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| Author: | Bhattacharya, U. Ravikumar, B. |
| Title: | Capital markets and evolution of family businesses |
| Journal: | Journal of Business
2001 : APR, VOL. 74:2, p. 187-219 |
| Index terms: | CAPITAL MARKETS FAMILY FIRMS HUMAN CAPITAL |
| Language: | eng |
| Abstract: | The authors model a family business as a house-hold operating a production technology in which the household's human capital is a specific business skill. Each generation can either bequeath the business and the business skill to the next generation or sell the business through a financial intermediary and bequeath the revenue. Using a dynamic model, the authors analyze how the imperfections in primary capital markets affect the evolution of family businesses. |
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