This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

This book analyzes the findings reported in the first Asia Pacific summit of the Successful Transgenerational Entrepreneurship Practices (STEP) project. Researchers in Australia, China, and India discussed eleven in-depth case studies to shed light on the challenges that business families and family businesses faced in continuing and extending their entrepreneurial capabilities across multiple generations. Based on a common research framework from STEP, each chapter introduces key findings and challenges existing theory, offering answers to two broad questions in the Asia Pacific context: How do business families and family businesses generate and sustain entrepreneurial performance across generations and how does entrepreneurial performance relate to the continuity, growth and transgenerational entrepreneurship of business families and family businesses? In doing so, the authors look at key issues faced by family business including dealing with communication issues across generations, resolving conflict between siblings, preparing and luring younger generations back to family business, and professionalization of business. The chapters go beyond the succession and governance challenges and explore the processes and outcomes of entrepreneurship in the Austral - Asian family context. Academics, teachers and students in business and management, entrepreneurship and family business, and Asian studies will find this path-breaking book of great value, as will libraries, policymakers and consultants.

Using a sample of 231 entrepreneurial firm successions in Hong Kong, Singapore, and Taiwan, we find that firms' unsigned discretionary accruals decrease while timely loss recognition increases subsequent to successions, suggesting a shift in accounting toward a less insider-based system. We argue that the change in accounting properties is due to the loss of specialized assets in the succession process, such as the entrepreneur's reputation and political/social networks, inducing the firm to adapt to market-based rather than relationship-based contracting. Moreover, we find that the extent of the shift in accounting is larger in founder successions than in subsequent (non-founder) successions, as the dissipation of specialized assets is greatest in founder successions.

傳承接班與創新成長在中小企業是一體兩面的決策，中小企業傳承順利，會使得各種有形與無形資本得以銜接，並依據產業的新競爭環境，成為支持企業創新與競爭的動力。 　　本書作者群先以亞洲不同國家的具體數據或案例，說明中小企業在傳承過程中，不同類型資本與企業創新之間關連，尤其是無形資本難以銜接對企業或產業的隱憂。其次，提出各種可能的解決方向以供思考，希望可以為中小企業在企業傳承與競爭優勢提升上，提供具體可行的建議。 　　面對傳承接班與創新成長的關鍵選擇，企業主若可以有多一些不同面向的思考，將有助於穩健企業傳承與發展之路。本書希望能提供提綱挈領與拋磚引玉之效，為中小企業傳承，提供深具學術基礎的務實建議。

Ho Tak Kee is a professional publisher and printer in Hong Kong. The family is considering closing the printing operation if no one from the next generation can steer the business. As a next-generation member, John is facing the dilemma of advancing a professional career outside the family or revitalizing the family legend. The case puts the audience into John's decision track.

The case demonstrated how Simon Wong and Grace Ko, two second-generation members of a multi-family business, has transformed the LH Group (LHG) with innovation and creativity. Bringing in restaurant brands from other countries, Simon and Grace remodelled the traditional Chinese dim-sum restaurant chain into an upscale contemporary Japanese, Korean, and wedding banquet business. LHG planned for IPO and was listed in 2018 under Simon’s leadership. The ongoing success of LHG was not destined, however. How could they continue to innovate and execute their plan for future success?

Intangible assets are becoming increasingly important to firms. However, the question of how firms can realize the full potential of intangible assets remains. We propose that corporate social responsibility (CSR) can help a company create value from intangible assets for two reasons. First, firms invest in CSR to increase employee loyalty, which in turn help retain knowledge workers. Second, firms engage in CSR activities to increase employees’ organizational identification, and to promote collaboration across units, which is crucial for the integration and alignment of intangible assets with other intangible assets and tangible assets. Moreover, we propose that institutional development may weaken the positive relationship between intangible assets and engagement in CSR, whereas product diversification may strengthen the relationship. Data analyses based on a sample of 4788 Chinese entrepreneurial firms provides support toward our main arguments. This study highlights a novel idea that firms may use CSR practices to realize the potential of their intangible assets. This study has important managerial implications as well.

Business families are thought to have a robust pool of resources supporting portfolio behaviour (Carter & Ram, 2003; Sieger et al., 2011; Rosa et al., 2019). Building on extant literature, we try to enrich the understanding of portfolio entrepreneurship as induced by succession (Au et al., 2011, 2013; Le Breton-Miller & Miller, 2018). Portfolio entrepreneurship is defined as simultaneous ownership of multiple ventures by a single ultimate owner (Sieger et al., 2011). Effectiveness of a portfolio strategy to engage rising-generation members could be affected by a constellation of factors such as successors’ commitment and motivations (Chua et al., 1999; Schröder & Schmitt-Rodermund, 2013), incumbents’ intention (De Massis et al., 2016), and succession process (Sharma et al., 2001, 2003), all of which could be directly or indirectly influenced by demographics of successors, incumbents, their families, their businesses, and the institutions they operate in (Calabrò & Valentino, 2019; Westhead, 2003). Despite their influence on succession, demographic factors have been treated as control variables rather than primary explanatory factors in most extant studies (Marshall et al., 2006). We break with this tradition by demonstrating a determining demographic effect on portfolio outcomes in the case of sudden succession, which families-in-business cannot predict.

We examine how dynamic capabilities of a family firm to respond to technological disruptions, together with the next generation’s self-efficacy of effectuating change in the family business and their perceived abilities to assume an expanded role in relation to technological disruptions, may affect their career intentions in Industry 4.0. From our survey of 117 Asian next-generation family business members and three case studies, we showed the prevalence of a boundaryless career intention. We demonstrated that at a higher level of dynamic capabilities appears to raise the next-generation succession and boundaryless career intentions and reduce their employee and founding intentions. Next-generation members with higher perceived abilities exhibit a stronger intention to pursue a boundaryless career. Self-efficacy of effectuating change however does not predict any of the career intentions. We discuss implications for families-in-business and practitioners in next-generation career planning in Industry 4.0.

中國的家族企業正處於高速發展期，盡管絕大多數還處在**代掌控階段，然而，創業的一代企業家們不可避免地要開始面對企業傳承發展的問題。如何跨越傳承路障，樹立百年老店，仍需要一代企業家們和准備接任的二代們孜孜以求，共同探尋。 家族企業的品牌和精神如何沿襲？ 家族股權如何合理划分？ 家族接班人如何培養？ 家族企業實現永續經營的治理模式何在？ 家族接班人如何實現互助聯姻？ 家族企業如何調整和政府的關系？ 家族企業長青的密碼是什麼？ 家族企業如何順利交班？ 家族繼承人與職業經理人如何抉擇？ 家族企業價值為何在繼承中蒸發六成？ 家族股權如何合理划分？

Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis.Testing data from a large sample of private firms (N-3,459) by difference-in-differences analysis, we find that firms with industrial diversification, geographic expansion and political connections perform better during the crisis than those without. These results are less affected by self-selection problems (as the abrupt crisis provides a natural experiment) and hold up against endogeneity and several nberg, 2008). Perceived leadership effectiveness, job-satiportant implications for researchers, business owners, policy makers and future research.

This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

The relationship between diversification and firm performance varies among institutions and over time. Less is known about the advantageousness of diversification in economy-wide crises, which have occurred frequently in recent years. Using data on nearly 4000 Chinese private companies, we found that diversified firms performed better than focused firms during the recent global financial crisis. The diversification level was positively and linearly related to performance, that is, more diversified firms performed better. Moreover, we found that private firms that are totally owned by the founding owner and his/her family performed worse under crisis.

Answering the most pressing thirty-five questions of Next Generation members in a short and concise, yet competent way—leading academics, practitioners, and enterprising families come together to empower Next Generation legacies. Masterfully detangling the intricate dynamics of the family, ownership, business, and wealth, the authors share best practices, real-life examples, and critical questions for reflection. Part 1: Family Defining family · Managing family dynamics · Dealing with conflicts · Family communication · Preparing generational transitions · Keeping the family united Part 2: Ownership Responsibilities and rights · Preparation of future owners · Dealing with non-active owners · Ownership transfers · Board expectations and roles · Owner networks Part 3: Business Preparing business entry · Working with nonfamily executives · Hiring family members · Promoting family members · Letting go of family members · Engaging family business consultants Part 4: Wealth Dealing with wealth · Pursuing a vocation outside of the family enterprise · Leaving the family enterprise · Selling the family business · Starting a family office · Pursuing philanthropy and impact investing Enabling Next Generation Legacies is a powerful guide for Next Generation members and their families to ask better questions, make better decisions, live better lives, and build stronger legacies.

Transgenerational entrepreneurship, as a discipline, examines the processes, resources and capabilities that allow family enterprises to create social and economic value over time in order to succeed beyond the first generation of business owners. While tangible resources such as financial and physical capital are certainly important factors in the long-term success of a family-run business, this book focuses specifically on the role of intangible resources and capabilities, which are less easily quantifiable but equally vital. Drawing insights from in-depth longitudinal studies of twenty-six family firms in twelve countries, the contributors discuss the critical role of intangible assets such as values, virtues, tacit knowledge and learning, professionalization, internal and external social networks, and reputation. Each chapter includes both a case study that serves as a practical illustration of a particular topic as well as a discussion of the theoretical perspectives and broader implications. Featuring both contributors and case studies from across the world, this volume provides a truly global approach to the study of transgenerational entrepreneurship. Professors and students of business and management, entrepreneurship and family business studies will find this book a fascinating addition to their libraries, as will family business owners, consultants and researchers.

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.

The global economy is predominantly driven by family businesses that provide the largest source of long-term employment in most countries. In the Asian region, family members amongst the 60% of large corporations own a significant share of the equity and can influence key decisions. This phenomenon sets the family enterprises with various challenges and opportunities as any other non-family run enterprises but in a more complex dimension. This book presents a collection of cases that addresses three key challenges faced in many of the family enterprises in Asia; Succession, Governance and Innovation. The narration of the cases also offers reader tips about good practices among the Asian families such as effective family governance mechanism, development of innovation and entrepreneurial mindsets across generations, importance of family culture. This case book is essential reading for anyone interested in addressing the needs of business families in the region.

This study tests the thesis of the “jack-of-all-trades” – whether individuals with a variety of skills are more likely to pursue entrepreneurship – at the early stage of venture formation. We also investigate if entrepreneurial passion would heighten the effect of a variety of skills to make would-be entrepreneurs keener to pursue the startup process and form new venture teams. Taking advantage of a 10-month entrepreneurship training project, we tested our propositions with a longitudinal sample of 215 participating waged employees. The findings show that skill variety positively influenced participants to form teams for new venturing in the program, and such effect was stronger among passionate individuals. Implications of the findings for human capital theory and entrepreneurial practice are discussed.

Konica Minolta Business Solutions (HK) Ltd. was likely the first multinational corporation in Hong Kong to put the ideas of corporate social enterprising into practice. Its new service business that was launched in 2014 (the i-Transform Station) employed so-called "hidden youths"-disadvantaged individuals who refrained from joining mainstream society-empowering them to reconnect with society. While the initiative drew the attention of the company's headquarters in Japan, the company experienced difficulties attracting enough hidden youths for its growing i-Transform Station, despite actively seeking the help of social workers in identifying potential employees. The managing director who initiated the program wanted to increase the engagement of hidden youth and, more importantly, to inject the ideas of social enterprise and the creation of shared value into Hong Kong society. In 2018, having received some suggestions from social workers and others, the managing director reflected on alternative options for the program's future.

The global economy is predominantly driven by family businesses that provide the largest source of long-term employment in most countries. In the Asian region, family members amongst the 60% of large corporations own a significant share of the equity and can influence key decisions. This phenomenon sets the family enterprises with various challenges and opportunities as any other non-family run enterprises but in a more complex dimension. This book presents a collection of cases that addresses three key challenges faced in many of the family enterprises in Asia; Succession, Governance and Innovation. The narration of the cases also offers reader tips about good practices among the Asian families such as effective family governance mechanism, development of innovation and entrepreneurial mindsets across generations, importance of family culture. This case book is essential reading for anyone interested in addressing the needs of business families in the region.

This chapter proposes a way of analyzing and learning from family business cases, from the perspectives of families, advisors, and scholars. It shares how to "fish" knowledge that will maximize learnings from well-crafted cases, what the case learning approach is about and how to read a case in general. Moreover, it discusses how to analyze a family business case, paying specific attention to factors unique to family firms. Finally, it explains how families, advisors, and scholars can best utilize the materials in this Casebook.

Ownership structure plays a critical role in the incentives and behaviors of business organizations. The literature has focused on the effects of firm ownership dispersion across managers and investors. We extend the literature by examining the roles of ownership structure within a controlling family. Specifically, we focus on the family trust structure, which is a popular vehicle for holding family ownership around the world. The trust structure typically locks controlling ownership within a family for a very long period. Although it ensures family control, the share transfer restriction may induce family shirking problems, make family conflicts difficult to resolve, and distort firm decisions. Based on a sample of publicly traded family firms in Hong Kong, we report that trust-controlled firms that are more susceptible to these problems tend to pay higher dividends, invest less in the long term, and experience worse performance. The costs of using a trust structure are more significant when the family stakes have been locked inside the trust for a longer period and when a larger amount of family ownership is held by the trust.

The Kam family has owned Yung Kee, a huge 750-seat restaurant in Hong Kong, for more than 50 years. Starting out as a food stall, the business still 'packs them in' today. However, soon after the death of the patriarch, at the age of 96, in 2004, his two oldest sons became embroiled in a bitter and very public family feud over the restaurant's management and the family fortune, estimated to be worth HK$2 billion.

The chief executive officer of Bamboos Health Care Holdings (Hong Kong) Ltd. (Bamboos) started her entrepreneurship journey in 2005 with a telephone and a fax machine. She created a platform to match the demand from patients or their relatives with the supply of services from health care professionals. After 12 years in operation, following one consistent business model, Bamboos was listed on the main board of the Hong Kong Stock Exchange. Despite several challenges in its early years, the Bamboos business model proved to be sustainable in Hong Kong and became resistant to change. In early 2018, the founder was considering entering the health care market in mainland China and changing the company's business model for the first time. Could the current business model in Hong Kong be modified to enter mainland China and other countries? What changes would be required with respect to strategy and management?

We cannot overemphasize the importance of long-term planning. Entrepreneurial owner-managers are extremely busy people — they start early and work late, often seven days a week. They are never relieved of the pressures of day-to-day management and its ability to steal every available hour in the day No wonder, then, that they find little time to plan 20 years ahead.

全球化走到十字路口，中國經濟也進入新的發展階段，如何在關鍵時刻做出關鍵抉擇，成為揚帆遠航的新起點，無疑極為重要。對於民營企業而言，接班問題一直備受關注，因為接班成功與否，直接關係家族和企業的命運。 香港的家族企業比內地民營企業的發展歷程更久，近年來相繼進入必須傳承接班的關鍵時刻。這些家族和企業的一言一行、一舉一動，包括投資動向、身體健康、感情寄託以及接班安排等，引發了社會各界的廣泛關注。 本書精選了吳光正家族、李嘉誠家族、鄭裕彤家族、廖創興家族、利希慎家族、何東家、郭得勝家族等知名華人家族企業案例，進行多個維度的深入分析，研究其發展與接班的獨特挑戰與應對模式，為中華大地民營企業的現代化、國際化及基業長青提供借鑒。

This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

The collective journey initiated with STEP Project affiliates, collaborators, and business families a few years ago helps us reflect on how business families react to disruptions and how they develop resilient models to survive across generations. Five lessons were learned from resilient families. First, business families see a disruptive event as an event in the sequence of events that are part of the story of their families. Second, business families use previous experience to overcome the present disruption. Third, hopes of family businesses motivate the common goals of finding constructive solutions to the current disruption. Fourth, family businesses are willing to receive advice and recommendations to overcome difficult times. Finally, the collaborative process of resilience starts from family history and family values. There is no one universal way to overcome the disruption but as many ways as there are business families and cultures in which they dwell.

Drawing on expectancy theory and the socioemotional wealth (SEW) perspective, we propose that family owners with intrafamily succession intention are more motivated to accumulate or preserve SEW. As corporate philanthropy is a critical way for family-controlled firms to accumulate or maintain SEW, family owners with intrafamily succession intention are more likely to engage in corporate philanthropic activities. Data on a nationally representative sample of family-controlled firms in China support our prediction. We also find that the relationship between intrafamily succession intention and corporate philanthropy is moderated by family owners’ social status and religiosity. The findings contribute to our understanding about family businesses, in general, and those in China, in particular, as well as the SEW perspective.

Are family businesses really more resilient, agile and adaptable than other business types? And, if so, have they been able to tackle the challenges of COVID-19 better than most and, perhaps, emerged even stronger? The shock of an unexpected global pandemic provided an opportunity for the Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Consortium and KPMG Private Enterprise to come together to find the answers to these questions by taking a firsthand look at how family businesses have responded to the pandemic in the Global family business survey: COVID-19 edition and report. Mastering a comeback, PDF cover Global survey data was collected between June and October 2020, followed by input from family business leaders, academics and family business advisers in January 2021. The experiences and insights from family businesses in the Americas, Asia, Europe and the Middle East & Africa have revealed a roadmap, not only for mastering a comeback in their businesses, but for leading a global economic recovery.

This article argues that culture and physical environment shape the patterns and development of family businesses, and determine their operational logic and controlling mechanism. The geography, religious beliefs, socio-cultural contexts, as well as family ideals, relationships, and inheritance systems of China differ from those of Japan and Britain. Thus, one can expect that the patterns and development paths of Chinese family businesses would also differ. A case in Hong Kong was selected for a multi-dimensional examination. It was found that geographical and socio-cultural factors matter in the development of family businesses. In the Chinese context a family business can grow like a banyan tree—with luxuriant aerial roots and intertwining branches, reflecting competition as well as support between family members. The study contributes insights to the understudied subject of the special development patterns of Chinese family businesses from the angles of business principles, socio-cultural contexts, and the environment.

The STEP Project Global Consortium and KPMG Private Enterprise are pleased to have the opportunity to share the insights gathered from more than 1,800 family business leaders in every major region of the world. The STEP 2019 Global Family Business Survey examined the impact of changing demographics on the future of family businesses and was followed up with in-depth interviews among family business leaders across the globe, many of whom generously agreed to openly share their experiences in a series of four co-authored articles.The first article in the series, “The courage to choose wisely: Why the succession decision may be a defining moment in your family business,” explores the ways in which changing demographics are influencing succession decisions and the succession planning process itself. The second article, “The power of women in family business: A generational shift in purpose and influence,” takes an up-close look at the demographic shifts that are changing the role of women in family businesses and the unique competitive advantages they can deliver.The third article, “Creating value through good governance: How to balance what is right for the business and for the family,”examines the many layers of family and business governance systems and mechanisms and the ways in which the evolving principles of good governance create value for both the business and the family. Our insights are derived from the findings of the STEP 2019 Global Family Business Survey and the first-hand experiences of multi-generations of family business leaders globally.

Family foundations are prevalent, but seldom have researchers examined its function and influence as an ownership vehicle for family businesses. This paper advances an institutionalized reference-point theory to explain family foundation’s role on perpetuating family business. The theory posits that these foundations cultivate family members long-term commitment to corporate responsibility which enhances the identification and socio-economic wealth creation of business families. In a longitundinal study of public-listed family businesses (1996-2016) in Taiwan using survival analysis, the presence of family foundation not only itself promotes, but also, as a moderator, heightens the positive effect of family ownership on longevity of family firms. Qualitative evidence from interviewing professional accountants affirmed that family foundations strengthened the identification of members to the family businesses. Further, while their purpose was for charity and not control of the business, establishing the foundation shifted family members’ orientation for the long-term, which resulted in longer survival.

Abrupt changes can happen in family businesses. Dr David Chu, founder of Mission Hills (MH) Group and the world’s largest golf club, passed away when he and his eldest son, Dr Ken Chu, who was in his early 30’s, committed to a substantial project building a golf and resort complex in Haikou City, China, which was a driver of the MH’s portfolio growth. The father-son duo were highly entrepreneurial and similar in many other ways. Since David left the scene, Ken was determined to transform MH from a professional golf club to a portfolio of eight culture-related businesses – (i) golf; (ii) real estate; (iii) wellness; (iv) entertainment and leisure; (v) retail; (vi) tourism and theme parks; (vii) sports and recreation; and (viii) education. How could Ken grow and synergize the family portfolio with his father’s entrepreneurial spirit and sustain the family legacy together with his siblings and other non-family executives?

經過30多年的發展，中國的民營經濟發展已進入新舊交接的階段，今後將有一波波的企業家退休，將企業與家族財富交托給下一代。但是他們的下一代沒有經驗，而且面臨高度不確定的商業環境。從過去東亞商業家族交棒的經驗中我們知道，中國人的家業傳承挑戰很大，企業與家族的財富與價值觀往往在家族斗爭與後繼無人的不堪境況中潰散。如何安排企業接班，傳承家族有形與無形價值，是令多數商業家族頭疼的問題。 作者範博宏以平易的筆觸與豐富的案例介紹基業長青問題的最前沿思想與研究發現，包括如何發掘家族經營事業的特殊優勢、如何傳承家族理念等無形資產、如何設計與分配家族股權、如何設置執行整合家族意見的家族治理機制、如何培養事業接班人、如何激勵職業經理人、如何實踐永續經營的公司治理等。 《關鍵世代︰走出華人家族企業傳承之困》強調科學客觀的分析，以世界的視角看中國的問題，借鑒西方與東亞華人商業家族的經驗為中國大陸的民營企業家族找到永續之道。盡管家家有本難念的經，但是尋求家族共同價值、部署並執行保存家族價值的制度，並以此價值影響企業、造福社會，的確有共通的方法。 最後，《關鍵世代︰走出華人家族企業傳承之困》提醒中國企業家、家族成員與企業員工們︰基業長青需要作長期的準備，而且許多決定不能在短期逆轉。所以，趁年輕，從今天起就開始準備！ 1996年于美國匹茲堡大學獲得金融學博士學位後在香港從事教學研究工作，曾任職于香港大學和香港科技大學，現任香港中文大學會計學院及財務學系聯席教授、經濟金融研究所主任。範博宏對華人民營與家族企業治理及傳承問題有前沿且權威的研究，他也是新興市場公司金融與管理問題專家。他經常在世界各國的學術會議與商業論壇中演講，研究成果在多種世界頂級學術期刊上發表，並被包括《經濟學人》、《紐約時報》、英國《金融時報》、《亞洲華爾街日報》、香港《南華早報》等國際主流媒體廣泛報道。範博宏是數個國際學術期刊的編委、《新財富》雜志的學術顧問與公司治理專欄執筆人。他不定期擔任東亞家族企業、世界銀行、世界經濟合作組織及亞洲開發銀行的咨詢顧問。近年，他致力研究與宣講家族與企業長青之道，他的家族企業治理講座與課程學員遍布東南亞、中國大陸及香港地區。

本研究以注意力觀點探討家族傳承業務如何影響會計師事務所的專業邏輯。以臺灣四大會計師事務所脫離傳 統服務，啟始家族傳承諮詢服務為標的，透過深度訪談與次級資料輔助，由實踐型取徑 (practice-based approach) 的注意力基礎觀點 (attention-based view; ABV) 爬梳一關鍵事件如何觸發產業參與者不同的注意力結構，進而導 致相異的實務作為 (practice) 與專業邏輯的變化。本研究發現，啟始需求在既有專業邏輯下的角色、專業服務提 供者與客戶間的關係，以及專業機構的組成決定組織的注意力結構，進而產生專業邏輯變化。從管理意涵的角 度，本研究提出專業機構未來服務模式的界定，亦點出內部管理與制度面的挑戰。

Purpose The purpose of this paper is to contribute a multilevel, cross-national analysis of the role that sociocultural context may play to enrich the understanding of strategic renewal in family firms. The authors conceptualize sociocultural context as consisting of firm-level social contexts and national culture, and propose that: heterogeneous social contexts in family firm management, i.e. family CEO and multigenerational involvement, give rise to mindsets that have differential effects on renewal efforts and that the proposed effects are subject to variation due to the moderation of national cultural dimensions of uncertainty avoidance and power distance. Design/methodology/approach The authors use unique date set consisting of 959 family firms from 26 countries drawn from a cross-national, quantitative study of family firms. Findings The authors found that family CEO is negatively related to renewal across cultures, and this relationship is attenuated by uncertainty avoidance and power distance. In addition, multigenerational involvement is positively related to renewal, and this relationship is enhanced by the two cultural dimensions. Practical implications The authors suggest that decision makers examine how different contexts, practices and cognition contribute to overall dominant logics that exist in firm. In doing so, they can evaluate how logics as a whole affect renewal, and also how different parts of the logics play a role. This overall evaluation will afford managers a holistic picture of renewal forces that operate in family firm and allow managers to make precise changes to enhance strategic renewal. Originality/value The findings support the contention that there is cultural-dependent countervailing effects on strategic renewal within family firms.

This paper presents the first empirical evidence showing that the marriage of a member of the controlling family adds value to public corporations. The results, based on a uniquely comprehensive data set from Thailand, show that the family firm’s stock price increases when the partner is from either a prominent business or a political family. Abnormal returns tend to be higher for firms whose operation depends on extensive networks. In contrast, marriages to ordinary citizens are not associated with any abnormal returns. These findings are generally supportive of the value of networks in general and marriage in particular.

Ownership structure plays a critical role in the incentives and behaviors of business organizations. The literature has focused on the effects of firm ownership dispersion across managers and investors. We extend the literature by examining the roles of ownership structure within a controlling family. Specifically, we focus on the family trust structure, which is a popular vehicle for holding family ownership around the world. The trust structure typically locks controlling ownership within a family for a very long period. Although it ensures family control, the share transfer restriction may induce family shirking problems, make family conflicts difficult to resolve, and distort firm decisions. Based on a sample of publicly traded family firms in Hong Kong, we report that trust-controlled firms that are more susceptible to these problems tend to pay higher dividends, invest less in the long term, and experience worse performance. The costs of using a trust structure are more significant when the family stakes have been locked inside the trust for a longer period and when a larger amount of family ownership is held by the trust.

在香港歷史上，能富過三代、顯赫一時的家族不少，但能憑宗教、政治網絡與資本崛起壯大，家族成員又曾在不同層面取得多個第一的，唯何福堂家族而已： 第一位香港華人牧師 第一位香港華人立法局議員 第一位不靠科舉出任滿清高官的香港人 第一位同時擁有律師及醫生資格的香港人 第一位擁有英國律師資格的秀才 第一位獲大英皇室爵士頭銜的華人 第一位出任中國外交部長的香港人 第一宗子女狀告母親的爭產官司…… 這個傳奇家族已承傳六代、横跨二百年，在不同時代面對世界、中國及香港的變局，他們如何運用其獨有資本乘時而起？又是在甚麼情況下形勢急轉，助力變成阻力？興盛有時、衰落有時，如何拿揑家族才可以歷久長存？

Built upon the mixed gamble perspective, we used a recent survey on Chinese family firms (FFs) and found that increased family influence lowers Chinese FF environmental proactiveness, as they show a peculiar tendency to take a financial view rather than a socioemotional wealth view. Moreover, we found that increased resource endowment attenuates this tendency, whereas provincial marketization strengthens it. However, entrepreneur reputation does not have a significant moderating effect. Overall, the study enriches an understanding of environmental proactiveness for FFs, organizational heterogeneity, and institutional differences. It also introduces new elements into the mixed gamble framework.

Ronald Chan was the third-generation heir apparent of a 70-year-old industry leader in Hong Kong. He joined the family-owned cycling business at its toughest time, and witnessed its sales tumble of nearly 50% due to different global crises. Before the COVID-19 pandemic hit, Ronald realized from the prior crises that their reliance on external supply of bicycles made them less responsive in the ongoing waves of disruptions. Hence, he suggested that the family create their own home-grown premium bicycle brand. The pandemic however suppressed the premium brand market, and Ronald needed to make a decision of whether he should detour to build a low-tier brand to meet the current demand, or continue with his plan for a high-end brand for long-term growth.

辛苦經營大半生的公司，該由誰繼續承接？ 是家族繼承人？或是職業經理人？ 選賢或選能？品牌精神如何延續？ 接班人將是你未來最關鍵的企業議題！ 自經濟起飛之後至今，許多第一代的台灣創業家撐起了台灣的經濟，卻也開始步入晚年，理應開始找尋接班人傳承延續。 然而，我們卻見到許多企業家，至今年事已高卻仍艱辛站在最前線率兵打仗，為何？ 實在是接班人難尋！ 究竟該如何選擇接班人？你的企業品牌如何延續？又，你企業最重要的無形資產是什麼？你該如何規劃你的傳承之路？股權分配的問題你考慮過了嗎？接班後又該怎樣安撫下面的元老與經理人？ 這許多的問題一在糾纏著現在許許多多的企業主們，讓他們不知如何找起，只好如古時三國黃忠，勉勵自己「老當益壯」，持續帶頭衝鋒，如張忠謀，至七八十歲才交出執行長的位置，卻也掛名董事長，無法放心交棒。 范博宏教授在此書中匯總了國內外大大小小的企業案例，為如今茫然失措的企業主們擘劃出一條明路。他指出，一個企業要能夠順利接班，必須提前二十年做準備，才有機會讓企業永續長青。 本書除了為你分析出影響企業長期所有權與經營模式的因素外，更提供一套完整的「企業長青地圖」，協助你妥善規劃，選擇自己最適合的傳承模式。 你將在其中學會找出企業最重要的傳承資產為何？常見的阻礙是什麼？並且從案例中看見一流的企業的接棒方式、後續的治理要點，甚至是較少人會顧及到的股權設計。 吉姆‧柯林斯在其著作中曾說「偉大公司的創辦人是造鐘，而非報時」，一家偉大的企業要能夠屹立不倒，永續發展，並非僅靠自己的一己之力，能夠找出最重要的那一位接班人，將是每一個企業最重要也最不能忽視的關鍵！

What does a family business take to sustain its entrepreneurship? A number of factors interact to produce a successful plan for family entrepreneurship. Through the case study of the Automatic Manufacturing Limited (AML) in Hong Kong, the workshop examines development and succession of family entrepreneurship. AML builds up effective governance and management in both family and business sides to excel in learning and innovation. The case describes the structures and processes constituting AML’s outstanding performance, and looks into a system that the founding Mok family has experimented to sustain its entrepreneurial spirit in the Next Generations (NextGens). The case revolves around the effort and the system of the AML to sustain the family entrepreneurial spirit.

This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

Many Chinese family businesses face the dilemma of building good operating and governance structures and systems while fostering an entrepreneurial spirit across generations. In this study, we explored trans-generational entrepreneurship in Automatic Manufacturing Ltd. (AML), a Hong Kong SME, to shed light on this problem. The first generation founded the company and chose a unique development path that emphasized quality, innovation, and learning before grooming a cadre of professional managers. To continue the family entrepreneurial spirit, AML used the “familiness” resources embodied within the family and its business to incubate the second generation. To test the wings of the second generation as entrepreneurs and then lure them back to AML to take over the responsibilities of the first generation, a unique succession plan nurturing spin-offs by the second generation was developed and implemented. Such a systematic approach, although still under experimentation, has the potential to become best practice for other family businesses. The implications of this approach for research in portfolio entrepreneurship and open innovation are also discussed.

Following a leadership crisis, the chairman of Tse Sui Luen Jewellery (TSL) had revitalized the company and now wondered which initiatives TSL should tackle next. An event showcasing TSL’s newest designs had been the latest push in her campaign to renew the family business, which was renowned for its entrepreneurial and innovative spirit. With the upcoming year promising to be a busy one, the chairman and her management team must plan and implement new strategies to capture opportunities while maintaining TSL’s core values and capitalizing on its revitalized brand.

How can a family transfer its tacit knowledge across generations? How do family entrepreneurs actually learn? The case focuses on the development of Mr. Jude Chow, a second-generation member of AEL. The same question occurs when Jude grooms his younger brother, Francis. This is heightened by Jude's decision on whether to assign a risky project to Francis.

A new look at succession planning, from Hong Kong authors Roger King and Jeremy Cheng. Their article title refers to our unsettled times: ?Reframing succession in a disruptive era - a business family perspective?. The authors are concerned that the traditional views of succession - as in to whom the baton should be passed - are not sufficient for success in these changing times. They say they will ?demystify what a true family legacy means, which should not be the business per se, but the family's entrepreneurial DNAs, shared identity and values, and an enduring pool of resources?. Overall, they argue that the necessary evolution is from being a ?family business' to being a ?business family'. The article is carefully researched and contains a wealth of advice - including advice on expanding the role of a family office: We believe that with a much-needed ?upgrade' in their functionalities, family offices can catalyse the transition from a family business to a business family and enhance the odds of successful succession. While families set up their family offices primarily as a one-stop shop for wealth management, they should also embrace governance, education and social functions.

Prior studies report that the business group structure and the associated intra-group capital flows are prone to conflicts of interest between controlling shareholders and minority investors. Yet business group is a prevalent and stable structure around the globe, particularly where capital markets are underdeveloped. Using data from China, this paper empirically studies the trade-off between the negative and positive roles played by intra-group capital flows and tests the efficiency implications of such trade-off. We find that from the perspective of the whole group, intra-group capital flows are most efficient when the groups are least subject to conflicts of interest between controlling shareholders and minority shareholders and when they face strong external financing constraints.

Drawing on social capital and agency theories and using a multi-study research design, this study examined how perceived risk and return interacts with familism to influence individuals’ investment strategies in new venture financing, both capital seeking and capital providing behavior. We found that individuals high in familism are more likely to seek capital from and provide capital to family members than non-family members for new ventures. However, such relationships are more complex than prior research suggests because when individuals’ risk and return perceptions are included these interact with familism to differentially influence capital financing behavior directed at family versus non-family members. Contributions to theory and potential avenues for future research are discussed.

How can family business incubate entrepreneurship amongst next generation members? Professor John Mok of AML presents a very thorough transgenerational entrepreneurship scheme which covers career progression, venture funding, and education in different stages

How do families drive superior performance by incorporating governance practices of fit? Despite a wealth of research on corporate governance, little has been known about the distinctive power of family governance practices (FGPs) when coupled with corporate governance practice (CGPs). This study delved into separate coordinating mechanisms linking governance practices with performance: relational FGPs raise performance by strengthening family members’ identification with family firms; power of contractualCGPs to align actions is restricted by the controlling family’s intention to retain control and influence, thus minimizing performance contribution. Based on this distinction, a unified theory of family and corporate governance was proposed by hypothesizing substitution and interaction effects between FGPs and CGPs. Based on a unique survey dataset of over 1,800 family business leaders from 33 countries, FGPs and CGPs were measured and a model linking FGPs, CGPs, performance, and other boundary conditions was tested. Theoretical and practical contributions were discussed.

This chapter introduces the STEP Project Global Consortium Casebook and its various benefits, for students, family firm owners, managers, and consultants. Particularly, it emphasises on the need for family firms to learn from the challenges and disruptions they faced and the responses of other family firms to them. It introduces learnings from the experiences of other family leaders who already faced unexpected crises and offers a unique opportunity to reflect, learn, and react. The cases in this Casebook are concise, real, relevant, timely, peer-reviewed, diverse, and global. The cases were written by global scholars who followed an applied research approach to convert the tacit knowledge that family firms have gained into explicit knowledge that can be transmitted across generations and family firms. They come with a handy learning note that can facilitate the discussions in their own settings.

This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

This book analyzes the findings reported in the first Asia Pacific summit of the Successful Transgenerational Entrepreneurship Practices (STEP) project. Researchers in Australia, China, and India discussed eleven in-depth case studies to shed light on the challenges that business families and family businesses faced in continuing and extending their entrepreneurial capabilities across multiple generations. Based on a common research framework from STEP, each chapter introduces key findings and challenges existing theory, offering answers to two broad questions in the Asia Pacific context: How do business families and family businesses generate and sustain entrepreneurial performance across generations and how does entrepreneurial performance relate to the continuity, growth and transgenerational entrepreneurship of business families and family businesses? In doing so, the authors look at key issues faced by family business including dealing with communication issues across generations, resolving conflict between siblings, preparing and luring younger generations back to family business, and professionalization of business. The chapters go beyond the succession and governance challenges and explore the processes and outcomes of entrepreneurship in the Austral - Asian family context. Academics, teachers and students in business and management, entrepreneurship and family business, and Asian studies will find this path-breaking book of great value, as will libraries, policymakers and consultants.

Using a sample of 231 entrepreneurial firm successions in Hong Kong, Singapore, and Taiwan, we find that firms' unsigned discretionary accruals decrease while timely loss recognition increases subsequent to successions, suggesting a shift in accounting toward a less insider-based system. We argue that the change in accounting properties is due to the loss of specialized assets in the succession process, such as the entrepreneur's reputation and political/social networks, inducing the firm to adapt to market-based rather than relationship-based contracting. Moreover, we find that the extent of the shift in accounting is larger in founder successions than in subsequent (non-founder) successions, as the dissipation of specialized assets is greatest in founder successions.

傳承接班與創新成長在中小企業是一體兩面的決策，中小企業傳承順利，會使得各種有形與無形資本得以銜接，並依據產業的新競爭環境，成為支持企業創新與競爭的動力。 　　本書作者群先以亞洲不同國家的具體數據或案例，說明中小企業在傳承過程中，不同類型資本與企業創新之間關連，尤其是無形資本難以銜接對企業或產業的隱憂。其次，提出各種可能的解決方向以供思考，希望可以為中小企業在企業傳承與競爭優勢提升上，提供具體可行的建議。 　　面對傳承接班與創新成長的關鍵選擇，企業主若可以有多一些不同面向的思考，將有助於穩健企業傳承與發展之路。本書希望能提供提綱挈領與拋磚引玉之效，為中小企業傳承，提供深具學術基礎的務實建議。

Ho Tak Kee is a professional publisher and printer in Hong Kong. The family is considering closing the printing operation if no one from the next generation can steer the business. As a next-generation member, John is facing the dilemma of advancing a professional career outside the family or revitalizing the family legend. The case puts the audience into John's decision track.

The case demonstrated how Simon Wong and Grace Ko, two second-generation members of a multi-family business, has transformed the LH Group (LHG) with innovation and creativity. Bringing in restaurant brands from other countries, Simon and Grace remodelled the traditional Chinese dim-sum restaurant chain into an upscale contemporary Japanese, Korean, and wedding banquet business. LHG planned for IPO and was listed in 2018 under Simon’s leadership. The ongoing success of LHG was not destined, however. How could they continue to innovate and execute their plan for future success?

Intangible assets are becoming increasingly important to firms. However, the question of how firms can realize the full potential of intangible assets remains. We propose that corporate social responsibility (CSR) can help a company create value from intangible assets for two reasons. First, firms invest in CSR to increase employee loyalty, which in turn help retain knowledge workers. Second, firms engage in CSR activities to increase employees’ organizational identification, and to promote collaboration across units, which is crucial for the integration and alignment of intangible assets with other intangible assets and tangible assets. Moreover, we propose that institutional development may weaken the positive relationship between intangible assets and engagement in CSR, whereas product diversification may strengthen the relationship. Data analyses based on a sample of 4788 Chinese entrepreneurial firms provides support toward our main arguments. This study highlights a novel idea that firms may use CSR practices to realize the potential of their intangible assets. This study has important managerial implications as well.

Business families are thought to have a robust pool of resources supporting portfolio behaviour (Carter & Ram, 2003; Sieger et al., 2011; Rosa et al., 2019). Building on extant literature, we try to enrich the understanding of portfolio entrepreneurship as induced by succession (Au et al., 2011, 2013; Le Breton-Miller & Miller, 2018). Portfolio entrepreneurship is defined as simultaneous ownership of multiple ventures by a single ultimate owner (Sieger et al., 2011). Effectiveness of a portfolio strategy to engage rising-generation members could be affected by a constellation of factors such as successors’ commitment and motivations (Chua et al., 1999; Schröder & Schmitt-Rodermund, 2013), incumbents’ intention (De Massis et al., 2016), and succession process (Sharma et al., 2001, 2003), all of which could be directly or indirectly influenced by demographics of successors, incumbents, their families, their businesses, and the institutions they operate in (Calabrò & Valentino, 2019; Westhead, 2003). Despite their influence on succession, demographic factors have been treated as control variables rather than primary explanatory factors in most extant studies (Marshall et al., 2006). We break with this tradition by demonstrating a determining demographic effect on portfolio outcomes in the case of sudden succession, which families-in-business cannot predict.

We examine how dynamic capabilities of a family firm to respond to technological disruptions, together with the next generation’s self-efficacy of effectuating change in the family business and their perceived abilities to assume an expanded role in relation to technological disruptions, may affect their career intentions in Industry 4.0. From our survey of 117 Asian next-generation family business members and three case studies, we showed the prevalence of a boundaryless career intention. We demonstrated that at a higher level of dynamic capabilities appears to raise the next-generation succession and boundaryless career intentions and reduce their employee and founding intentions. Next-generation members with higher perceived abilities exhibit a stronger intention to pursue a boundaryless career. Self-efficacy of effectuating change however does not predict any of the career intentions. We discuss implications for families-in-business and practitioners in next-generation career planning in Industry 4.0.

中國的家族企業正處於高速發展期，盡管絕大多數還處在**代掌控階段，然而，創業的一代企業家們不可避免地要開始面對企業傳承發展的問題。如何跨越傳承路障，樹立百年老店，仍需要一代企業家們和准備接任的二代們孜孜以求，共同探尋。 家族企業的品牌和精神如何沿襲？ 家族股權如何合理划分？ 家族接班人如何培養？ 家族企業實現永續經營的治理模式何在？ 家族接班人如何實現互助聯姻？ 家族企業如何調整和政府的關系？ 家族企業長青的密碼是什麼？ 家族企業如何順利交班？ 家族繼承人與職業經理人如何抉擇？ 家族企業價值為何在繼承中蒸發六成？ 家族股權如何合理划分？

Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis.Testing data from a large sample of private firms (N-3,459) by difference-in-differences analysis, we find that firms with industrial diversification, geographic expansion and political connections perform better during the crisis than those without. These results are less affected by self-selection problems (as the abrupt crisis provides a natural experiment) and hold up against endogeneity and several nberg, 2008). Perceived leadership effectiveness, job-satiportant implications for researchers, business owners, policy makers and future research.

This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

The relationship between diversification and firm performance varies among institutions and over time. Less is known about the advantageousness of diversification in economy-wide crises, which have occurred frequently in recent years. Using data on nearly 4000 Chinese private companies, we found that diversified firms performed better than focused firms during the recent global financial crisis. The diversification level was positively and linearly related to performance, that is, more diversified firms performed better. Moreover, we found that private firms that are totally owned by the founding owner and his/her family performed worse under crisis.

Answering the most pressing thirty-five questions of Next Generation members in a short and concise, yet competent way—leading academics, practitioners, and enterprising families come together to empower Next Generation legacies. Masterfully detangling the intricate dynamics of the family, ownership, business, and wealth, the authors share best practices, real-life examples, and critical questions for reflection. Part 1: Family Defining family · Managing family dynamics · Dealing with conflicts · Family communication · Preparing generational transitions · Keeping the family united Part 2: Ownership Responsibilities and rights · Preparation of future owners · Dealing with non-active owners · Ownership transfers · Board expectations and roles · Owner networks Part 3: Business Preparing business entry · Working with nonfamily executives · Hiring family members · Promoting family members · Letting go of family members · Engaging family business consultants Part 4: Wealth Dealing with wealth · Pursuing a vocation outside of the family enterprise · Leaving the family enterprise · Selling the family business · Starting a family office · Pursuing philanthropy and impact investing Enabling Next Generation Legacies is a powerful guide for Next Generation members and their families to ask better questions, make better decisions, live better lives, and build stronger legacies.

Transgenerational entrepreneurship, as a discipline, examines the processes, resources and capabilities that allow family enterprises to create social and economic value over time in order to succeed beyond the first generation of business owners. While tangible resources such as financial and physical capital are certainly important factors in the long-term success of a family-run business, this book focuses specifically on the role of intangible resources and capabilities, which are less easily quantifiable but equally vital. Drawing insights from in-depth longitudinal studies of twenty-six family firms in twelve countries, the contributors discuss the critical role of intangible assets such as values, virtues, tacit knowledge and learning, professionalization, internal and external social networks, and reputation. Each chapter includes both a case study that serves as a practical illustration of a particular topic as well as a discussion of the theoretical perspectives and broader implications. Featuring both contributors and case studies from across the world, this volume provides a truly global approach to the study of transgenerational entrepreneurship. Professors and students of business and management, entrepreneurship and family business studies will find this book a fascinating addition to their libraries, as will family business owners, consultants and researchers.

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.

The global economy is predominantly driven by family businesses that provide the largest source of long-term employment in most countries. In the Asian region, family members amongst the 60% of large corporations own a significant share of the equity and can influence key decisions. This phenomenon sets the family enterprises with various challenges and opportunities as any other non-family run enterprises but in a more complex dimension. This book presents a collection of cases that addresses three key challenges faced in many of the family enterprises in Asia; Succession, Governance and Innovation. The narration of the cases also offers reader tips about good practices among the Asian families such as effective family governance mechanism, development of innovation and entrepreneurial mindsets across generations, importance of family culture. This case book is essential reading for anyone interested in addressing the needs of business families in the region.

This study tests the thesis of the “jack-of-all-trades” – whether individuals with a variety of skills are more likely to pursue entrepreneurship – at the early stage of venture formation. We also investigate if entrepreneurial passion would heighten the effect of a variety of skills to make would-be entrepreneurs keener to pursue the startup process and form new venture teams. Taking advantage of a 10-month entrepreneurship training project, we tested our propositions with a longitudinal sample of 215 participating waged employees. The findings show that skill variety positively influenced participants to form teams for new venturing in the program, and such effect was stronger among passionate individuals. Implications of the findings for human capital theory and entrepreneurial practice are discussed.

Konica Minolta Business Solutions (HK) Ltd. was likely the first multinational corporation in Hong Kong to put the ideas of corporate social enterprising into practice. Its new service business that was launched in 2014 (the i-Transform Station) employed so-called "hidden youths"-disadvantaged individuals who refrained from joining mainstream society-empowering them to reconnect with society. While the initiative drew the attention of the company's headquarters in Japan, the company experienced difficulties attracting enough hidden youths for its growing i-Transform Station, despite actively seeking the help of social workers in identifying potential employees. The managing director who initiated the program wanted to increase the engagement of hidden youth and, more importantly, to inject the ideas of social enterprise and the creation of shared value into Hong Kong society. In 2018, having received some suggestions from social workers and others, the managing director reflected on alternative options for the program's future.

The global economy is predominantly driven by family businesses that provide the largest source of long-term employment in most countries. In the Asian region, family members amongst the 60% of large corporations own a significant share of the equity and can influence key decisions. This phenomenon sets the family enterprises with various challenges and opportunities as any other non-family run enterprises but in a more complex dimension. This book presents a collection of cases that addresses three key challenges faced in many of the family enterprises in Asia; Succession, Governance and Innovation. The narration of the cases also offers reader tips about good practices among the Asian families such as effective family governance mechanism, development of innovation and entrepreneurial mindsets across generations, importance of family culture. This case book is essential reading for anyone interested in addressing the needs of business families in the region.

This chapter proposes a way of analyzing and learning from family business cases, from the perspectives of families, advisors, and scholars. It shares how to "fish" knowledge that will maximize learnings from well-crafted cases, what the case learning approach is about and how to read a case in general. Moreover, it discusses how to analyze a family business case, paying specific attention to factors unique to family firms. Finally, it explains how families, advisors, and scholars can best utilize the materials in this Casebook.

Ownership structure plays a critical role in the incentives and behaviors of business organizations. The literature has focused on the effects of firm ownership dispersion across managers and investors. We extend the literature by examining the roles of ownership structure within a controlling family. Specifically, we focus on the family trust structure, which is a popular vehicle for holding family ownership around the world. The trust structure typically locks controlling ownership within a family for a very long period. Although it ensures family control, the share transfer restriction may induce family shirking problems, make family conflicts difficult to resolve, and distort firm decisions. Based on a sample of publicly traded family firms in Hong Kong, we report that trust-controlled firms that are more susceptible to these problems tend to pay higher dividends, invest less in the long term, and experience worse performance. The costs of using a trust structure are more significant when the family stakes have been locked inside the trust for a longer period and when a larger amount of family ownership is held by the trust.

The Kam family has owned Yung Kee, a huge 750-seat restaurant in Hong Kong, for more than 50 years. Starting out as a food stall, the business still 'packs them in' today. However, soon after the death of the patriarch, at the age of 96, in 2004, his two oldest sons became embroiled in a bitter and very public family feud over the restaurant's management and the family fortune, estimated to be worth HK$2 billion.

The chief executive officer of Bamboos Health Care Holdings (Hong Kong) Ltd. (Bamboos) started her entrepreneurship journey in 2005 with a telephone and a fax machine. She created a platform to match the demand from patients or their relatives with the supply of services from health care professionals. After 12 years in operation, following one consistent business model, Bamboos was listed on the main board of the Hong Kong Stock Exchange. Despite several challenges in its early years, the Bamboos business model proved to be sustainable in Hong Kong and became resistant to change. In early 2018, the founder was considering entering the health care market in mainland China and changing the company's business model for the first time. Could the current business model in Hong Kong be modified to enter mainland China and other countries? What changes would be required with respect to strategy and management?

We cannot overemphasize the importance of long-term planning. Entrepreneurial owner-managers are extremely busy people — they start early and work late, often seven days a week. They are never relieved of the pressures of day-to-day management and its ability to steal every available hour in the day No wonder, then, that they find little time to plan 20 years ahead.

全球化走到十字路口，中國經濟也進入新的發展階段，如何在關鍵時刻做出關鍵抉擇，成為揚帆遠航的新起點，無疑極為重要。對於民營企業而言，接班問題一直備受關注，因為接班成功與否，直接關係家族和企業的命運。 香港的家族企業比內地民營企業的發展歷程更久，近年來相繼進入必須傳承接班的關鍵時刻。這些家族和企業的一言一行、一舉一動，包括投資動向、身體健康、感情寄託以及接班安排等，引發了社會各界的廣泛關注。 本書精選了吳光正家族、李嘉誠家族、鄭裕彤家族、廖創興家族、利希慎家族、何東家、郭得勝家族等知名華人家族企業案例，進行多個維度的深入分析，研究其發展與接班的獨特挑戰與應對模式，為中華大地民營企業的現代化、國際化及基業長青提供借鑒。

This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

The collective journey initiated with STEP Project affiliates, collaborators, and business families a few years ago helps us reflect on how business families react to disruptions and how they develop resilient models to survive across generations. Five lessons were learned from resilient families. First, business families see a disruptive event as an event in the sequence of events that are part of the story of their families. Second, business families use previous experience to overcome the present disruption. Third, hopes of family businesses motivate the common goals of finding constructive solutions to the current disruption. Fourth, family businesses are willing to receive advice and recommendations to overcome difficult times. Finally, the collaborative process of resilience starts from family history and family values. There is no one universal way to overcome the disruption but as many ways as there are business families and cultures in which they dwell.

Drawing on expectancy theory and the socioemotional wealth (SEW) perspective, we propose that family owners with intrafamily succession intention are more motivated to accumulate or preserve SEW. As corporate philanthropy is a critical way for family-controlled firms to accumulate or maintain SEW, family owners with intrafamily succession intention are more likely to engage in corporate philanthropic activities. Data on a nationally representative sample of family-controlled firms in China support our prediction. We also find that the relationship between intrafamily succession intention and corporate philanthropy is moderated by family owners’ social status and religiosity. The findings contribute to our understanding about family businesses, in general, and those in China, in particular, as well as the SEW perspective.

Are family businesses really more resilient, agile and adaptable than other business types? And, if so, have they been able to tackle the challenges of COVID-19 better than most and, perhaps, emerged even stronger? The shock of an unexpected global pandemic provided an opportunity for the Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Consortium and KPMG Private Enterprise to come together to find the answers to these questions by taking a firsthand look at how family businesses have responded to the pandemic in the Global family business survey: COVID-19 edition and report. Mastering a comeback, PDF cover Global survey data was collected between June and October 2020, followed by input from family business leaders, academics and family business advisers in January 2021. The experiences and insights from family businesses in the Americas, Asia, Europe and the Middle East & Africa have revealed a roadmap, not only for mastering a comeback in their businesses, but for leading a global economic recovery.

This article argues that culture and physical environment shape the patterns and development of family businesses, and determine their operational logic and controlling mechanism. The geography, religious beliefs, socio-cultural contexts, as well as family ideals, relationships, and inheritance systems of China differ from those of Japan and Britain. Thus, one can expect that the patterns and development paths of Chinese family businesses would also differ. A case in Hong Kong was selected for a multi-dimensional examination. It was found that geographical and socio-cultural factors matter in the development of family businesses. In the Chinese context a family business can grow like a banyan tree—with luxuriant aerial roots and intertwining branches, reflecting competition as well as support between family members. The study contributes insights to the understudied subject of the special development patterns of Chinese family businesses from the angles of business principles, socio-cultural contexts, and the environment.

The STEP Project Global Consortium and KPMG Private Enterprise are pleased to have the opportunity to share the insights gathered from more than 1,800 family business leaders in every major region of the world. The STEP 2019 Global Family Business Survey examined the impact of changing demographics on the future of family businesses and was followed up with in-depth interviews among family business leaders across the globe, many of whom generously agreed to openly share their experiences in a series of four co-authored articles.The first article in the series, “The courage to choose wisely: Why the succession decision may be a defining moment in your family business,” explores the ways in which changing demographics are influencing succession decisions and the succession planning process itself. The second article, “The power of women in family business: A generational shift in purpose and influence,” takes an up-close look at the demographic shifts that are changing the role of women in family businesses and the unique competitive advantages they can deliver.The third article, “Creating value through good governance: How to balance what is right for the business and for the family,”examines the many layers of family and business governance systems and mechanisms and the ways in which the evolving principles of good governance create value for both the business and the family. Our insights are derived from the findings of the STEP 2019 Global Family Business Survey and the first-hand experiences of multi-generations of family business leaders globally.

Family foundations are prevalent, but seldom have researchers examined its function and influence as an ownership vehicle for family businesses. This paper advances an institutionalized reference-point theory to explain family foundation’s role on perpetuating family business. The theory posits that these foundations cultivate family members long-term commitment to corporate responsibility which enhances the identification and socio-economic wealth creation of business families. In a longitundinal study of public-listed family businesses (1996-2016) in Taiwan using survival analysis, the presence of family foundation not only itself promotes, but also, as a moderator, heightens the positive effect of family ownership on longevity of family firms. Qualitative evidence from interviewing professional accountants affirmed that family foundations strengthened the identification of members to the family businesses. Further, while their purpose was for charity and not control of the business, establishing the foundation shifted family members’ orientation for the long-term, which resulted in longer survival.

Abrupt changes can happen in family businesses. Dr David Chu, founder of Mission Hills (MH) Group and the world’s largest golf club, passed away when he and his eldest son, Dr Ken Chu, who was in his early 30’s, committed to a substantial project building a golf and resort complex in Haikou City, China, which was a driver of the MH’s portfolio growth. The father-son duo were highly entrepreneurial and similar in many other ways. Since David left the scene, Ken was determined to transform MH from a professional golf club to a portfolio of eight culture-related businesses – (i) golf; (ii) real estate; (iii) wellness; (iv) entertainment and leisure; (v) retail; (vi) tourism and theme parks; (vii) sports and recreation; and (viii) education. How could Ken grow and synergize the family portfolio with his father’s entrepreneurial spirit and sustain the family legacy together with his siblings and other non-family executives?

經過30多年的發展，中國的民營經濟發展已進入新舊交接的階段，今後將有一波波的企業家退休，將企業與家族財富交托給下一代。但是他們的下一代沒有經驗，而且面臨高度不確定的商業環境。從過去東亞商業家族交棒的經驗中我們知道，中國人的家業傳承挑戰很大，企業與家族的財富與價值觀往往在家族斗爭與後繼無人的不堪境況中潰散。如何安排企業接班，傳承家族有形與無形價值，是令多數商業家族頭疼的問題。 作者範博宏以平易的筆觸與豐富的案例介紹基業長青問題的最前沿思想與研究發現，包括如何發掘家族經營事業的特殊優勢、如何傳承家族理念等無形資產、如何設計與分配家族股權、如何設置執行整合家族意見的家族治理機制、如何培養事業接班人、如何激勵職業經理人、如何實踐永續經營的公司治理等。 《關鍵世代︰走出華人家族企業傳承之困》強調科學客觀的分析，以世界的視角看中國的問題，借鑒西方與東亞華人商業家族的經驗為中國大陸的民營企業家族找到永續之道。盡管家家有本難念的經，但是尋求家族共同價值、部署並執行保存家族價值的制度，並以此價值影響企業、造福社會，的確有共通的方法。 最後，《關鍵世代︰走出華人家族企業傳承之困》提醒中國企業家、家族成員與企業員工們︰基業長青需要作長期的準備，而且許多決定不能在短期逆轉。所以，趁年輕，從今天起就開始準備！ 1996年于美國匹茲堡大學獲得金融學博士學位後在香港從事教學研究工作，曾任職于香港大學和香港科技大學，現任香港中文大學會計學院及財務學系聯席教授、經濟金融研究所主任。範博宏對華人民營與家族企業治理及傳承問題有前沿且權威的研究，他也是新興市場公司金融與管理問題專家。他經常在世界各國的學術會議與商業論壇中演講，研究成果在多種世界頂級學術期刊上發表，並被包括《經濟學人》、《紐約時報》、英國《金融時報》、《亞洲華爾街日報》、香港《南華早報》等國際主流媒體廣泛報道。範博宏是數個國際學術期刊的編委、《新財富》雜志的學術顧問與公司治理專欄執筆人。他不定期擔任東亞家族企業、世界銀行、世界經濟合作組織及亞洲開發銀行的咨詢顧問。近年，他致力研究與宣講家族與企業長青之道，他的家族企業治理講座與課程學員遍布東南亞、中國大陸及香港地區。

本研究以注意力觀點探討家族傳承業務如何影響會計師事務所的專業邏輯。以臺灣四大會計師事務所脫離傳 統服務，啟始家族傳承諮詢服務為標的，透過深度訪談與次級資料輔助，由實踐型取徑 (practice-based approach) 的注意力基礎觀點 (attention-based view; ABV) 爬梳一關鍵事件如何觸發產業參與者不同的注意力結構，進而導 致相異的實務作為 (practice) 與專業邏輯的變化。本研究發現，啟始需求在既有專業邏輯下的角色、專業服務提 供者與客戶間的關係，以及專業機構的組成決定組織的注意力結構，進而產生專業邏輯變化。從管理意涵的角 度，本研究提出專業機構未來服務模式的界定，亦點出內部管理與制度面的挑戰。

Purpose The purpose of this paper is to contribute a multilevel, cross-national analysis of the role that sociocultural context may play to enrich the understanding of strategic renewal in family firms. The authors conceptualize sociocultural context as consisting of firm-level social contexts and national culture, and propose that: heterogeneous social contexts in family firm management, i.e. family CEO and multigenerational involvement, give rise to mindsets that have differential effects on renewal efforts and that the proposed effects are subject to variation due to the moderation of national cultural dimensions of uncertainty avoidance and power distance. Design/methodology/approach The authors use unique date set consisting of 959 family firms from 26 countries drawn from a cross-national, quantitative study of family firms. Findings The authors found that family CEO is negatively related to renewal across cultures, and this relationship is attenuated by uncertainty avoidance and power distance. In addition, multigenerational involvement is positively related to renewal, and this relationship is enhanced by the two cultural dimensions. Practical implications The authors suggest that decision makers examine how different contexts, practices and cognition contribute to overall dominant logics that exist in firm. In doing so, they can evaluate how logics as a whole affect renewal, and also how different parts of the logics play a role. This overall evaluation will afford managers a holistic picture of renewal forces that operate in family firm and allow managers to make precise changes to enhance strategic renewal. Originality/value The findings support the contention that there is cultural-dependent countervailing effects on strategic renewal within family firms.

This paper presents the first empirical evidence showing that the marriage of a member of the controlling family adds value to public corporations. The results, based on a uniquely comprehensive data set from Thailand, show that the family firm’s stock price increases when the partner is from either a prominent business or a political family. Abnormal returns tend to be higher for firms whose operation depends on extensive networks. In contrast, marriages to ordinary citizens are not associated with any abnormal returns. These findings are generally supportive of the value of networks in general and marriage in particular.

Ownership structure plays a critical role in the incentives and behaviors of business organizations. The literature has focused on the effects of firm ownership dispersion across managers and investors. We extend the literature by examining the roles of ownership structure within a controlling family. Specifically, we focus on the family trust structure, which is a popular vehicle for holding family ownership around the world. The trust structure typically locks controlling ownership within a family for a very long period. Although it ensures family control, the share transfer restriction may induce family shirking problems, make family conflicts difficult to resolve, and distort firm decisions. Based on a sample of publicly traded family firms in Hong Kong, we report that trust-controlled firms that are more susceptible to these problems tend to pay higher dividends, invest less in the long term, and experience worse performance. The costs of using a trust structure are more significant when the family stakes have been locked inside the trust for a longer period and when a larger amount of family ownership is held by the trust.

在香港歷史上，能富過三代、顯赫一時的家族不少，但能憑宗教、政治網絡與資本崛起壯大，家族成員又曾在不同層面取得多個第一的，唯何福堂家族而已： 第一位香港華人牧師 第一位香港華人立法局議員 第一位不靠科舉出任滿清高官的香港人 第一位同時擁有律師及醫生資格的香港人 第一位擁有英國律師資格的秀才 第一位獲大英皇室爵士頭銜的華人 第一位出任中國外交部長的香港人 第一宗子女狀告母親的爭產官司…… 這個傳奇家族已承傳六代、横跨二百年，在不同時代面對世界、中國及香港的變局，他們如何運用其獨有資本乘時而起？又是在甚麼情況下形勢急轉，助力變成阻力？興盛有時、衰落有時，如何拿揑家族才可以歷久長存？

Built upon the mixed gamble perspective, we used a recent survey on Chinese family firms (FFs) and found that increased family influence lowers Chinese FF environmental proactiveness, as they show a peculiar tendency to take a financial view rather than a socioemotional wealth view. Moreover, we found that increased resource endowment attenuates this tendency, whereas provincial marketization strengthens it. However, entrepreneur reputation does not have a significant moderating effect. Overall, the study enriches an understanding of environmental proactiveness for FFs, organizational heterogeneity, and institutional differences. It also introduces new elements into the mixed gamble framework.

Ronald Chan was the third-generation heir apparent of a 70-year-old industry leader in Hong Kong. He joined the family-owned cycling business at its toughest time, and witnessed its sales tumble of nearly 50% due to different global crises. Before the COVID-19 pandemic hit, Ronald realized from the prior crises that their reliance on external supply of bicycles made them less responsive in the ongoing waves of disruptions. Hence, he suggested that the family create their own home-grown premium bicycle brand. The pandemic however suppressed the premium brand market, and Ronald needed to make a decision of whether he should detour to build a low-tier brand to meet the current demand, or continue with his plan for a high-end brand for long-term growth.

辛苦經營大半生的公司，該由誰繼續承接？ 是家族繼承人？或是職業經理人？ 選賢或選能？品牌精神如何延續？ 接班人將是你未來最關鍵的企業議題！ 自經濟起飛之後至今，許多第一代的台灣創業家撐起了台灣的經濟，卻也開始步入晚年，理應開始找尋接班人傳承延續。 然而，我們卻見到許多企業家，至今年事已高卻仍艱辛站在最前線率兵打仗，為何？ 實在是接班人難尋！ 究竟該如何選擇接班人？你的企業品牌如何延續？又，你企業最重要的無形資產是什麼？你該如何規劃你的傳承之路？股權分配的問題你考慮過了嗎？接班後又該怎樣安撫下面的元老與經理人？ 這許多的問題一在糾纏著現在許許多多的企業主們，讓他們不知如何找起，只好如古時三國黃忠，勉勵自己「老當益壯」，持續帶頭衝鋒，如張忠謀，至七八十歲才交出執行長的位置，卻也掛名董事長，無法放心交棒。 范博宏教授在此書中匯總了國內外大大小小的企業案例，為如今茫然失措的企業主們擘劃出一條明路。他指出，一個企業要能夠順利接班，必須提前二十年做準備，才有機會讓企業永續長青。 本書除了為你分析出影響企業長期所有權與經營模式的因素外，更提供一套完整的「企業長青地圖」，協助你妥善規劃，選擇自己最適合的傳承模式。 你將在其中學會找出企業最重要的傳承資產為何？常見的阻礙是什麼？並且從案例中看見一流的企業的接棒方式、後續的治理要點，甚至是較少人會顧及到的股權設計。 吉姆‧柯林斯在其著作中曾說「偉大公司的創辦人是造鐘，而非報時」，一家偉大的企業要能夠屹立不倒，永續發展，並非僅靠自己的一己之力，能夠找出最重要的那一位接班人，將是每一個企業最重要也最不能忽視的關鍵！

What does a family business take to sustain its entrepreneurship? A number of factors interact to produce a successful plan for family entrepreneurship. Through the case study of the Automatic Manufacturing Limited (AML) in Hong Kong, the workshop examines development and succession of family entrepreneurship. AML builds up effective governance and management in both family and business sides to excel in learning and innovation. The case describes the structures and processes constituting AML’s outstanding performance, and looks into a system that the founding Mok family has experimented to sustain its entrepreneurial spirit in the Next Generations (NextGens). The case revolves around the effort and the system of the AML to sustain the family entrepreneurial spirit.

This book documents the distinctive experiences and challenges of Small and medium-sized enterprises (SMEs) in Asia. By assessing succession and innovation in SMEs as the two sides of a coin, this book explains how innovations are essential to SMEs in succession. With detailed case examples, the book provides generalized solutions for SMEs to answer the question of how to make succession and innovation simultaneously successful. The authors discuss the potential solutions to solve the challenges of SMEs on succession and innovation by considering the utilization of the capital market, the electronic commerce strategy, the international strategy, and angel investment to pursue portfolio entrepreneurship, and compare these Asia solutions to the experiences from Europe. The book is recommended for family business and SME owners, professionals serving these firms, and the consulting firms that work on continuity issues of SMEs in Asia.

Many Chinese family businesses face the dilemma of building good operating and governance structures and systems while fostering an entrepreneurial spirit across generations. In this study, we explored trans-generational entrepreneurship in Automatic Manufacturing Ltd. (AML), a Hong Kong SME, to shed light on this problem. The first generation founded the company and chose a unique development path that emphasized quality, innovation, and learning before grooming a cadre of professional managers. To continue the family entrepreneurial spirit, AML used the “familiness” resources embodied within the family and its business to incubate the second generation. To test the wings of the second generation as entrepreneurs and then lure them back to AML to take over the responsibilities of the first generation, a unique succession plan nurturing spin-offs by the second generation was developed and implemented. Such a systematic approach, although still under experimentation, has the potential to become best practice for other family businesses. The implications of this approach for research in portfolio entrepreneurship and open innovation are also discussed.

Following a leadership crisis, the chairman of Tse Sui Luen Jewellery (TSL) had revitalized the company and now wondered which initiatives TSL should tackle next. An event showcasing TSL’s newest designs had been the latest push in her campaign to renew the family business, which was renowned for its entrepreneurial and innovative spirit. With the upcoming year promising to be a busy one, the chairman and her management team must plan and implement new strategies to capture opportunities while maintaining TSL’s core values and capitalizing on its revitalized brand.

How can a family transfer its tacit knowledge across generations? How do family entrepreneurs actually learn? The case focuses on the development of Mr. Jude Chow, a second-generation member of AEL. The same question occurs when Jude grooms his younger brother, Francis. This is heightened by Jude's decision on whether to assign a risky project to Francis.

A new look at succession planning, from Hong Kong authors Roger King and Jeremy Cheng. Their article title refers to our unsettled times: ?Reframing succession in a disruptive era - a business family perspective?. The authors are concerned that the traditional views of succession - as in to whom the baton should be passed - are not sufficient for success in these changing times. They say they will ?demystify what a true family legacy means, which should not be the business per se, but the family's entrepreneurial DNAs, shared identity and values, and an enduring pool of resources?. Overall, they argue that the necessary evolution is from being a ?family business' to being a ?business family'. The article is carefully researched and contains a wealth of advice - including advice on expanding the role of a family office: We believe that with a much-needed ?upgrade' in their functionalities, family offices can catalyse the transition from a family business to a business family and enhance the odds of successful succession. While families set up their family offices primarily as a one-stop shop for wealth management, they should also embrace governance, education and social functions.

Prior studies report that the business group structure and the associated intra-group capital flows are prone to conflicts of interest between controlling shareholders and minority investors. Yet business group is a prevalent and stable structure around the globe, particularly where capital markets are underdeveloped. Using data from China, this paper empirically studies the trade-off between the negative and positive roles played by intra-group capital flows and tests the efficiency implications of such trade-off. We find that from the perspective of the whole group, intra-group capital flows are most efficient when the groups are least subject to conflicts of interest between controlling shareholders and minority shareholders and when they face strong external financing constraints.

Drawing on social capital and agency theories and using a multi-study research design, this study examined how perceived risk and return interacts with familism to influence individuals’ investment strategies in new venture financing, both capital seeking and capital providing behavior. We found that individuals high in familism are more likely to seek capital from and provide capital to family members than non-family members for new ventures. However, such relationships are more complex than prior research suggests because when individuals’ risk and return perceptions are included these interact with familism to differentially influence capital financing behavior directed at family versus non-family members. Contributions to theory and potential avenues for future research are discussed.

How can family business incubate entrepreneurship amongst next generation members? Professor John Mok of AML presents a very thorough transgenerational entrepreneurship scheme which covers career progression, venture funding, and education in different stages

How do families drive superior performance by incorporating governance practices of fit? Despite a wealth of research on corporate governance, little has been known about the distinctive power of family governance practices (FGPs) when coupled with corporate governance practice (CGPs). This study delved into separate coordinating mechanisms linking governance practices with performance: relational FGPs raise performance by strengthening family members’ identification with family firms; power of contractualCGPs to align actions is restricted by the controlling family’s intention to retain control and influence, thus minimizing performance contribution. Based on this distinction, a unified theory of family and corporate governance was proposed by hypothesizing substitution and interaction effects between FGPs and CGPs. Based on a unique survey dataset of over 1,800 family business leaders from 33 countries, FGPs and CGPs were measured and a model linking FGPs, CGPs, performance, and other boundary conditions was tested. Theoretical and practical contributions were discussed.

This chapter introduces the STEP Project Global Consortium Casebook and its various benefits, for students, family firm owners, managers, and consultants. Particularly, it emphasises on the need for family firms to learn from the challenges and disruptions they faced and the responses of other family firms to them. It introduces learnings from the experiences of other family leaders who already faced unexpected crises and offers a unique opportunity to reflect, learn, and react. The cases in this Casebook are concise, real, relevant, timely, peer-reviewed, diverse, and global. The cases were written by global scholars who followed an applied research approach to convert the tacit knowledge that family firms have gained into explicit knowledge that can be transmitted across generations and family firms. They come with a handy learning note that can facilitate the discussions in their own settings.