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- W2912013471 abstract "Over the last two centuries, impressive progress in has led to great increases in life expectancy at all ages. The impact of the health transition on the governance pattern of family firms has never been formally investigated. To probe how firm governance adapts to rising human life expectancy, I present an overlapping generation model, in which a firm is sequentially owned by the heirs of founding family according to birth order. The family owner chooses between designating the heirs as family managers and recruiting some unrelated professionals, and each heir chooses between working for the family owner and working for an unrelated employer. It turns out, as people live longer, the family owner and the heirs are less likely to match together, which results in the decline (rise) of dynastic (professional) management." @default.
- W2912013471 created "2019-02-21" @default.
- W2912013471 creator A5065338272 @default.
- W2912013471 date "2018-01-01" @default.
- W2912013471 modified "2023-09-26" @default.
- W2912013471 title "Two-Sided Familism and Life Expectancy: A Theory of Dynastic Management" @default.
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- W2912013471 doi "https://doi.org/10.2139/ssrn.3128023" @default.
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