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Why Succession Is a Critical Issue for SMEs: Perspectives and Cases in the Asian Context

In: Succession and Innovation in Asia’s Small-and-Medium-Sized Enterprises

Author

Listed:
  • Hsi-Mei Chung

    (I-Shou University)

  • Kevin Au

    (The Chinese University of Hong Kong)

Abstract

The success of an SME is usually based on the talent of the founders and their families in a distinctive industrial position, the succession decision of an SME is also a decision about what direction the firm will take. For SMEs to pursue long-term survival, the owner must be able to initiate trans-generational entrepreneurship after the firm is passed on to the next generation. Therefore, the succession decision and the innovation decision for an SME is actually a two-sided coin, and thus, the succession decision is closely linked with the competitive advantage of the SME. Recognizing that each SME is situated in specific institutional environments, we present distinctive experiences and observations from SMEs in Asia to uncover the challenges for SMEs in Asian societies.

Suggested Citation

  • Hsi-Mei Chung & Kevin Au, 2021. "Why Succession Is a Critical Issue for SMEs: Perspectives and Cases in the Asian Context," Springer Books, in: Hsi-Mei Chung & Kevin Au (ed.), Succession and Innovation in Asia’s Small-and-Medium-Sized Enterprises, chapter 0, pages 1-25, Springer.
    • Handle: RePEc:spr:sprchp:978-981-15-9015-3_1
    DOI: 10.1007/978-981-15-9015-3_1
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