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Factors Influencing Business Succession

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?????????????????????????????????? ???????????????????????????????????????????? ????????????????????????????????????????????????? ???????? ????????????????? ???? ???????????????? ????????????????????? ??? ????????????????????????????????? ????? HitotsubashiU niversity Institute of Innovation R esearch Institute of Innovation Research Hitotsubashi University Tokyo, Japan http://www.iir.hit-u.ac.jp Factors Influencing Business Succession Induk Suh School of Management, Yeungnam University, South Korea Institute of Innovation Research, Hitotsubashi University, Japan Email: [email protected], [email protected] Yun-Hee Park Hankook Kwang-Yoo. Co., South Korea Email: [email protected] Taekyung Park The Business School, The University of Hull, United Kingdom Email: [email protected] A part of this paper was the outcome of the first author as a visiting professor at Institute of Innovation Research, Hitotsubashi University and was presented by him at the IIR Seminar. 2 INTRODUCTION Definitions of Family Business Family business has represented a predominant form in the world of business (Beckhard & Dyer, 1983a, 1983b; Stern, 1986). The observable dominance of family business in many countries has also been encouraging scholarly researches in family business (Klein, 2000; Morck & Yeung, 2003; Astrachan & Shanker, 2003; Sharma, 2004). Despite numerous studies on the subject so far, an unresolved issue still remains that no general consensus has been made regarding the definition of the family business. Some researchers argued the degree of ownership and managerial involvement by family members as the essential criterion for the family business (Daily & Dollinger, 1992; Dunn, 1996; Sharma et al., 1997). Recently, more criteria has turned up to define the family business, such as ownership percentage, voting power, power over strategic direction, involvement of multiple genera

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