Role of emotional ownership perception of next generation in sustainability of family businesses: A research on Turkey in terms of senior businesses

Coordination of the family that bases on psychological and cultural characteristics and the business economic characteristics of which is predominant and bases on rationality is important to ensure sustainability of family businesses that constitute the dynamics of the economies of the countries and have a significant share in socio-economic development of them.In sustainability of the businesses, it is possible to meet regulations based on a rational basis in all vital stages. For example, family constitutions, family councils and strategic development plans that guide businesses and families and oversee institutionalization of family and business relations. However the studies show that rational regulations cannot move business to sustainable success alone in managing the problems in family businesses and ensuring permanency.Next generation of family members? making the family and business owned principles, values, norms, vision and mission understanding that are effective in sustainability of family businesses sustainable is possible according as creation of emotional ownership right alongside regulations in the light of the rational principles.The main mass of the study is formed of the businesses established before 1930 and which are still operative, operating in Turkey, registered to Istanbul Chamber of Commerce. A survey consisting of 6 episodes and 40 questions was applied to next generations of business owners of 60 businesses which are defined as ?Senior Businesses? and ensured their sustainability from their establishment to today. The survey results that aim to evaluate the principles of rationality in ensuring sustainability of family businesses and the effect of emotional ownership as well were analyzed interpreting statistically.