STUDYING THE PERCEPTIONS OF EXECUTIVES IN SMALL FAMILY COMPANIES ON INTERNAL CONTROL SYSTEMS: THE CASE OF IZMIR CITY

The most prominent attribute of small family companies is the intertwining the cultures of family and business cultures. Because of the integration of the family into the business, decisions about the business are also closely related to the family at the same time. This problem frequently occurs in non-institutional companies. Hence, the average life time of Turkish small family companies is below the average world standards. Indeed, if the companies in Turkey successfully form corporate structures, then they could also significantly improve their life time. The primary focus of this study is the effective control system which is one of the most important requirements of institutialization. In this research, perceptions of small family business executives on internal control systems have been studied and the barriers to establish an effective internal control system have been analyzed