Chinese Family Case Study
Introduction There are some economists assume that family firms have negative impacts in economic development whiles they always based on nepotism and paternalism. And those personal relationships may lead to inefficiency and even corruption. The major economic effort should base on impersonal and rational-legal authority (United Nations 1951). However, in Chinese societies, family firms play an important role in economic development. Family as the source of capital and labor. It benefits to the economic development. Let’s us start with examining the characteristic of family firms and to see how they can facilitate the economic development in Chinese societies. Gary Hamilton (1998) and Wong Siu-lun (1988) put a lot of efforts into the “family ties”. After that, I may discuss shortcomings of family firm and the variations in nowadays as they are more willing to incorporate “Western” institutions into the firms.
The historical and culture reasons can account for the enterprises tend to use “family ties”. On the one hand, initially when the market institutions were not
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When it is difficult to borrow capital from the banks, it may useful to borrow from parents and sibling. Also, labor from the family can create positive impact. At this moment, I am not going to examine the problem of nepotism. For most of the small family firms, would like to hire from the immediately family members as they are more reliability and hard working. They are willing to work for long hours and to accept lower pay (Whyte 1996, Wong 1988). They concern about the family business to succeed rather than personal interest. It can reduce the cost of the firms especially during the recession. For the large firms, would like to put their sons or other family members in some important positions. Since family members are more reliability and it can prevent to run off the family property and loss the profits to outsiders (Wong
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