Successor Entrepreneurial Orientation,Social Emotional Wealth And Transfer-Generational Growth Of Family Business

Since the reform and opening up,China’s private economy has become an important force for promoting the development of the national economy,labor employment and social progress.From different perspectives such as all the structure of the enterprise,the decision-making power of the business,and the participation of the owner’s family in daily operations,China’s private economy has revealed its distinctive family characteristics.After more than 4 decades years of development,most family businesses have entered the critical transitional period from the first generation to the second generation.For family businesses,inheritance is a strategic decision as well as a long-term and complex “relay race” that directly affects the life of family businesses.However,the road of family inheritance is not a smooth journey.Some successors continue to forge ahead with the loss of aggressive will and they do nothing after taking over the business,causing companies to miss strategic recovery opportunities and decline.When the next generation shows more innovation and entrepreneurial behavior,the family business will experience greater growth,create more opportunities,and thus maintain the vitality of innovation.In fact,some family businesses have gained new competitive advantages through cross-generational entrepreneurship.An important way to maintain the longevity of family businesses is cross-generation entrepreneurship,namely,family descendants reorganize and update corporate resources,breaking path dependence and the original development framework.Transfer-generational entrepreneurship is rooted in the context of family business transformation and inheritance.The creative use of family resources has achieved the breakthrough.Therefore,transfer-generational entrepreneurship has gradually become an important emerging force for the sustainable development of family businesses as well as an effective strategy to solve corporate heritage and strategic change.Entrepreneurial management theory believes that entrepreneurial orientation will play a key role in the growth of an enterprise,and at the same time social emotional wealth also has a certain impact on the growth of an enterprise.Good entrepreneurial orientation,reasonable social and emotional wealth,and good corporate growth performance are essential for all family businesses.Taking the family business that have realized transfer-generational inheritance as the research object,this article is to analyze the relationship between the entrepreneurial orientation of the successor and the transfer-generation growth of the family business.At the same time,the moderating effect of social emotional wealth to the entrepreneurial orientation of the successor and the transfer-generation growth of the family business will also be studied.The purpose of the research is to formulate a reasonable inheritance plan for the family business,cultivate a modest entrepreneurial orientation for the successor,achieve transfer-generation entrepreneurship for the successor,and crack the key nodes of entrepreneurial growth,so as to promote the cross-generation growth of the family business.The thesis mainly addresses the following two main issues: one is to study the relationship between succession entrepreneurial orientation and the performance of transfer-generation growth of family businesses,and the other is to study the role of social emotional wealth in regulating the successor’s entrepreneurial orientation and transfer-generation growth of family businesses.Six parts are included in the paper:the first part is the introduction,which mainly introduces the research background,technical approach,research methods,and organization of the thesis;the second part is a literature review,which mainly summarizes the research literature on entrepreneurship orientation,corporate growth,and social emotional wealth;the third part is model construction and research hypothesis that mainly deduces theoretical research questions and puts forward research hypotheses,and then builds the research model of this paper;the fourth part is the questionnaire design and research methods,explaining the questionnaires,research objects and empirical analysis methods;the fifth part is data analysis and discussion that mainly verifies the hypothesis of the article and analyzes the results obtained;the last part summarizes the full text and explains the research contribution of the paper.In this paper,a total of 212 valid questionnaires were collected and statistical analysis was performed on the relevant data to study the relationship between succession entrepreneurship,social emotional wealth,and transfer-generation family business.In this way,the role mechanism of succession entrepreneurial orientation on the transfer-generation growth of family business is obtained.This article mainly draws the following two conclusions: First,the entrepreneurial orientation of the successor has a significant positive impact on the growth of the family business,and a significant positive impact on the family growth of the family business.In addition,the innovation,initiative and autonomy of the successors’ entrepreneurial orientation have a significant impact on corporate growth.Innovation and initiative have a significant impact on family growth,while autonomy has no significant effect on family growth.Second,social emotional wealth has a moderating role between the successor’s entrepreneurial orientation and the transfer-generation growth of family businesses.But the moderating effects of family control will and family inheritance are different.The former manifests itself in the following aspects: positively regulating the relationship between successor’s entrepreneurial orientation and corporate growth,and negatively regulating the successor’s entrepreneurial orientation and family growth.With the increasing willingness of family control,the positive impact of succession entrepreneurial orientation on corporate growth and its negative impact on family growth have become stronger.The latter moderating effect is to strengthen the positive impact of entrepreneurial orientation of the successor on corporate growth and its negative impact on family growth,that is,as the family’s willingness to inherit from generation to generation increases,the positive impact of successor’s entrepreneurial orientation on the growth of the company and its and its negative impact on the growth of the family have become stronger.There are three main innovations in this research.The first is to reveal the connotation and function of successor’s entrepreneurial orientation,supplement and perfect the family business theory;the second is to explore the impact of entrepreneurial orientation of family business successors on the cross-generational growth of family businesses in combination with the social emotional wealth theory;the third is to use the sample data of Chinese family businesses to conduct empirical research and explore the influencing factors of family business growth in line with the Chinese context.