Why Succession Is a Critical Issue for SMEs: Perspectives and Cases in the Asian Context

Hsi-Mei Chung () and Kevin Au ()
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Hsi-Mei Chung: I-Shou University
Kevin Au: The Chinese University of Hong Kong

Chapter Chapter 1 in Succession and Innovation in Asia’s Small-and-Medium-Sized Enterprises, 2021, pp 1-25 from Springer

Abstract: Abstract The success of an SME is usually based on the talent of the founders and their families in a distinctive industrial position, the succession decision of an SME is also a decision about what direction the firm will take. For SMEs to pursue long-term survival, the owner must be able to initiate trans-generational entrepreneurship after the firm is passed on to the next generation. Therefore, the succession decision and the innovation decision for an SME is actually a two-sided coin, and thus, the succession decision is closely linked with the competitive advantage of the SME. Recognizing that each SME is situated in specific institutional environments, we present distinctive experiences and observations from SMEs in Asia to uncover the challenges for SMEs in Asian societies.

Keywords: Succession and innovation decision; Small-to-medium-sized enterprises; Asia; Family characteristics of SMEs; Trans-generational entrepreneurship (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-15-9015-3_1

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DOI: 10.1007/978-981-15-9015-3_1

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