisagreement and even conflict about what decision to make based on a differentexperience, education etc. However in a family owned company the situation whena junior employee for example son has got a straight impact with the boss thatis also a his father is more likely to happen than in average company. “ My dadis from the old school and I am from the new. I went out and bought businesscards, charging it to the business. He started giving me a stink about it. So Ipaid it myself” page 59 Paul CRosenblatt et al 1985 “The Family In Business “ In This example we can see that not only is it a conflict but also aself initiative order with money. It is an example that can prove us that juniorfamily members working in the family business might not observe hierarchy itmight lead to the situation when other workers will not respect the bossbecause they might think that he is not confident -1anymore.

1-“It is difficult to singleout all criteria that makes a person the leader, however “ some currentselection criteria for senior managementpositions seem to reflect a prevailing belief in some traits. Exampleinclude:1- the ability to solve the problems and see how they fit into the widerscheme of things 2- a strong desire to achieve.3-self confident and self –disciplined 4- the ability to listen and to communicate effectively 4-stability of emotion and positive attitude toward other members of theorganization, especially subordinates 5- analytical and intelligent ( but notto intelligent)” “Managingorganizations” Robert H Rosenfeld et al 1999 page198. And it might destroy anauthority of the Boss

However in the averagecompany (not family ) according to another case study we see the differentsituation. If we look at Yue Gee Ling case we cansee following situation “ Gee Ling felt too junior to confront his bossesdirectly with his criticism. Instead he decided on what he felt would be a moresubtle approach” page 2 Yue Gee Ling case University of StirlingDepartment of management and organizations Hand Book. As we can see in thesecond example the behavior of a junior manager is completely different andalso we can not blame the cultural factor in the YueGee behavior. Because nonetheless he is from Asia region he studied in the <st1:country-region w:st=«on»><st1:place w:st=«on»>UK</st1:place></st1:country-region>. And alsothere is one more problem wherever you have got a conflict with a member of thefamily either on work or inside the family it will affect both things. And alsoit is more difficult to fire your relative and especially the relative of yourcompanion, because it might affect your own relations and as the resultbusiness itself.

Thesecond thing we were going to look at was the take-over of the business. Andhear the situation is also different from the others companies. And the problemis that in case of a family business the Boss usually wants his relatives torun his company after him. But the difference between average company and thefamily that in average company the control usually goes to the most clever andexperienced worker or other company buys it. However in the family business therelative of the owner does not necessary the best candidate on this role. This fact forces the leader usuallyfather to educate his children by himself by helping them and protecting. To besure if they are not the best they are also not the worst and when he leavesthey will be able to run the company. “ Over the next 25 years, his childrenjoined the company and worked their way up through the management ranks to jointhe board” “Great Scots in Family Business” Chapter three page 29.

“ Theaccountancy firm BDO Stoy Hayward estimates that just24 per cent of family business survive the hand over to a second generation,and only 14 per cent make it to the third. One study of the sector blames thesituation on “ failure to manage the complex and emotion-laden issue ofsuccession from one generation to the next”” “Great Scots in Family Business”page 94.

5)”After the second world war there was a reaction against the hightariff policy of the 1930s and significant efforts were made to move the worldback to free trade. World organizations (like GATT and it’s successor WTO) havebeen developed to foster international trade and provide a trade climate inwhich such barriers can be reduced” 4

“ The IMF was charged with preventing another global depression. Itwould do this by putting international pressure on countries that were notdoing their fair share to maintain global aggregate demand, by allowing theirown economies to go into a slump. When necessary it would also provideliquidity in the form of loans to those countries facing an economics downturnand unable to stimulate aggregate demand with their own resources…. The IMF wasfounded on the belief that there was a need for collective action at the globallevel for economic stability” 5

“The IMF was conceived in July1944, when representatives of 45 governments meeting in the town of <st1:City w:st=«on»>Bretton Woods</st1:City>, <st1:State w:st=«on»>New Hampshire</st1:State>, in the northeastern <st1:country-region w:st=«on»><st1:place w:st=«on»>United States</st1:place></st1:country-region>, agreed on aframework for international economic cooperation. They believed that such aframework was necessary to avoid a repetition of the disastrous economicpolicies that had contributed to the Great Depression of the 1930s.” 6

“On march1957 the governments of <st1:country-region w:st=«on»>France</st1:country-region>,<st1:country-region w:st=«on»>West Germany</st1:country-region>, <st1:country-region w:st=«on»>Italy</st1:country-region>, The Netherlands, <st1:place w:st=«on»><st1:country-region w:st=«on»>Belgium</st1:country-region></st1:place> and Luxemburg signed theRome Treaty. In so doing they agreed to create what came to be known as thecommon market or, more accurately, the European economic community” -7 As weknow there are different levels of “economic integration” and by theseagreement these countries made union that is known as “ Trading Block”. “A trading block is a preferential economicarrangement among a group of countries”-8 There are 4 forms of “ international Economic Integration”- Free tradearea “the least restrictive and loosest form of economic integration amongcountries. In free trade area, all barriers to trade among member countriesare removed… Sometimes a free trade area is formed only for certain classes ofgoods and services”-8 After free trade area goes the customs union “ one stepfurther along the spectrum of economic integration, like the members of freetrade area, members of a customs union dismantle barriers to trade in goods andservices amongst themselves. In addition, however the customs union establishesa common trade policy with respect to nonmembers”-9 the next stage is “ commonmarket …in addition (to customs union) however, factors of production are alsomobile among members. Factors of production include labor, capital, andtechnology”-9 and the last stage is economic union “ requires integration ofeconomic policies in addition to the free movement of goods, services, andfactors of production across bordes”-9.

Stage of integration

Abolition of tariffs and Quotas among members

Common Tarriff and Quota System

Abolition of restriction on factor movements

Harmonization and unification of Economic Policies and Institutions

Free trade area

Yes

Customs union

Yes

Common market

Yes

Economic union

Yes

Table-8

Afamily-owned company
a)Glenfiddich was founded by William Grant in 1886 and is owned by the samefamily today. We are one of only a handful of Scotch whisky distillers toremain in family hands.10

b)Springbank Distillery is unique. It is the oldest independent familyowned distillery in <st1:country-region w:st=«on»><st1:place w:st=«on»>Scotland</st1:place></st1:country-region>.Founded in 1828 on the site of Archibald Mitchell's illicit still, theSpringbank Distillery is now in the hands of his great greatgrand son, Hedley G. Wright 11

c)CUTTY SARK

familyrun business and royal warrant holders 127)Legaldefinition of whisky

To be called Scotch whisky, the spirit must conform to the standards of theScotch Whisky Order of 1990 (<st1:place w:st=«on»><st1:country-region w:st=«on»>UK</st1:country-region></st1:place>),which clarified the Scotch Whisky Act of 1988, and mandates that the spirit:

1.

Must be distilled at a Scottishdistillery from water and malted barley, to which only other whole grains maybe added, have been processed at that distillery into a mash, converted to afermentable substrate only by endogenous enzyme systems, and fermented only bythe addition of yeast,

2.

Must be distilled to an alcoholicstrength of less than 94.8% by volume so that it retains the flavour of the raw materials used in its production,

3.

Must be matured in <st1:country-region w:st=«on»><st1:place w:st=«on»>Scotland</st1:place></st1:country-region> in oakcasks for not less than three years and a day, and

4.

Must not contain any added substanceother than water and caramel colour.

5.

May not be bottled at less than 40%alcohol by volume. 13

No whisky other than Scotch whisky may be made in <st1:country-region w:st=«on»><st1:place w:st=«on»>Scotland</st1:place></st1:country-region>

8)

There is abook where the author looks at the history of whiskysdescribes the ways of making of this spirit etc. and he also write article where he is describing the situationin Scottish culture and traditions “ Gaelic is dying steadily, there is morehaggis consumed in London on one particular night of the year, the tartan isworn not by the native workingHighlanders but by the shooting tenant or his kind, the majority of whom arenot Scots, and whisky is so dear that a working man can afford little more than a smell of the cork. And as for whatthese things have ever done, they are certainly doing one thing now withefficient dispatch and that is doing” 14

9)

“target marketing is thus defined as theidentification of the market segments that are the most likely purchases of acompany’s products. This idea of how companies target their marketing effortswas put forward by Abell ( 1979) when he suggestedtargeting strategies based upon customer group concentrations or customer needconcentrations, or a combination of each” 15 it might be interesting to lookat this point through 2 companies for example famous grouse and Glenfiddich. In the first case the company positioneditself as a qualified but blended whisky. So they are targeting people that will drink quality product butthey do not like straight whisky. Who can it be everybody- the housewife addingthe drop of whisky in the coffee in the evening, young people mixing the whisky and coke etc. Howeverin this part of market they have the big competition with Jack Daniels whiskeybecause even though jack Daniels is not a real whisky they have a reallyattractive price comparing to Famous Grouse. In the case of Glenfiddich the market istargeted is mostly the high price and quality whisky market. If we enter the Glenfiddich web-site we will see that the most simpleproduct they make is a 12 years old whisky. And than they have 15,18,21, 30 years old whisky.(we are nottalking about special series like the serie of 1973year) So this is a product for the real experts in this spirit. And in thismarket they compete with all producers of Quality whisky like Johnnie Walkerfor example. But the beggest competition usually isabout average the simple whisky they produce. Becousewhen we talk about old whisky we need to understand that they are veryexpensive for example the 30 years old Glenfiddichcosts <st1:metricconverter ProductID=«129 pounds» w:st=«on»>129 pounds</st1:metricconverter>and people buying this whisky have already tried a lot and they drink oneparticular product because they like exactly this product and they will notchange their attitudes even if the compotator will advertise his productnon-stop. The only one thing that canforce a person to change his attitudes in this case is only if the quality ofthe product he prefers will fall down. That’s why the companies like Glenfiddich positioned themselves as company that produceswhisky and follow the traditional Family way in it. So they underline that evennow they produce the same product their family produced the century ago andalso that the quality is still as good as it was. On this example we can seehow two companies producing the same product, targeting the different market.

10)

“ the variables are what are termed “ themarketing mix” which is a combination of all the ingredients in the “recipe”that is designed to prove most attractive to customers. In this case, the ingredientsare individual elements that marketing can manipulate into the most appropriatemix E.J McCarthy (see Kotler, 1977) further describedthe variables the company can control in order to reach its target market asthe “four Ps”…. 1)product 2) Price 3) Place 4) Promotion” 16

REFERENCES TO APPENDIX

1) ColinHines, Localization a global manifesto, Earthscanpublications ltd 2000 page 4

1-a) en.wikipedia.org/wiki/Globalization

1-b)http://www1.worldbank.org/economicpolicy/globalization/

1-c) plato.stanford.edu/entries/globalization/

1-d) R.Chinkota et all, international business, 7 th edition, Thomson south-west 2005 page 380,

page 18,page 5

2)Litz, R. A. (1995). The family business: Towarddefinitional clarity. Family Business Review, 8(2), 71–81.

Handler,W. C. (1992). Methodological issues and considerations in studying familybusiness. Family Business Review

3)page 2 Yue Gee Ling case <st1:place w:st=«on»><st1:PlaceType w:st=«on»>University</st1:PlaceType> of <st1:PlaceName w:st=«on»>Stirling Handbook</st1:PlaceName></st1:place>;

Smith, Maurice, 1960 -

Great Scots in family business / by Maurice Smith. <st1:City w:st=«on»>Glasgow</st1:City>: Lang Syne Publishersfor Scottish <st1:place w:st=«on»><st1:City w:st=«on»>Enterprise</st1:City></st1:place>,

<st1:metricconverter ProductID=«1996 ”» w:st=«on»>1996 ”

</st1:metricconverter> ;page 59 Paul C Rosenblatt et al 1985 “TheFamily In Business “

;“Managingorganizations” Robert H Rosenfeld et al 1999 page198

4)Svend Hollensen, GlobalMarketing, a Market-responsive approach, Prentirehall <st1:place w:st=«on»>Europe</st1:place> 1998 page 156

5)Joseph Stiglitz ,globalization and its discontents,penguin books 2002 page 12 6)http://www.imf.org/external/pubs/ft/exrp/what.htm#created.

7)DenisSwann, The Economics of the common market Penguin Books eight Edition 1995preface

8)R.Chinkota et all, international business, 7 th edition, Thomson south-west 2005 page 251

9)R.Chinkota et all, international business, 7 th edition, Thomson south-west 2005 page 252

10)uk.glenfiddich.com/world/key_facts/index.html

11)www.springbankdistillers.com/springbank-whisky/about.php

12) www.cutty-sark.com/origins.htm

13)http://en.wikipedia.org/wiki/Scotch

14)Neil M Gynn, Whisky and <st1:country-region w:st=«on»><st1:place w:st=«on»>Scotland</st1:place></st1:country-region>, Souvenir press 1977 page48

15)Geoff Lancaster and Paul Reynolds, Marketing, PalgraveMacMillan, 2004 page 34

16) GeoffLancaster and Paul Reynolds, Marketing, Palgrave MacMillan, 2004 14

Bibliography

1)R.Chinkotaet all, international business, 7 th edition, Thomsonsouth-west

2)Geoff Lancasterand Paul Reynolds, Marketing, Palgrave MacMillan

3) Neil M Gynn,Whisky and <st1:country-region w:st=«on»><st1:place w:st=«on»>Scotland</st1:place></st1:country-region>,Souvenir press 1977

4) Denis Swann, The Economicsof the common market Penguin Books eight Edition

5) Joseph Stiglitz,globalization and its discontents, penguin books

6) SvendHollensen, Global Marketing, a Market-responsiveapproach, Prentire hall <st1:place w:st=«on»>Europe</st1:place>1998

7) ;“Managing organizations”Robert H Rosenfeld et al 1999

8) Paul C Rosenblatt et al1985 “The Family In Business “

9) Smith, Maurice, 1960 -

Great Scots in family business / by MauriceSmith. <st1:City w:st=«on»>Glasgow</st1:City>: Lang Syne Publishers for Scottish <st1:place w:st=«on»><st1:City w:st=«on»>Enterprise</st1:City></st1:place>,

10)

Yue GeeLing case <st1:place w:st=«on»><st1:PlaceType w:st=«on»>University</st1:PlaceType> of <st1:PlaceName w:st=«on»>Stirling Handbook</st1:PlaceName></st1:place>

11) Handler,W. C. (1992). Methodological issues and considerations in studying familybusiness. Family Business Review

12) Litz, R. A. (1995). The family business: Towarddefinitional clarity. Family Business Review, 8(2)

13) ColinHines, Localization a global manifesto, Earthscanpublications

14) TheLiterature review made by my group for “Reserchment methods and DissertationPlanning” the topic “ why does thefamily business is struggle to survive across the generations”

15)uk.glenfiddich.com/world/key_facts/index.html

16)www.springbankdistillers.com/springbank-whisky/about.php

17)http://www.cutty-sark.com/origins.htm

18)en.wikipedia.org/wiki/Scotch

19)www.imf.org/external/pubs/ft/exrp/what.htm#created