Must Love Kill the Family Firm? Some Exploratory Evidence
Family firms depend on a succession of capable heirs to stay afloat. If talent and IQ are inherited, this problem is mitigated. If, however, progeny talent and IQ display mean reversion (or worse), family firms are eventually doomed. Since family firms persist, solutions to this succession problem m...
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| Veröffentlicht in: | Entrepreneurship theory and practice 2011-11, Vol.35 (6), p.1121-1148 |
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| container_title | Entrepreneurship theory and practice |
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| creator | Mehrotra, Vikas Morck, Randall Shim, Jungwook Wiwattanakantang, Yupana |
| description | Family firms depend on a succession of capable heirs to stay afloat. If talent and IQ are inherited, this problem is mitigated. If, however, progeny talent and IQ display mean reversion (or worse), family firms are eventually doomed. Since family firms persist, solutions to this succession problem must exist. We submit that marriage can transfuse outside talent and reinvigorate family firms. This implies that changes to the institution of marriage—notably, a decline in arranged marriages in favor of marriages for “love”—bode ill for the survival of family firms. Consistent with this, the predominance of family firms correlates strongly across countries with plausible proxies for arranged marriage norms. |
| doi_str_mv | 10.1111/j.1540-6520.2011.00494.x |
| format | Article |
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| subjects | Analysis Business planning Business plans Business studies Entrepreneurs Entrepreneurship Family Family corporations Family firms Family owned businesses Family relations Family-owned business enterprises Husband and wife Intelligence Love Management Managerial skills Marriage Methods Small business Strategic management Studies Succession planning |
| title | Must Love Kill the Family Firm? Some Exploratory Evidence |
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