Incentive Bargaining and Corporate Governance Comparative Enterprise Law among the US, Japan, and China
Book contents
- Incentive Bargaining and Corporate Governance
- Incentive Bargaining and Corporate Governance
- Copyright page
- Contents
- Figures
- Preface and Acknowledgments
- Abbreviations
- Introduction
- Part I Theory and Framework
- Part II Management
- Part III The Other Three Players and Incentive Bargaining
- Part IV Types of Firms
- 9 Start-Ups and Venture Capital Markets
- 10 Listed Family Firms
- Part V Legislative Policies
- References
- Index
10 - Listed Family Firms
from Part IV - Types of Firms
Published online by Cambridge University Press: 12 December 2025
Book contents
- Incentive Bargaining and Corporate Governance
- Incentive Bargaining and Corporate Governance
- Copyright page
- Contents
- Figures
- Preface and Acknowledgments
- Abbreviations
- Introduction
- Part I Theory and Framework
- Part II Management
- Part III The Other Three Players and Incentive Bargaining
- Part IV Types of Firms
- 9 Start-Ups and Venture Capital Markets
- 10 Listed Family Firms
- Part V Legislative Policies
- References
- Index
Summary
A significant percentage of listed companies are under the influence of founding families by stock ownership and/or family managers, even in developed countries, including the United States. In the United States, when the founders retire, they tend to hire professional managers and sell out their shares. In Japan, approximately 50% of listed companies are family firms, many of which are managed by founders’ heirs without substantial family ownership. In China, although family firms are relatively new because Chinese law traditionally prohibited private enterprises, family firms have grown rapidly since the transformation from a planned to a market-oriented economy in 1978. Generally speaking, founder firms’ performance is significantly better than that of non-family firms in most countries, but heir-managing firms’ performance varies in different countries. Prevalent types of listed family firms and their relative performance to non-family firms reflect minority shareholder protection law, the size of the manager market, and the corporate governance practice of each country.
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- Incentive Bargaining and Corporate GovernanceComparative Enterprise Law among the US, Japan, and China, pp. 299 - 318Publisher: Cambridge University PressPrint publication year: 2026
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