Translated Titles

Is Having Many Descendants a Sign of Good Fortune? A Natural Experiment of the Passing of Founder




林秀鳳(Hsiu-Feng Lin);陳岳鴻(Yueh-Hung Chen);林育陞(Yu-Sheng Lin)

Key Words

家族 ; 創辦人 ; 離世 ; 子嗣 ; family ; founder ; death ; sons/daughters



Volume or Term/Year and Month of Publication

16卷1期(2020 / 07 / 01)

Page #

135 - 165

Content Language


Chinese Abstract


English Abstract

The intra-structure of family affects the family's resources transference and allocation and business groups' performance when the founder of the group is dead. We find a positive association between founder's sons/daughters size and group's performance before and after the founder's decease. The founder's wives play a key role in substantial succession period, especially when the founder is bigamy. During this period, greater sons/daughters size is associated with higher firm-level performance when the founder is monogamy. In contrast, the founder had bigamous marriage, greater sons/daughters size is associated with lower firm-level performance. An idiom "having many descendants is a sign of good fortune" emerging from our empirical analysis indicates that part of the decay of family-run groups over time is due to the dilution of the founder's bigamous marriage.

Topic Category 社會科學 > 財金及會計學