What is it about?
The sustainable development of family businesses is momentous not only for themselves but also for the advancement of the entire economy. From the perspective of socioemotional wealth, this study discusses the motivations and consequences of intrafamily succession by measuring the impact of the internal determining factors of succession planning on family business performance.
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Why is it important?
By illustrating that the formulation of succession planning is an essential pursuit for family businesses to preserve sustainability and socioemotional wealth, the results reveal ways to facilitate succession planning through internal factors in the family business. This study contributes to organizational sustainability literature, family business studies, and succession management research by validating the positive relationship between succession planning and organizational performance, indicating that succession planning is a vital driving force for achieving organizational sustainability.
Perspectives
Although family businesses in many regions have grown to the third or fourth generation, such as the UK, US, Hong Kong, and Taiwan, family succession is a relatively emerging phenomenon in mainland of China because most family firms in China were only established by founders less than 30 years ago. We are thrilled to present this paper to the audiences who interest in understading the sustainability of family busienss in terms of succession.
Dr Zeyu Li
University Putra Malaysia
Read the Original
This page is a summary of: Sustainable Development of Chinese Family Businesses: Exploring the Role of Succession Planning in Maintaining Organizational Sustainability from the Perspective of Socioemotional Wealth, Sustainability, April 2024, MDPI AG,
DOI: 10.3390/su16083456.
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