HONG KONG SAR – Media OutReach – 28 October 2021 – Since its humble beginnings in the wake of the economic reforms and opening up enacted by the late Chinese leader Deng Xiaoping more than three decades ago, family businesses have grown to become the back bone of China’s economic growth. In China, family firms contributed to about 60 percent of the country’s GDP and hiring 80 percent of the workforce, according to professional services firm EY. But what makes these family firms tick and under what conditions do they prosper? It is with these questions in mind that a recent research study in China examines the effect of culture on family firms and finds their formation (and subsequent prevalence) tend to be boosted by societies that are more collectivist in nature.
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