Abstract
Echoing an earlier version of family business definition provided by Barach and Ganitsky (1995), the seminal work by Chua et al. (1999) moves the family business literature into a new era as this study sheds light on the behavioral side of family firms run by succession. Family businesses have four dimensions, family ownership, family management, family governance, and intent for succession. Studies have addressed how intent for succession impacts family firms’ decisions and behaviors, such as risk taking (GOmez-MejIa et al., 2007), investment decisions in innovation (Chrisman and Patel, 2012), capital structure decisions (Chua et al., 2011), decisions on corporate social responsibilities (Dou et al., 2014), and firm valuation made by family CEOs (Zellweger et al., 2012).
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