A Review of Succession and Innovation in Family Business

Abstract

Family business is an important part of the national economy and plays an important role in the development of social economy. The iterative process of technology and the new business model make the competition among enterprises increasingly fierce. If enterprises want to succeed in the fierce competition, they must consolidate and develop through innovation. At the same time, the phenomenon of intergenerational succession of Chinese family businesses is becoming more and more common. Recalling the research on intergenerational succession and innovation of family business, the existing research lacks a unified analytical framework, and the research results are scattered, fragmented, and systematic. This has largely restricted the depth of theoretical research in this field. This paper systematically sorts out intergenerational succession and innovation research. It has certain guiding significance for domestic family business succession practice and succession theory research. It will help researchers to better draw on the theoretical results in this field and lay the foundation for follow-up research.