This book disputes the traditional argument that the equal
inheritance system hinders the growth of Chinese family business,
approaching this not only in terms of economic capital, but also in
terms of human capital such as education and leadership, and social
networks.
Zheng argues that most of the family business patriarchs only
focus on the passing on economic capital, but give little attention
to human capital and social capital when the come to the stage to
transfer control to the next level. It further elaborates that the
equal inheritance system itself isn't the destructive force that
weakens family business competitiveness, but can assist economic
development by generating dynamism and capital.
Based on extensive primary research, the work discusses how
equal division encourages sibling comparison, analysing how such
comparisons initially generate stress and anxiety but will
ultimately galvanize competition, benefiting the business. The
author also assesses how family division can offer initial economic
human and social capitals that can motivate siblings to start their
own businesses and be free from the subjugation sometimes
associated with a family firm. Through the evaluation of these
issues the book argues that the equal inheritance system can be
regarded as the origin of the self-employment mentality, which not
only fosters the growth of Chinese family business by plays crucial
role in promoting economic development.
Providing a valuable contribution to the field, this work will
be of great interest to all scholars of Chinese and Asian
business.
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