The Routledge Companion to Asian Family Business
This companion provides broad and in-depth insights into family business in Asia and how Asian family firms navigate in the digital economy. The first part of the book looks at key concepts of family business while the second part presents Asian family firms’ cases from Japan, South Korea, China, Taiwan, Hong Kong, Thailand, Malaysia and other Asian economies.
This comprehensive reference will help readers understand how family firms in Asia compete and survive in the world market especially in the digital age and why and how Asian economies can emerge as one of the most dynamic regions in the world.
The collapse of the Soviet Union’s centrally-planned economy suggests that resources’ allocation, under socialist rule, was woefully inefficient and, ultimately, gave way to a market economy. For the successful transformation from socialism, entrepreneurship is essential. In the meantime, family business becomes an essential organisational form of private enterprise, facilitating market transformation. Family entrepreneurship plays a pivotal role in transition economies. In this chapter, we first stipulate the importance of entrepreneurship and market process for transition economies by focusing on three main activities, including the discovery of opportunity, mobilisation of resources, and creation of organisation; we then discuss the concept of family entrepreneurship. Secondly, we review the development of Russian family businesses for both big family businesses and SMEs. Thirdly, based on analysing the entrepreneurial process, we are able to identify the underlying predicaments during the promotion of entrepreneurship in transition economies. Although many transition economies are in the process of the market transformation, given their different political, social, and economic institutions, the path chosen might be different, and it is essential for transition economies to clear the obstacles for entrepreneurial activities.