| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16874 |
| 来源ID | Working Paper 16874 |
| Adoptive Expectations: Rising Sons in Japanese Family Firms | |
| Vikas Mehrotra; Randall Morck; Jungwook Shim; Yupana Wiwattanakantang | |
| 发表日期 | 2011-03-10 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The practice of adopting adults, even if one has biological children, makes Japanese family firms unusually competitive. Our nearly population-wide panel of postwar listed nonfinancial firms shows inherited family firms more important in postwar Japan than generally realized, and also performing well - an unusual finding for a developed economy. Adopted heirs' firms outperform blood heirs' firms, and match or nearly match founder-run listed firms. Both adopted and blood heirs' firms outperform non-family firms. Using family structure variables as instruments, we find adopted heirs "causing" elevated performance. These findings are consistent with adult adoptees displacing blood heirs in the left tail of the talent distribution, with the "adopted son" job motivating star managers, and with the threat of displacement inducing blood heirs to invest in human capital, mitigating the so-called "Carnegie conjecture" that inherited wealth deadens talent. |
| 主题 | Financial Economics ; Corporate Finance ; Labor Economics ; Demography and Aging ; History ; Financial History |
| URL | https://www.nber.org/papers/w16874 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574547 |
| 推荐引用方式 GB/T 7714 | Vikas Mehrotra,Randall Morck,Jungwook Shim,et al. Adoptive Expectations: Rising Sons in Japanese Family Firms. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16874.pdf（1362KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
