Must Love Kill the Family Firm? Some Exploratory Evidence
研究了家族企业依赖有能力的继承人才能存续的问题，提出婚姻可以引入外部人才来缓解继承困境，而爱情婚姻的兴起可能不利于家族企业的生存。
Family firms depend on a succession of capable heirs to stay afloat. If talent and IQ are inherited, this problem is mitigated. If, however, progeny talent and IQ display mean reversion (or worse), family firms are eventually doomed. Since family firms persist, solutions to this succession problem must exist. We submit that marriage can transfuse outside talent and reinvigorate family firms. This implies that changes to the institution of marriage—notably, a decline in arranged marriages in favor of marriages for “love”—bode ill for the survival of family firms. Consistent with this, the predominance of family firms correlates strongly across countries with plausible proxies for arranged marriage norms.