ABSTRACT
This chapter explores the impact of financial and cost management systems on family-owned businesses in terms of enhancing an effective financial management while increasing their performances in order to engage fully in the corporate citizenship agenda. In particular, it aims to explore the financial and cost management system of these family-owned businesses while examining the impact of changing dynamics and Sri Lankan cultural and local characteristics on the adoption of financial and cost management systems. The chapter also explores the adoption of financial and cost management systems in order to evaluate the impact on enhancing the performance of a business and to evaluate its impact on the engagement of the corporate citizenship agenda using the qualitative case study research approach. Family-owned businesses have been linked with corporate citizenship where businesses attempt to meet the economic, legal, social and ethical responsibilities.
