Correlation between Family Businesses and Territorial Capital
The purpose of the study is to investigate the interaction between the territorial capital of a region and the family businesses operating there. First, the study explains whether strong regional bonds of the founders can be manifested for the next generations. Secondly, the relationship between family businesses and the expansion of the territorial capital is analysed. Thirdly, the context between corporate regional involvement and embeddedness and territorial capital is examined. In order to obtain a comprehensive picture about the interaction between family businesses and certain elements of territorial capital. On one hand, the study is based on the scientific literature of research areas and the previous research. On the other hand, business studies are demonstrated based on deep interviews with the successors of the family businesses. As a result of the research, the study gives an example of the social and cultural impacts of territorial capital on family businesses and the growing power of family businesses in terms of territorial capital. There is a strong interaction between corporate regional involvement and embedding and territorial capital. The examined family businesses have successfully coped with the generational change. In the interviews, they honestly spoke about the social and cultural capital of the region. In connection with the social capital of the region, we could learn about the local networks, relationships and activities of the business, its relationship with the local government, its attitude towards the social organizations, its embeddedness into the region and its regional bonding. Regarding the cultural capital of the region, we could explore the relationship of the business with educational and cultural institutions, its impact on educational and cultural life, its community building and its impulse for innovation.
Keywords - Territorial Capital, Family Businesses, Embeddedness, Interaction