Family Business Succession: Appropriation Risk and Choice of Successor
用博弈论方法分析家族企业传承中，企业特质和后代能力如何影响继任者选择，提出选择后代并非仅因裙带关系，而是为降低侵占风险和解决代理悖论。
Using a game theoretic approach and integrating research on managerial succession, family businesses, and transaction cost economics, we examine how the degree of idiosyncrasy of a family business and the ability of the family's offspring affect succession. Contrary to the popular belief that successors to family businesses are often offspring because of nepotism, we propose an economic rationale that this is due to the appropriation risk and the agency paradox that family businesses encounter in engaging agents.