Please use this identifier to cite or link to this item:
|Title:||Adoptive expectations: Rising sons in Japanese family firms||Authors:||Mehrotra, V.
|Issue Date:||Jun-2013||Citation:||Mehrotra, V., Morck, R., Shim, J., Wiwattanakantang, Y. (2013-06). Adoptive expectations: Rising sons in Japanese family firms. Journal of Financial Economics 108 (3) : 840-854. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jfineco.2013.01.011||Abstract:||We find inherited family firms more important in postwar Japan than generally realized, and also performing well on average. Non-consanguineous heir-run firms outperform blood heirs' firms, and roughly match founder-run listed firms, while blood heirs surpass professional managers at running family firms. Further, succession events suggest that adopted heirs "cause" elevated performance. We suggest that heir-run firms do well because non-consanguineous heirs displace the least talented blood heirs, the non-consanguineous heir "job" motivates professional managers, and the threat of displacement encourages blood heirs' effort and human capital accumulation, mitigating the "Carnegie conjecture" that inherited wealth deadens talent. © 2013 Elsevier B.V.||Source Title:||Journal of Financial Economics||URI:||http://scholarbank.nus.edu.sg/handle/10635/116918||ISSN:||0304405X||DOI:||10.1016/j.jfineco.2013.01.011|
|Appears in Collections:||Staff Publications|
Show full item record
Files in This Item:
There are no files associated with this item.
checked on Apr 6, 2020
WEB OF SCIENCETM
checked on Mar 26, 2020
checked on Mar 28, 2020
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.