Schumpeter views founding a family business dynasty as a key reward for entrepreneurship. However, inherited corporate control restricts the talent pool from which the business’s subsequent leaders are drawn, exposing a fundamental time inconsistency in Schumpeter’s thesis – what is good...

The practice of adopting adults, even if one has biological children, makes Japanese family firms unusually competitive. Our nearly population-wide panel of postwar listed non-financial firms shows inherited family firms more important in postwar Japan than generally realized, and also...

Family-controlled pyramidal business groups were important in Canada early in the 20th century, amid rapid catch-up industrialization, but largely gave way to widely held free-standing firms by mid- century. In the 1970s and early 1980s – an era of high inflation, financial reversal,...

Family-controlled pyramidal business groups were important in Canada early in the 20th century, amid rapid catch-up industrialization, but largely gave way to widely held freestanding firms by mid-century. In the 1970s and early 1980s – an era of high inflation, financial reversal,...

Family-controlled pyramidal business groups were important in Canada early in the 20th century, amid rapid catch-up industrialization, but largely gave way to widely held free-standing firms by mid-century. In the 1970s and early 1980s – an era of high inflation, financial reversal,...