Family Firms
构建了一个由创始人拥有并管理的企业传承模型，分析创始人选择职业经理人或继承人管理企业、以及上市股份比例的决定，并解释法律环境如何影响所有权与经营权的分离。
Abstract We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on what fraction of the company to float on the stock exchange. We assume that a professional is a better manager than the heir, and describe how the founder's decision is shaped by the legal environment. This theory of separation of ownership from management includes the Anglo‐Saxon and the Continental European patterns of corporate governance as special cases, and generates additional empirical predictions consistent with cross‐country evidence.