INNOVATION, TECHNOLOGICAL ADOPTION AND SUSTAINABILITY IN FAMILY BUSINESSES OF OYO STATE

Abstract

This paper explores the interplay between innovation, technological adoption, and sustainability within family businesses in Oyo State. This study aims to investigate the impact of innovation and technology on the sustainability of family businesses in Oyo State. Through a comprehensive analysis, the study provides insights into the challenges and opportunities faced by these businesses in adopting technology while maintaining a sustainable approach. This research employs a mixed-methods approach, combining qualitative interviews with family business owners and quantitative data analysis. The population of this study, which comprises all staff of selected family firms in Oyo State, amounted to 1,221; according to Taro Yamani formula, a sample size of 301 was used to get the results. The findings revealed that there is a significant relationship between innovation and the sustainability of family-owned businesses in Oyo State. Also, findings show that technology has an impact on the sustainability of family businesses in Oyo State. Lastly, the outcome of the research shows that family businesses in Oyo State adopt technology to improve their operations. This research concludes that the sustainability of family-owned firms largely depends on innovation and technological adoption.