Successors’ discretion and corporate restructuring in family firms in South Korea: from an institutional perspective

JungYun Han

Asia Pacific Business Review, 2022, vol. 28, issue 1, 38-64

Abstract: Although a successor’s discretion is a key factor in facilitating corporate restructuring, little is known about the source of discretion, particularly about national culture. From an institutional perspective, we argue that when a successor is legitimized by the norms and expectations embedded in national culture, the successor is likely to implement corporate restructuring. Using data of family-run business groups in South Korea, where Confucianism is a dominant value system, we find that when a successor is the first-born child and male in the family, the business group is likely to spin-off, and this effect becomes stronger with the number of siblings.

Date: 2022
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DOI: 10.1080/13602381.2021.1970320

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