Bridging tradition and innovation: generational dynamics in family business succession Muhammad Kamal Subhani; Marie Mikušová; Lech Nierostek Future Business Journal · 2026-02-16 CC BY 4.0 · https://creativecommons.org/licenses/by/4.0/ Source: https://link.springer.com/article/10.1186/s43093-026-00749-1 Abstract This study explores intergenerational challenges in family businesses, focusing on differences between Generation X and Generation Y regarding socioemotional wealth, innovation, social media, technology adoption, and succession planning. The research aims to identify generational differences in perceptions and behaviors that affect family legacy preservation and succession processes. A qualitative design was used, combining literature review with 18 semi-structured interviews of GenX and GenY owners of small and medium-sized family firms. Thematic and cluster analyses were applied to identify patterns across generations. Findings reveal a clear generational divide. These tensions impact on maintaining the family legacy. The results show that even for companies that have already experienced the changeover at least twice, there remains a generational gap in the approach to modernization. It can be argued that the approach to change exhibited by the next generation is not different from that of previous generations. Insights can guide family firms in balancing tradition with innovation through intergenerational dialogue, structured succession planning, and embracing technology. Introduction Family businesses constitute a cornerstone of the global economy, contributing substantially to GDP, ranging from 50 to 70% in regions such as Asia and Europe and representing over half of all new entrepreneurial ventures [ 51 ]. Their distinctiveness lies in the preservation of family legacy through multi-generational ownership and management, which creates unique organizational dynamics. Effective management across generations requires balancing traditional business practices with modern approaches, as generational involvement shapes organizational values, strategic priorities, and leadership styles [ 1 , 42 ]. Generational identity significantly influences attitudes toward leadership, innovation, and organizational culture. Younger family members often emphasize sustainability, adaptability, and digital transformation, whereas older generations prioritize tradition, loyalty, and hierarchical structures [ 67 ]. These differences frequently generate strategic tensions, with senior leaders resisting change while younger members advocate for innovation (D’Allura et al., 2024). Furthermore, strong emotional bonds within the family can complicate decision-making, leading to the avoidance of difficult conversations regarding performance and succession [ 2 ]. Balancing meritocratic principles with family loyalty becomes increasingly challenging in later generations, as growing family diversity may undermine cohesion, morale, and governance effectiveness [ 42 ], European Family Businesses, 2023). Externally, family firms operate within environments characterized by globalization, digital disruption, and shifting consumer preferences. Resistance to modernization, limited diversity, and insufficient professional governance threaten competitiveness and long-term growth prospects [ 33 ]. Succession planning, a critical determinant of continuity and innovation, is often impeded by generational disparities in vision, risk appetite, and readiness for change [ 2 ]. Empirical evidence underscores the risks: Approximately 70% of family wealth is lost by the second generation and 90% by the third, highlighting the urgent need for effective intergenerational knowledge transfer and governance mechanisms [ 54 ]. Despite the substantial body of the literature on family businesses globally, there is a conspicuous lack of empirical research examining intergenerational differences, and succession challenges within the context of Pakistani family firms. While prior studies have explored generational dynamics in Europe and Asia [ 1 , 42 , 67 ], the unique socio-cultural, economic, and governance structures in Pakistan remain underexplored. Moreover, the intersection of socioemotional wealth, technology adoption, and generational attitudes toward change has received limited attention, particularly in emerging economies where family firms constitute a major share of economic activity. Addressing this gap is critical, as understanding these dynamics can inform strategies to preserve family legacy, enhance intergenerational knowledge transfer, and improve long-term organizational resilience. By focusing on Pakistani family businesses, this study not only contributes to the global discourse on family firm management but also provides context-specific insights with practical relevance for policymakers and practitioners. To address these challenges, this study develops a conceptual framework leading to succession planning. Using this framework, the research explores generational differences in Pakistani family firms, seeking to identify barriers to legacy preservation and challenges in intergenerational transfer. Specifically, the study formulates the following research questions: What differences exist between generations regarding these barriers? How do generations perceive and describe the main challenges in intergenerational transfer? Despite the historical and economic significance of family businesses in Pakistan, to the best of the authors’ knowledge, no comparable empirical research has systematically examined generational differences and succession dynamics in this context. This represents a notable research gap, as understanding these dynamics is essential for sustaining family legacy, promoting innovation, and ensuring long-term business continuity. The study proceeds by analyzing generational characteristics, elaborating the key concepts of the proposed model, describing the methodology, presenting results, and concluding with reflections and practical implications, including the study’s limitations. Theoretical background To establish a coherent foundation for this study, the theoretical background first outlines the general characteristics of the surveyed generations and subsequently elaborates the key components of the proposed conceptual framework. This framework serves to contextualize intergenerational dynamics and their implications for family business sustainability in Pakistan. Theoretical background — Generations This research focuses on Generation X (born 1965–1980) and Generation Y, or Millennials (born 1981–1996), whose attitudes toward work, technology, and social responsibility diverge significantly: Work-life balance . Generation X values a clear separation between professional and personal life, relying on structured self-organization [ 24 ]. Millennials similarly seek balance but prefer flexible arrangements, including remote work and adjustable schedules, often integrating work and personal life [ 14 ]. Meaningfulness of work . GenX prioritizes stability and financial security, with career changes rarely motivated solely by purpose [ 47 ]. Conversely, Millennials emphasize meaningful work with societal impact, with 70% considering a job change if employer ethical standards are lacking [ 14 ]. Employer loyalty. GenX demonstrates traditional loyalty, expecting long-term employment but willing to depart if growth opportunities are limited [ 24 ]. Millennials exhibit higher turnover, seeking personal fulfillment and value alignment with employers [ 37 ]. Technology and flexibility. While GenX adapted to digital tools later in life, they continue to favor face-to-face communication. Millennials, as digital natives, expect seamless technology integration, enabling flexible work arrangements and collaboration [ 14 ]. Ecology and social responsibility. Environmental and social concerns have gained prominence among Millennials, influencing purchasing and employment decisions, whereas GenX places lower priority on sustainability [ 37 , 47 ]. These generational distinctions underscore the evolving expectations in organizational contexts and indicate potential sources of tension and opportunity in family business governance and innovation. Figure 1 synthesizes these values based on empirical studies and labor market analyses [ 14 , 24 , 50 ]. Theoretical background — Components of the conceptual framework The proposed framework integrates socioemotional wealth (SEW), continuous innovation, social media, new technology, and succession planning, selected based on a comprehensive review of scholarly literature, consulting experience, and contemporary global business practices. These dimensions collectively illuminate the intergenerational dynamics influencing family business performance and continuity. Theoretical background — Socioemotional wealth Socioemotional wealth represents non-financial priorities within family firms, including emotional bonds, family identity, and the desire to maintain legacy [ 4 ]. Family influence and control enhance value through governance oversight but may simultaneously constrain innovation and technological adoption (Polakova et al., 2023 [ 31 ],). Generational perspectives differ markedly: GenX associates control with stability and legacy preservation, whereas GenY favors participatory governance, transparency, and autonomy [ 18 ],Twenge, [ 65 ]. Identity formation and social capital accumulation also vary: GenX relies on community- and family-based networks, whereas GenY emphasizes cross-industry and digital connections [ 12 , 53 ]. Succession planning exemplifies these contrasts: GenX views succession as an ethical obligation, while GenY aligns it with personal aspirations and flexible professional development [ 66 ]. These disparities highlight the need for governance approaches that reconcile SEW preservation with evolving generational expectations (Flen Rossi & Rojas Vallejos, 2024, Pinelli et al., 2024). Theoretical background — Continuous innovation Innovation in family firms extends beyond economic imperatives, reflecting family values, traditions, and reputational capital [ 63 ]. GenX often perceives innovation as a potential threat to established norms, while GenY embraces it as a tool for renewal and competitiveness. Empirical studies emphasize innovation as a key determinant of performance and long-term sustainability, mediated by family participation in strategic decision-making (Nguyen et al., 2025, [ 9 ],Sanchez Medina et al., 2024). Generational divergence also manifests in sources of innovation: GenX relies on internal expertise and trusted networks, whereas GenY engages with external ecosystems, digital platforms, and customer analytics [ 7 ]. Harmonizing these approaches necessitates governance mechanisms that balance legacy preservation with innovation adoption (Leib & Zehrer, 2018 [ 69 ],). Theoretical background — Social media Social media represents a strategic instrument for enhancing marketing, stakeholder engagement, and corporate authenticity Bargoni et al. [ 3 ]; Purnama Alam et al. [ 49 ]. GenX typically adopts a risk-averse, controlled approach, while Millennials perceive social media as central to organizational strategy, emphasizing interactive and metrics-driven practices [ 28 , 44 ]. Within the SEW framework, GenX emphasizes stability, whereas GenY leverages digital platforms to modernize legacy and sustain relational and ethical dimensions of the enterprise (Cruz et al. [ 12 ]; [ 27 ]). These dynamics suggest that facilitating intergenerational dialogue on social media strategy is critical for effective succession and continuity Nordqvist et al. [ 12 ]. Theoretical background — New technology New technology encompasses digital transformation tools including AI, cloud computing, and e-commerce, which enhance performance, strategic decision-making, and network expansion [ 21 , 48 , 70 , 71 ]. GenX prioritizes tested solutions and operational efficiency, while Millennials adopt experimental and collaborative approaches aligned with competitive advantage creation [ 13 , 21 ]. Barriers include limited managerial expertise and immature leadership, necessitating hybrid governance models integrating GenX’s risk orientation with Millennials’ innovation mindset to achieve sustainable digital transformation [ 5 , 22 ]. Theoretical background — Succession Planning Succession is a deliberate process ensuring leadership continuity through identification, development, and empowerment of successors [ 36 , 56 ]. Its effectiveness is shaped by governance structures, knowledge transfer, and SEW priorities Li et al. [ 34 , 57 ]. Generational differences are pronounced: GenX emphasizes ethical obligations and family control, often delaying transitions, whereas Millennials prioritize alignment with personal values, technological literacy, and innovation-oriented leadership [ 25 , 59 ]. Social media and technological competence increasingly serve as strategic tools for successor legitimacy and organizational adaptation [ 57 ]. Addressing these intergenerational divergences is essential for sustainable leadership transitions [ 63 ]. Theoretical background — Proposition Based on the reviewed theoretical foundations, it is proposed that intergenerational differences in socioemotional wealth priorities, innovation orientation, social media usage, and technological adoption significantly influence succession planning, governance practices, and long-term sustainability in family businesses (Fig. 2 ). These findings are largely embedded in contexts characterized by institutional stability, developed capital markets, advanced digital infrastructure, and relatively individualistic cultural orientations. From an institutional theory perspective, emerging and developing economies differ fundamentally from advanced economies in terms of regulatory enforcement, access to formal finance, labor market sophistication, and technological diffusion, all of which may moderate intergenerational dynamics within family firms [ 40 , 65 ]. In parallel, cultural frameworks emphasizing collectivism, power distance, and patriarchal authority, characteristics commonly associated with South Asian contexts, are likely to reinforce socioemotional wealth preservation, hierarchical governance, and informal succession processes, potentially constraining innovation and digital transformation [ 29 ]. By empirically examining family-owned SMEs in Pakistan, this study responds to calls for greater contextualisation in family business research and addresses the geographic and institutional bias of the existing literature [ 34 ]. The proposition thus functions as a conceptual bridge between generational theory [ 39 , 63 ], the socioemotional wealth framework (Ernst & Puechel, 2024), and innovation-oriented perspectives on family firm sustainability [ 55 , 62 ], while explicitly testing their applicability in a developing economy context (Fig. 3 ). Methodology and method used — Research design This study employs a qualitative, interpretivist research design to examine intergenerational challenges within family-owned SMEs, with particular emphasis on Generation X (born 1965–1980) and Generation Y (born 1981–1996). The adoption of a qualitative methodology is grounded in the ontological assumption that organizational realities, especially those inherent to family enterprises, are socially constructed, context-dependent, and dynamic [ 11 , 17 ]. Given the research aim of understanding the interplay between succession planning, continuous innovation, and socioemotional wealth across generational boundaries, a qualitative approach is particularly suitable. It enables an in-depth exploration of the lived experiences of family business owners and facilitates nuanced interpretations of meanings attached to leadership, legacy, and organizational change [ 19 ]. The theoretical underpinning draws upon generational theory as originally articulated by Mannheim [ 39 , 68 ] and subsequently expanded by Strauss and Howe [ 30 ]. Generational characteristics are considered to be shaped by shared historical and social experiences, which manifest in distinctive values, priorities, and behavioral tendencies. Integrating this framework allows the analysis of intergenerational tensions not merely as interpersonal conflicts but as structured cultural negotiations between cohorts with divergent orientations toward innovation, risk, and digitalization. This approach enhances the explanatory power of the study by situating observed phenomena within a broader socio-cultural context. Methodology and method used — Secondary data A targeted literature review was conducted to establish a robust theoretical foundation for the study. This review encompassed peer-reviewed academic publications, institutional reports, consulting white papers, and documented case studies addressing family business succession, socioemotional wealth, intergenerational leadership, and innovation management. Insights derived from the literature informed the construction of the interview guide and the analytical framework. Methodology and method used — Primary data Primary data were collected through semi-structured interviews with 18 family business owners and senior managers representing the two target generational cohorts: Generation X (45–60 years) and Generation Y (29–44 years at the time of data collection). The semi-structured interview format was selected for its methodological advantages, balancing comparability across interviews through a pre-established guide with the flexibility to explore emergent, participant-driven themes [ 8 , 35 ]. This approach is particularly appropriate in family business research, where topics such as succession, emotional attachment, and organizational identity are complex, sensitive, and highly personal (Gómez-Mejía et al., 2007). Methodology and method used — Sampling strategy A purposive sampling strategy was employed to recruit respondents holding strategic decision-making positions within SMEs. This approach is justified by three considerations: Economic salience: SMEs represent the majority of family-owned businesses globally and face pronounced challenges in leadership succession and technological adaptation [ 43 ]. Generational relevance: Stratifying the sample across Generation X and Generation Y ensures the study captures cohort-specific orientations toward business continuity, innovation, and organizational transformation [ 39 , 63 ],Lyons & Kuron, [ 38 ]. Centrality of role: In SMEs, family owners and managers are directly responsible for succession planning and strategic innovation, making them particularly appropriate informants [ 15 ]. In accordance with data saturation principles, a sample of 10–12 participants per generational cohort was deemed sufficient to allow robust, recurrent themes to emerge without redundancy [ 20 , 26 ]. Methodology and method used — Data collection procedures Interviews were conducted between March and May 2025, lasting 45–60 min each, either in person or via secure video-conferencing platforms, according to participant preference. All interviews were audio-recorded with consent and transcribed verbatim; when recording was infeasible, comprehensive notes were taken. The interview guide, informed by the conceptual model, addressed five primary domains (Appendix 1): Preservation and transformation of socioemotional wealth across generations. Succession planning practices and associated intergenerational tensions. Attitudes toward digitalization and technological innovation. Role of social media in shaping family business identity and transparency. Perceptions of continuous innovation as a driver of business sustainability. Methodology and method used — Data analysis Data were analyzed using thematic analysis following the six-phase framework proposed by Braun and Clarke [ 6 ], recognized for its systematic yet flexible approach to identifying, organizing, and interpreting qualitative patterns [ 41 ]. The analytic process comprised: Familiarization: iterative reading of transcripts to achieve immersion. Initial coding: open coding of significant text segments to capture key concepts. Theme generation: clustering codes into higher-order categories reflecting intergenerational challenges. Theme refinement: evaluating coherence and distinctiveness of emergent themes. Definition and labeling: articulating the essence of each theme in relation to research objectives. Interpretation: situating findings within the family business literature and generational theory, with emphasis on interactions between socioemotional wealth, innovation, and succession dynamics. Analysis was facilitated by NVivo software, enhancing organizational rigor and transparency [ 61 ]. Lexical unit frequency analysis was employed to identify priority areas, reflecting organizational values and concerns as evidenced by repeated thematic expressions. To strengthen methodological triangulation, cluster analysis was applied to categorize respondent types and structure sub-themes. Methodology and method used — Ethical considerations The study adhered to institutional ethical standards for qualitative research [ 45 ]. Participants were fully informed of the study’s aims, procedures, and their rights, including withdrawal at any stage. Written informed consent was obtained. All transcripts were anonymized and securely stored to maintain confidentiality (Fig. 4 ). Results — Respondents A total of twenty participants per generational cohort were invited for semi-structured interviews, with data saturation achieved after nine interviews in each group. All participants were proprietors of family-owned SMEs employing fewer than 50 individuals, with annual revenues below EUR 1.5 million. Generation X respondents were primarily aged 45–54 and possessed secondary or primary education, whereas Generation Y respondents were aged 35–44 with mostly secondary or tertiary education. The sample encompassed agricultural, manufacturing, and service sectors, all demonstrating active engagement of at least a second-generation family member, indicating multi-generational involvement. Results — Data structure for analysis Data were processed using NVivo software. A hierarchical coding framework (parent and child codes) corresponding to the study’s areas of inquiry was developed (Table 1 ). A more detailed operationalization of the main thematic areas was carried out using so-called child codes, which allow for the capture of finer differences in the attitudes, experiences, and practices of respondents across generations. These subcodes were identified on the basis of a systematic synthesis of relevant literature (Appendix 2) and subsequently verified and specified using empirical data obtained from semi-structured interviews (Appendix 3). The use of child codes made it possible to break down broad thematic categories into specific, empirically observable elements, capture intragenerational variability, particularly in the areas of innovation, technology, and succession, create a structured basis for subsequent comparative and cluster analysis. While Appendix 2 serves as a theoretical–conceptual map of the model’s sub-dimensions, Appendix 3 provides an empirical description of their application within the GX and GY group. Together, these appendixes provide a transparent and systematic basis for further analytical steps and allow for tracking the connection between theoretical starting points and empirical findings. These codes enabled capturing intergenerational dynamics, linking socioemotional wealth (SEW) theory to practice, and constructing a structured framework for thematic analysis of generational differences in family business contexts. Results — Parent codes Thematic analysis of interview transcripts identified the perceptions of each generational cohort regarding the main domains (Table 2 ). Thematic analysis highlights clear generational divides in family business priorities. Older generations favor tradition, stability, and informal practices, resisting innovation and digital tools. Younger generations embrace change and modernization for competitiveness but encounter entrenched opposition. These gaps generate tensions between legacy preservation and adaptation needs across core domains. Bridging them requires dialogue to balance continuity with progress. Results — Child codes The heatmap presented below visualizes the most salient and conceptually significant findings extracted from Appendix 3, which summarizes the detailed child codes for Generations X and Y. It highlights key patterns and contrasts in socioemotional wealth, innovation, social media use, technology adoption, and succession planning across the two generational cohorts (Fig. 5 ). The selected child codes represent the most critical dimensions that influence intergenerational dynamics, operational practices, and strategic orientations within Pakistani family-owned SMEs. By emphasizing these core variables, the heatmap provides a clear and accessible overview of generational differences, facilitating a comparative understanding of how values, attitudes, and behaviors shape organizational outcomes. Keyword frequency analysis Keyword frequency analysis corroborated thematic findings. In Generation X, clusters such as “family,” “family control,” and “successor” were dominant, indicating their priority, whereas “social media,” “marketing,” and “employees” appeared less frequently. For Generation Y, prominent themes included family business identity, succession, control, and innovation (Fig. 6 ). Overall, the frequency patterns indicate a clear generational differentiation in strategic attention: Generation X concentrates primarily on ownership, continuity, and control, while Generation Y distributes attention more broadly toward innovation-oriented themes alongside family-related concerns. These findings reinforce the presence of structurally embedded generational priorities that shape decision-making and strategic orientation within family businesses. Keyword frequency analysis — Cluster analysis Three distinct clusters characterized by child codes were identified in both generations (Fig. 7 ). Integrated analysis of respondents of both generations is shown in the following tables (Tables 3 and 4 ). Overall, the cluster analysis reveals that Generation X family businesses are predominantly characterized by strong socioemotional attachment, informal governance structures, and a cautious approach to innovation and digitalization, with only isolated cases demonstrating a progressive strategic orientation. In contrast, Generation Y firms display greater heterogeneity, ranging from tradition-oriented but technologically adaptive enterprises to innovation-driven businesses and transitional organizations navigating internal contradictions. Together, these findings underscore that generational positioning significantly shapes strategic behavior, innovation capacity, and succession readiness, while also indicating that the long-term sustainability of family firms depends on their ability to reconcile deeply rooted family values with evolving technological and managerial demands. Discussion — Overview of key findings This study set out to explore intergenerational differences in family-owned SMEs in Pakistan, with a focus on socioemotional wealth (SEW), innovation, social media usage, technology adoption, and succession planning. The findings reveal pronounced generational contrasts between Generation X and Generation Y across all examined dimensions. While both cohorts demonstrate strong attachment to family identity and continuity, they differ substantially in their attitudes toward change, formalization, and digital transformation. Importantly, the results suggest that generational tensions observed in family firms are not merely interpersonal but structurally embedded , reflecting broader cultural, institutional, and developmental contexts specific to emerging economies. Discussion — SocioEmotional wealth: continuity across contexts, divergence in consequences Consistent with research conducted in Western economies, socioemotional wealth remains a dominant organizing principle in Pakistani family businesses (Gómez-Mejía et al., 2007; [ 4 ]). Similar to findings from Europe and North America, both Generation X and Generation Y place high value on family identity, pride, and intergenerational ties. However, a key divergence emerges in how SEW influences strategic behavior. Western studies increasingly show that younger generations reinterpret SEW as compatible with innovation and professionalization Rondi et al. [ 7 ]. In contrast, this study indicates that in Pakistan, SEW, particularly among Generation X, functions more as a constraint, reinforcing tradition, emotional attachment, and resistance to formal governance mechanisms. This finding extends SEW theory by demonstrating that its strategic implications are context-dependent, shaped by national culture, institutional maturity, and risk perceptions in less economically developed settings. Discussion — Innovation orientation: a persistent east–west divide The reluctance of Generation X to engage in continuous innovation aligns partially with earlier Western findings that link family control to risk aversion [ 52 ]. However, while Western family firms increasingly overcome this inertia through hybrid governance and external professionalization, Pakistani firms, particularly SMEs, remain strongly conservative. Generation Y respondents in this study demonstrate attitudes toward innovation that closely resemble those documented in Western contexts: openness to experimentation, recognition of innovation as a survival mechanism, and interest in process improvement [ 46 ]. Yet, unlike their Western counterparts, Pakistani Gen Y actors face stronger parental authority, cultural hierarchy, and informal governance, which significantly limits implementation. Thus, while the orientation toward innovation converges globally, the capacity to act on it diverges, highlighting the moderating role of socio-cultural constraints . Discussion — Social media and digital communication: lagging institutionalization In Western family businesses, social media is increasingly institutionalized as a strategic marketing and communication tool [ 60 ]. By contrast, the findings from Pakistan show that social media usage remains largely informal, personal, and underutilized, even among Generation Y. This gap suggests that digitalization in emerging economies is not solely a generational issue but also an organizational and infrastructural one. Fear of reputational risk, lack of formal marketing strategies, and uncertainty about returns on investment continue to dominate decision-making, especially among senior family members. Discussion — Technology adoption: generational alignment, structural misalignment Consistent with Western literature, younger generations perceive technology as a driver of efficiency, transparency, and competitiveness [ 46 ]. However, unlike Western SMEs, where digital transformation is increasingly supported by ecosystems, consultants, and policy instruments, Pakistani family firms lack systematic external support. The results indicate that technology adoption is highly uneven and person-dependent, often driven by individual younger family members rather than embedded organizational processes. This finding underscores the importance of institutional voids in shaping family firm behavior in less developed economies. Discussion — Succession planning: universal problem, context-specific barriers Succession planning remains a critical challenge globally, with Western studies documenting persistent delays and emotional resistance [ 32 ]. The present study confirms these issues in Pakistan but reveals additional barriers: lack of formal criteria, the absence of training systems, and deep reliance on informal knowledge transfer. While Generation Y demonstrates willingness to assume responsibility and learn, the dominance of informal structures and emotional authority limits effective succession . Compared to Western contexts where formal governance increasingly mitigates, these risks Pakistani family firms remain vulnerable to discontinuity. Discussion — Discussion in relation to the propositions This study was guided by the central proposition that intergenerational differences in socioemotional wealth priorities, innovation orientation, social media usage, and technological adoption significantly influence succession planning, governance practices, and long-term sustainability in family businesses. This proposition has been extensively supported by empirical evidence from economically developed Western countries. The present findings allow for an assessment of its validity and contextual modification within the setting of a less economically developed country, namely Pakistan. Discussion — Proposition 1 Intergenerational differences in socio-emotional wealth priorities shape governance and succession processes in family firms. The findings strongly support this proposition. In line with Western studies [ 4 ], Rondi et al. [ 7 ], socioemotional wealth constitutes a core reference point for both generations. However, the Pakistani context reveals a distinct pattern: while Generation X prioritizes SEW primarily as a mechanism of control, stability, and preservation of tradition, Generation Y interprets SEW more reflexively, acknowledging both its value and its potential constraints. Unlike Western family firms, where SEW has increasingly been reframed as compatible with professionalization and innovation [ 46 ], SEW in Pakistani family SMEs often reinforces informal governance and delays formal succession planning. Thus, the proposition is confirmed, but its directional effect differs, indicating that SEW may act as a stronger stabilizing and inhibiting-force in less developed institutional environments. Discussion — Proposition 2 Generational differences in innovation orientation affect long-term sustainability and strategic adaptability. This proposition is also empirically supported . Consistent with Western research, Generation Y exhibits a stronger innovation orientation and greater openness to change [ 52 ]. However, in contrast to findings from Western economies where younger generations increasingly succeed in implementing innovation the Pakistani results highlight a persistent implementation gap. Innovation in Pakistani family firms is not constrained by awareness but by authority structures, cultural hierarchy, and risk aversion embedded in senior leadership. Consequently, while the proposition holds conceptually, the findings demonstrate that innovation orientation alone is insufficient to influence sustainability unless accompanied by governance mechanisms that allow younger generations to act on their strategic intent. Discussion — Proposition 3 Differences in social media usage and digital communication influence transparency, branding, and intergenerational cooperation. The results partially confirm this proposition. In line with Western studies [ 60 ], Generation Y shows greater familiarity with and appreciation of social media as a strategic tool. However, unlike Western family firms where social media is increasingly institutionalized Pakistani firms display minimal formal adoption across both generations. This suggests that while generational differences exist at the attitudinal level, structural and cultural barriers prevent social media from becoming a meaningful governance or branding instrument. The proposition is therefore contextually contingent, with its effects significantly weakened in environments characterized by low digital institutionalization. Discussion — Proposition 4 Generational differences in technological adoption influence power dynamics and succession readiness. The findings provide strong support for this proposition. Similar to Western evidence Rondi et al. [ 7 ], younger family members possess higher digital competence and are more willing to adopt new technologies. In the Pakistani context, however, this competence often challenges existing authority structures, intensifying intergenerational tensions rather than facilitating smooth succession. Unlike Western family firms, where digital competence can enhance the legitimacy of successors, Pakistani firms tend to prioritize seniority and ownership over expertise. As a result, technological adoption becomes a source of conflict rather than empowerment, delaying succession readiness despite available capabilities. Integrative proposition — The interaction of generational characteristics with contextual constraints determines family firm sustainability. Overall, the study confirms the core proposition that generational differences matter but demonstrates that their impact is mediated by national context, cultural norms, and institutional maturity. While Western-based propositions largely assume enabling environments that allow generational change to translate into strategic outcomes, the Pakistani context reveals structural frictions that attenuate or redirect these effects. This finding refines existing theory by suggesting that propositions derived from economically developed countries cannot be universally applied without accounting for contextual moderators. In less developed economies, sustainability depends not only on generational renewal but also on the firm’s ability to formalize governance, legitimize new competencies, and balance socioemotional continuity with strategic adaptation. The synthetic comparative presented in Table 5 "Pakistan vs. Western countries" builds on propositions and empirical findings. Although the structure of intergenerational challenges observed in Pakistan mirrors patterns documented in Western economies, their intensity, persistence, and governance consequences differ substantially. In Pakistan, weaker institutional frameworks, stronger family embeddedness, and cultural norms amplify the dominance of SEW and delay professionalization. This contextual amplification provides critical empirical support for extending SEW and generational theories beyond Western settings and justifies the relevance of the present study despite apparent similarities. The answer to the question posed in the introduction How do generations perceive and describe the main challenges in intergenerational transfer? is as follows: Generations perceive and describe the main challenges in intergenerational transfer in markedly different, yet complementary, ways, reflecting their distinct value orientations, life experiences, and strategic priorities: Generation X primarily frames intergenerational transfer as a challenge of preserving continuity and control . Respondents from this cohort emphasize the responsibility to safeguard family legacy, maintain ownership concentration, and protect socioemotional wealth embedded in family identity, long-term customer relationships, and established routines. The main challenges they articulate include reluctance to relinquish decision-making authority, uncertainty regarding successors’ readiness, and concerns that rapid innovation or digitalization may undermine proven business models. Succession is thus perceived as a gradual, informal process, where knowledge is transmitted through observation and experience rather than formalized planning. Generation Y, by contrast, describes intergenerational transfer as a challenge of modernization under constraint . While acknowledging the importance of family heritage and emotional bonds, younger respondents highlight tensions arising from limited autonomy, resistance to change by incumbents, and the absence of transparent succession frameworks. Key challenges include restricted opportunities to implement innovation, underutilization of digital technologies and social media, and ambiguity regarding roles, authority, and performance expectations. For this cohort, succession is not only a transfer of ownership but also a process of strategic renewal, requiring clearer structures, professional governance, and openness to new competencies. Across both generations, intergenerational transfer is consistently portrayed as a complex negotiation between continuity and change. The findings indicate that the core challenge lies not in conflicting goals per se, but in differing interpretations of how socioemotional wealth should be preserved, either through stability and control (Generation X) or through adaptation and long-term relevance (Generation Y). Conclusion The comparative analysis of GenX and GenY within Pakistani family businesses offers several important implications. Conclusion — Theoretical contributions Although the empirical findings of this study broadly align with prior research conducted in economically developed Western countries, their scholarly significance lies not in novelty of direction but in contextual validation, boundary extension, and theoretical refinement. Family business research has long been criticized for its geographical concentration in Western economies, particularly Europe and North America, which raises concerns regarding the external validity and universality of its core assumptions. First, the replication of similar intergenerational patterns in a less economically developed context provides robust evidence of theoretical generalizability. The confirmation that socioemotional wealth, innovation orientation, technological adoption, and succession dynamics operate in comparable ways across markedly different institutional environments strengthens their status as foundational mechanisms in family business theory rather than context-bound phenomena [ 4 ], Rondi et al. [ 7 ]. In this sense, the findings function as a theoretical replication, which is increasingly recognized as essential for cumulative knowledge development in management research. Second, while the direction of the relationships mirrors Western findings, their expression, intensity, and consequences differ substantially. In the Pakistani context, the same mechanisms are embedded in stronger family hierarchies, lower institutional support, and higher reliance on informal governance. This leads to slower implementation of innovation, delayed succession planning, and intensified intergenerational tensions. Thus, the study demonstrates that similar mechanisms do not produce identical outcomes, thereby extending existing theories by revealing how context moderates generational effects. Third, the findings challenge the implicit assumption in much of the Western literature that awareness and willingness automatically translate into strategic action. The Pakistani evidence highlights a pronounced implementation gap, where younger generations possess innovation and digital competencies but lack the structural authority to operationalize them. This nuance refines existing propositions by introducing governance maturity and cultural hierarchy as critical boundary conditions. Finally, the significance of the study lies in its contribution to comparative family business research. By demonstrating both convergence and divergence with Western evidence, the study positions family business dynamics as globally relevant yet locally contingent. This dual contribution enhances theoretical robustness while providing practical insights for policymakers and practitioners in emerging and less developed economies, where family firms dominate economic activity but operate under fundamentally different constraints. In summary, the value of the findings resides not in contradicting Western research, but in confirming its core assumptions while revealing their contextual limits, thereby advancing family business theory from a Western-centric framework toward a more globally inclusive perspective. This study contributes to socioemotional wealth (SEW) theory by extending its empirical validation beyond economically developed Western contexts and by refining the understanding of how SEW operates across generations within family firms in less developed economies. Prior research conceptualizes SEW as a multidimensional construct encompassing family control, identification, emotional attachment, and the perpetuation of family legacy (Gómez-Mejía et al., 2007; [ 4 ]. The present findings confirm the centrality of SEW for both Generation X and Generation Y,however, they reveal generationally differentiated interpretations and strategic implications of SEW. Specifically, the results show that Generation X predominantly frames SEW as a mechanism of stability, control, and preservation of tradition, often reinforcing informal governance and resistance to structural change. In contrast, Generation Y adopts a more reflexive orientation toward SEW, acknowledging its value while simultaneously recognizing its potential to constrain innovation, professionalization, and strategic renewal. This generational reinterpretation of SEW has been underexplored in prior literature, which often treats SEW as a relatively homogeneous family-level preference. By demonstrating that SEW priorities evolve across generations and may simultaneously function as both an asset and a liability depending on generational positioning, this study advances SEW theory from a static to a more dynamic, intergenerationally contingent perspective. Moreover, the findings suggest that in less developed institutional environments, SEW exerts a stronger constraining influence on innovation and succession processes, thereby introducing institutional context as a critical moderator in SEW-driven decision-making. The study also contributes to generational theory by empirically validating its applicability within the specific organizational setting of family-owned SMEs in a non-Western, less economically developed context. Generational theory posits that cohorts shaped by shared historical and socio-economic experiences develop distinct value systems, attitudes, and behavioral patterns [ 39 , 65 ]. While this framework has been extensively applied in Western organizational research, its relevance in family business contexts in emerging or developing economies remains limited. The findings provide strong evidence that generational cohort effects persist even in environments characterized by strong family hierarchies and collectivist cultural norms. Differences between Generation X and Generation Y were consistently observed in orientations toward innovation, technology adoption, digital communication, and expectations regarding succession and leadership transparency. Importantly, these differences were not merely individual preferences but systematically aligned with cohort-based value structures, supporting the core premises of generational theory. Beyond validation, the study refines generational theory by illustrating how generational characteristics interact with family-specific power structures. In the Pakistani context, generational identities do not automatically translate into organizational influence; instead, they are mediated by ownership, seniority, and cultural norms. This highlights a critical limitation of generational theory when applied to family firms: Generational identity alone is insufficient to predict strategic impact without considering governance authority. Thus, the study extends generational theory by embedding it within a family business governance framework, demonstrating that generational effects are both socially constructed and structurally constrained. This integration offers a more nuanced understanding of how generational dynamics shape organizational outcomes across diverse institutional contexts. Conclusion — Integrative theoretical advancement Taken together, the contributions to SEW theory and generational theory converge in demonstrating that intergenerational dynamics in family firms are not only value-driven but also contextually bounded and structurally mediated. By linking generational cohort differences with SEW priorities under varying institutional conditions, the study advances a more integrative, globally applicable framework for understanding family business continuity and change (Fig. 8 ). Furthermore, the research reveals a paradoxical cyclical nature to generational conflicts : Even in businesses with a long history of successful generational transitions, strong resistance by the older generation to innovation and digitalization persists, while the younger generation continues to push for transformation. This finding extends the understanding of intergenerational clashes beyond one-off transitional processes and suggests that tensions between tradition and innovation are an enduring characteristic of family businesses. The results of the study have important practical implications. The study under consideration here highlights the need for structured and transparent succession planning in the context of family businesses. This planning should combine the experience of the older generation with the innovative approaches of the younger generation. Concurrently, it advocates the proactive engagement of younger family members in the management of digital transformation and marketing, particularly within the domain of social media. The findings provide a framework for the diagnosis of intergenerational conflicts and the development of strategies that balance the protection of traditions with the need to modernize. These strategies are of particular relevance to advisors and consultants. This text is intended for the attention of policymakers. The study emphasizes the pivotal function of support programs (e.g., subsidies for digital education and technological innovation) in facilitating the overcoming of resistance to innovation exhibited by the older generation. In light of the findings of this study, the formulation of several recommendations for future research activities is proposed: A longitudinal study is required to ascertain the evolution of attitudes toward innovation, technology, and succession over a longer time horizon. This will allow for the identification of changes in intergenerational tensions during leadership transitions. Comparative and cross-cultural analyses : It is submitted that consideration of cultural, economic, and religious factors (for example, by comparing family firms in Europe, Asia, and the Middle East) would facilitate identification of the extent to which identified conflicts are universal and the extent to which they are conditioned by the regional context. The utilization of quantitative validation is advocated for the conceptual framework, with the recommendation being made for the integration of qualitative findings with quantitative research. The purpose of this integration is to facilitate the measurement of the impact of generations on key dimensions, including socioemotional wealth, innovation, technology, social media, and succession. Furthermore, it is advised that this approach be employed to test the robustness of the proposed framework. A study of the role of Generation Z has been undertaken, with a focus on Generation X and Y. However, the involvement of Generation Z in business leadership will introduce new dynamics, particularly in relation to issues of digitalization, sustainability, and work flexibility. These dynamics merit separate investigation. A more thorough investigation into informal succession mechanisms is warranted. The preponderance of informal knowledge transfer and decision-making observed in this study underscores the necessity for more detailed research. Such research should concentrate on the mechanics of these processes and on how they can be complemented or replaced by formal structures without compromising family identity. Conclusion — Limitation of the research The authors acknowledge several limitations of their research. The findings reflect the specific cultural, economic, and social context of one region, limiting generalizability. Only Generations X and Y were studied, excluding founders and GenZ, which restricts understanding of full intergenerational transitions. The sample size was limited and based on voluntary participation, possibly biasing results toward more open, active firms while excluding more conservative ones. Interview interpretation involves researcher subjectivity, and responses may be influenced by social desirability or reluctance to discuss sensitive issues. The study did not track attitude changes over time, missing evolution during succession. Researcher presence and question framing may have affected candor, especially regarding family conflicts. Lastly, reliance on qualitative data offers deep insights but limits broader applicability without quantitative validation, something planned for future research. Despite the limitations, the research offers insights into family business dynamics, guiding effective management and strategic planning, while providing researchers and practitioners recommendations for long-term viability of family enterprises. 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