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Inheritance, Chinese Family Business And Economic Development In Hong Kong

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  • VICTOR ZHENG

    (Centre of Asian Studies, The University of Hong Kong, Hong Kong, China)

Abstract

This paper focuses on the study of inheritance, Chinese family business and economic development in Hong Kong. In this study, it is found that equal inheritance can assist economic development by generating competition and capital. Equal division is a criterion for sibling comparison. Comparison generates stress and anxiety with each son trying to outdo the other. Competition is therefore galvanized. Furthermore, initial capital that is released from partition can motivate sons, who want to be free from subjugation, to start their own business. This is the origin of the self-employment mentality. Both competition and capital are crucial factors for economic development to take place. The strong desire of self-employment mentality also drives Chinese family business to develop its own type of structure: jia-zu ji-tuan [family-based consortium]. Different family members can be diversified into different businesses or professions. These businesses or professions may or may not relate to each other. However, they maintain a certain level of interconnection under the banner of the family [jia-zu] and can support each other during time of crises and difficulties. They can maintain their domination in the community from generation to generation.

Suggested Citation

  • Victor Zheng, 2002. "Inheritance, Chinese Family Business And Economic Development In Hong Kong," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 10(04), pages 287-312.
    • Handle: RePEc:wsi:jecxxx:v:10:y:2002:i:04:n:s0218495802000049
    DOI: 10.1142/S0218495802000049
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    Cited by:

    1. Diane Arijs & Anneleen Michiels, 2021. "Mental Health in Family Businesses and Business Families: A Systematic Review," IJERPH, MDPI, vol. 18(5), pages 1-20, March.
    2. Wu, Jay, 2013. "Accumulated choices, cultural triangle and economic growth," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 158-169.

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