The family business map: Framework, selective survey, and evidence from Chinese family firm succession

Morten Bennedsen, Joseph P.H. Fan, Ming Jian, Yin-Hua Yeh

Research output: Contribution to journalArticlepeer-review

38 Scopus citations

Abstract

This paper analyzes the causes and consequences of founding family engagement in firm ownership and management. We hypothesize that families manage their firms because they are able to make contributions that non-family managers cannot provide. However, roadblocks arising from within the family, from markets, and from surrounding institutions challenge family ownership. We propose a new framework for organizing these assets and roadblocks, called the family business map; this framework is useful for categorizing the papers presented in this Special Issue. We support the predictions of the framework with evidence from Chinese family firm succession, and conclude that family firm organization is an adaptation to environmental opportunities and constraints. We end the paper with suggestions for future research.

Original languageEnglish
Pages (from-to)212-226
Number of pages15
JournalJournal of Corporate Finance
Volume33
DOIs
StatePublished - 1 Aug 2015

Keywords

  • D23
  • Family assets
  • Family firms
  • L20
  • M13
  • Roadblocks
  • Succession

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