Global Journal of Management and Business Research, A: Administration and Management, Volume 22 Issue 5

Table 1.1: Summary of correlation coefficient between succession planning and family business continuity in Lagos State, Nigeria Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 0.738 a 0.545 0.538 17.97060 a. Predictors: (Constant), Governance, Family Values, Succession Plan, Founders Influence, Mentoring, Competence of Successors, Family Business Stakeholders Source: Field Survey, December 2020 The data in Table 1.1 presents a summary of regression model comprising of the value of R, R 2 and Adjusted R 2 equal to 0.738, 0.545, and 0.538 respectively. The results show the seven independent variables (succession planning factors) when combined together to determine their effect on the family business continuity of owners in Lagos State produced a coefficient of multiple correlation (R) = 0.738 and adjusted coefficient of multiple determination (Adj. R 2 ) of 0.538 which is significant at 0.05 level. The adjusted coefficient of multiple determination (Adj. R 2 ) of 0.538 suggests that the seven independent variables (governance, family values, succession plan, founders influence, mentoring, competence of successors, and family business stakeholders) of succession planning that were studied jointly accounted for 53.8 percent of the variance in family business continuity of owners in Lagos State, Nigeria. The remaining unexplained 46.2 percent could be due to other factors that were not considered in this model. With this value (53.8%), there is an indication that the stated succession planning factors affect the family business continuity of owners in Lagos State, Nigeria. Table 1.2: Summary showing the analysis of variance of effect of succession planning on family business continuity in Lagos State, Nigeria ANOVA a Model Sum of Squares Df Mean Square F Sig. 1 Regression 178182.497 7 25454.642 78.821 .000 b Residual 148553.503 460 322.942 Total 326736.000 467 a. Dependent Variable: Business Continuity b. Predictors: (Constant), Governance, Family Values, Succession Plan, Founders Influence, Mentoring, Competence of Successors, Family Business Stakeholders Source: Field Survey, December 2020 The results in Table 1.2 show that the analysis of variance (ANOVA) of multiple regression produced F value of 78.821, which is significant at 0.05 level. This implies that the independent variables that are governance, family values, succession plan, founders influence, mentoring, competence of successors, and family business stakeholders jointly have significant effect on the family business continuity of owners in Lagos State, Nigeria. It further indicates that statistically, the model applied can significantly predict the changes in the family business continuity of owners in Lagos State, Nigeria. To test the hypothesis, the F value (78.821) is compared against the F Table at 7 and 460 degree of freedom and 5% level of significance, which is at 1.95. Therefore, since F value (78.821) is greater than F table (1.95), hence we reject the null hypothesis two (H 02 ) which states that there is no significant effect of succession planning on business continuity in Lagos State, Nigeria. This conclusion can be confirmed by the correlation coefficient R at 0.738 or 73.8% (see table 4.23a). Hence, it is hereby concluded that there is a significant effect of succession planning on business continuity in Lagos State, Nigeria. Table 1.3: Multiple regression coefficients of effect of succession planning on family business continuity in Lagos State, Nigeria Model Unstandardized Coefficients Standardized Coefficients T Sig. B Std. Error Beta 1 (Constant) 4.123 4.904 0.841 0.401 Succession Plan -1.442 0.183 -0.357 -7.896 0.000 Succession Planning and Family Business Continuity: Perspectives from Lagos State, Nigeria 35 Global Journal of Management and Business Research Volume XXII Issue V Version I Year 2022 ( ) A © 2022 Global Journals