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- Title
代际传承与家族企业多元化经营.
- Authors
罗进辉; 彭晨宸; 刘 玥
- Abstract
After more than 40 years of development, family firms in China have entered the peak of intergenerational succession. However, family business founders have been repeating the general process of "initial entrepreneurship--breakthrough in main business--multi-industry expansion--main business neglect and multi industry failure" generation after generation. In this entrepreneurial process, family founders are aging and retreating behind the scenes, and the successors, or the second generation, are growing and moving towards the front stage. The first generation focuses on the early entrepreneurial success, while the second generation focuses on the late transformation and expansion, called "entrepreneurial first generation, transformative second generation." We can see that the diversified expansion of family firms seems to be inextricably linked with the intergenerational succession of families. Therefore, this paper believes that intergenerational succession may play an important role in the diversification of family firms. In this context, this paper empirically tests the economic impact of intergenerational succession from the perspective of corporate diversification, using the sample data of 13,124 annual observations of Chinese family-controlled listed companies from 2003 to 2018. The results are as follows. (1) Family firms that entered the intergenerational succession were more inclined to diversify than family firms that did not enter the intergenerational succession. (2) The number of children of the family founders would positively regulate the relationship between intergenerational succession and diversified operations. (3) The male heirs will positively regulate the positive impact relationship between intergenerational succession and diversification. Further, after distinguishing the differences in the stages of the intergenerational succession process, this paper finds that the positive influence of intergenerational succession on the diversified operations of family firms has gradually strengthened with the continuous completion of intergenerational succession, but weakened with the plan time of intergenerational succession. Moreover, intergenerational succession ultimately undermines the longterm market value of family firms. Compared with previous research, the contributions of this paper are mainly as follows. First, this paper enriches relevant literature on the consequences of intergenerational succession of family firms from the perspective of diversification, providing specific empirical evidence to prove that intergenerational succession affects the strategic change of family firms. Second, this paper expands the relevant literature on diversification strategy. Given the reality that Chinese family firms are at the peak of intergenerational succession, this paper examines the impact of intergenerational succession on diversification strategy, thus expanding the research literature in this field. In addition, this paper examines the moderating effect of the number of potential successors and the gender of current successors, which clarifies the internal mechanism of intergenerational succession affecting the diversification of family firms, and enriches the relevant research on the characteristics of the second-generation successors of family firms. Chinese family firms are faced with dual strategic challenges of intergenerational succession and transformation and upgrading. Hence, the conclusions of this study bear important policy implications and practical value. The research conclusion shows that to achieve sustained growth, family firms should make inheritance plans in advance, cultivate the authority and confidence of successors, and strengthen the main business. At the same time, external investors need to follow through the intergenerational succession of enterprises and avoid unnecessary investment losses. Certain indirect market pressure should be imposed on family firm owners so as to regulate the excessive diversification of enterprises.
- Publication
Nankai Business Review, 2022, Vol 25, Issue 5, p96
- ISSN
1008-3448
- Publication type
Article