کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960129 929412 2013 15 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Adoptive expectations: Rising sons in Japanese family firms
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Adoptive expectations: Rising sons in Japanese family firms
چکیده انگلیسی

We find inherited family firms more important in postwar Japan than generally realized, and also performing well on average. Non-consanguineous heir-run firms outperform blood heirs' firms, and roughly match founder-run listed firms, while blood heirs surpass professional managers at running family firms. Further, succession events suggest that adopted heirs “cause” elevated performance. We suggest that heir-run firms do well because non-consanguineous heirs displace the least talented blood heirs, the non-consanguineous heir “job” motivates professional managers, and the threat of displacement encourages blood heirs' effort and human capital accumulation, mitigating the “Carnegie conjecture” that inherited wealth deadens talent.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 108, Issue 3, June 2013, Pages 840–854
نویسندگان
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