Welcome to Francis Academic Press

Academic Journal of Business & Management, 2023, 5(18); doi: 10.25236/AJBM.2023.051825.

Review on intergenerational inheritance of family business


Kaile Jia

Corresponding Author:
Kaile Jia

College of Business Administration, Anhui University of Finance and Economics, Bengbu, China


Most family enterprises in China were established in the early stage of reform and opening up. However, more than 40 years after reform and opening up, family enterprises are facing a wave of inheritance from the first generation of founders or leaders to future generations. Reviewing the existing literature, few scholars have systematically reviewed the intergenerational inheritance of family enterprises. By analyzing the research content, inheritance methods and influencing factors of family business intergenerational inheritance, this paper puts forward the countermeasures to deal with the influencing factors and prospects for the future research direction of intergenerational inheritance.


Family business; Family enterprises; Intergenerational inheritance; Family succession; Family governance; Literature review

Cite This Paper

Kaile Jia. Review on intergenerational inheritance of family business. Academic Journal of Business & Management (2023) Vol. 5, Issue 18: 164-171. https://doi.org/10.25236/AJBM.2023.051825.


[1] Li Jun, Yang Xueru, Tan Hongbin. Research review and future prospects of family business internationalization [J]. southern economy, 2016 (05): 62-86

[2] Miller D, Steier L, Le Breton-Miller I. Lost in time: Intergenerational succession, change, and failure in family business [J]. Journal of business venturing, 2003, 18(4): 513-531.

[3] Zhang Yuhua. Rethinking family business and promoting the healthy development of family business -- a review of the tradition of the first international seminar on family business in China [J]. scientific and technological progress and countermeasures, 2003, 20 (01): 173-175.

[4] Sharma A. Consumer decision-making, salespeople's adaptive selling and retail performance[J]. Journal of Business Research, 2001, 54(2): 125-129.

[5] Barney J. Firm resources and sustained competitive advantage [J]. Journal of management, 1991, 17(1): 99-120.

[6] Jensen M C, Meckling W H. Theory of the firm: Managerial behavior, agency costs and ownership structure [M]//Corporate governance. Gower, 2019: 77-132.

[7] Davis J H, Schoorman F D et al. Toward a stewardship theory of management[J]. Academy of Management Review, 1997, 22(1):20-47.

[8] Miller D, Le Breton-Miller I. Priorities, practices and strategies in successful and failing family businesses: An elaboration and test of the configuration perspective[J]. Strategic Organization, 2006, 4(4): 379-407.

[9] Arregle J L, Naldi L, Nordqvist M, et al. Internationalization of family–controlled firms: A study of the effects of external involvement in governance[J]. Entrepreneurship Theory and Practice, 2012, 36(6): 1115-1143.

[10] Fernández Z, Nieto M J. Impact of ownership on the international involvement of SMEs[J]. Journal of international business studies, 2006, 37: 340-351.

[11] Liang X, Wang L, Cui Z. Chinese private firms and internationalization: Effects of family involvement in management and family ownership[J]. Family Business Review, 2014, 27(2): 126-141.

[12] Merino F, Monreal‐Pérez J, Sánchez‐Marín G. Family SMEs' internationalization: Disentangling the influence of familiness on Spanish firms' export activity[J]. Journal of Small Business Management, 2015, 53(4): 1164-1184.

[13] Patton D. Strategic intent in the management of the green environment within SMEs: An analysis of the UK screen-printing sector[J]. Long Range Planning, 2005, 38(2): 197-212.

[14] Gómez-Mejía L R., Haynes K T., Núñez-Nickel M., et al. Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills[J]. Administrative science quarterly, 2007, 52(1): 106-137.

[15] Berrone P, Cruz C, Gomez-Mejia L R. Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research[J]. Family business review, 2012, 25(3): 258-279.

[16] Memili E, Eddleston K A, Kellermanns F W, et al. The critical path to family firm success through entrepreneurial risk taking and image [J]. Journal of Family Business Strategy, 2010, 1(4): 200-209.

[17] Su Chun, Liu Xing. Controlling shareholder equity pledge, CEO source and audit fees—Empirical Evidence from listed family enterprises [J]. Journal of Chongqing University, 2022, 28 (05): 73-91.

[18] Astrachan J H, Jaskiewicz P. Emotional returns and emotional costs in privately held family businesses: Advancing traditional business valuation [J]. Family business review, 2008, 21(2): 139-149.

[19] Handler W C. The succession experience of the next generation [J]. Family Business Review, 1992, 5(3): 283-307.

[20] Lambrecht J, Lievens J. Pruning the family tree: An unexplored path to family business continuity and family harmony [J]. Family Business Review, 2008, 21(4): 295-313.

[21] Astrachan J H., Shanker M C. Family businesses’ contribution to the US economy: A closer look [J]. Family business review, 2003, 16(3): 211-219.

[22] Miller D, Le Breton-Miller I. Management insights from great and struggling family businesses [J]. Long Range Planning, 2005, 38(6): 517-530.

[23] Berrone P, Cruz C, Gomez-Mejia L R. Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research [J]. Family business review, 2012, 25(3): 258-279.

[24] Miller D, Hartwick J, Le Breton-Miller I. How to detect a management fad—and distinguish it from a classic [J]. Business Horizons, 2004, 47(4): 7-16.

[25] Gomez-Mejia L R, Cruz C, Berrone P, et al. The bind that ties: Socioemotional wealth preservation in family firms [J]. The academy of management annals, 2011, 5(1): 653-707.

[26] Chrisman J J, Chua J H, Sharma P. Trends and directions in the development of a strategic management theory of the family firm [J]. Entrepreneurship theory and practice, 2005, 29(5): 555-575.

[27] Kellermanns F W, Eddleston K A. A family perspective on when conflict benefits family firm performance [J]. Journal of Business Research, 2007, 60(10): 1048-1057.