Strategic Decision Making in Intergenerational Successions of Small- and Medium-Size Family-Owned Businesses
研究了中小家族企业主在代际传承中面临的出售或内部传承决策，用决策树分析不同传承模式，指出社会应提供便利家族内部传承的法律制度以保留家族特有知识。
This paper deals with intergenerational successions of small and medium-size enterprises (SMEs). Entrepreneurs face an unavoidable succession dilemma: they must make either explicit or implicit strategic decisions about transitioning ownership of the family business. The main alternatives are to sell the company to someone outside the family or to make arrangements for an interfamily succession. In the latter case, there are many transition modes, e.g., through a gift of shares or a will. This paper uses decision trees to analyze intergenerational successions problems. One conclusion of the paper is that it is important for a society to provide a legal system that facilitates transitions of family companies within the family because the legal system will, among other positive factors connected with family businesses, preserve idiosyncratic knowledge of family character.