How inheritance law affects family firm performance: Evidence from a natural experiment

• Main Authors: GAM, Yong Kyu, KANG, Min Jung, PARK, Junho, SHIN, Hojong
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2020
• 主題: Family firms; inheritance system; firm value; South Korea; Asian Studies; Corporate Finance; Entrepreneurial and Small Business Operations; Estates and Trusts
• 在線閱讀: https://ink.library.smu.edu.sg/lkcsb_research/6725; https://ink.library.smu.edu.sg/context/lkcsb_research/article/7724/viewcontent/Inheritance_law_family_firm_perf_2020_av.pdf

We argue that changes in the inheritance system affect incentives leading to sibling rivalry among descendants and therefore have a material impact on family firm performance. Using South Korea's 1991 inheritance law reform that stipulates the equal distribution of a deceased person's prop...