Structuring Family Business Succession: An Analysis of the Future Leader's Decision Making
从行为经济学视角研究家族企业未来领导者如何感知传承过程，发现财务和行为沉没成本及严格绩效要求会提升其对企业的估值，但财务沉没成本会降低其冒险倾向。
This article examines the perception of potential family business leaders from a behavioral economics theory perspective. The findings suggest that high financial and behavioral sunk costs, as well as the requirement to ‘earn’ the right to lead the family business results in the future leader valuing the business more highly. Only financial sunk costs lowered the successor's proclivity to take risky action after acquiring the business. Therefore founders should structure succession so that the future leader incurs both financial and behavioral sunk costs as well as hold the future leader to stringent performance requirements prior to the succession.