Adoptive expectations: Rising sons in Japanese family firms

Vikas Mehrotra; Randall Morck; Jungwook Shim; Yupana Wiwattanakantang

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Adoptive expectations: Rising sons in Japanese family firms

机译：收养期望：日本家族企业中的成年儿子

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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.

机译：我们发现，继承的家族企业在战后日本比普遍认识的更为重要，而且平均表现也不错。非血缘继承人经营的公司要优于血统继承人的公司，并且与创始人经营的上市公司大致相称，而血统继承人则超过经营家族企业的职业经理人。此外，继承事件表明，被继承人“导致”业绩提高。我们建议，由继承人经营的公司之所以表现出色，是因为非血缘继承人取代了人才最差的血统继承人，非血缘继承人的“工作”激励了职业经理人，而流离失所的威胁则鼓励了血缘继承者的努力和人力资本积累，从而减轻了继承财富的“卡耐基猜想”使人才丧命。

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来源
《Journal of financial economics》 |2013年第3期|840-854|共15页
作者
Vikas Mehrotra; Randall Morck; Jungwook Shim; Yupana Wiwattanakantang;
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作者单位

University of Alberta School of Business, Edmonton, Canada T6C2R6;

University of Alberta School of Business, Edmonton, Canada T6C2R6,National Bureau of Economic Research, Cambridge, MA 02138, USA;

Faculty of Economics, Kyoto Sangyo University, Kyoto 603-8555, Japan;

National University of Singapore Business School, Singapore 119245, Singapore;

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正文语种 eng
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关键词
Adoptions; Corporate governance; Family business; Inherited ability; Japan; Succession;

机译：收养;公司治理;家族企业;继承能力;日本;演替;

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Adoptive expectations: Rising sons in Japanese family firms

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