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The Dragon Network: Inside Stories of the Most Successful Chinese Family Businesses
book

The Dragon Network: Inside Stories of the Most Successful Chinese Family Businesses

by A. B. Susanto, Patricia Susanto
March 2013
Intermediate to advanced content levelIntermediate to advanced
272 pages
5h 15m
English
Wiley
Content preview from The Dragon Network: Inside Stories of the Most Successful Chinese Family Businesses

Chapter 11

Suggestions for Developing Chinese Family Businesses

Values such as strong family relationships, trustworthiness, hard work, and frugality have been the foundation of success for many Chinese family businesses. However, that will not be enough. Like any other business, Chinese family businesses need to implement the right management techniques and principles, particularly as the business grows and develops. Therefore, modernization is inevitable. Succession plans should be developed. Estate planning should be developed. Conflict management and resolution must be implemented. However, modernization, succession plans, conflict management, and conflict resolution will not succeed without good corporate governance, the right business paradigm, strategy, structure, and system, as well as competent family members, qualified professional managers, fair remuneration, equal treatment, the right leadership, strong commitment, and strategy renewal. Ethical behavior and corporate social responsibility should also be promoted.

Implementing Corporate Governance

Successful overseas Chinese family businesses (OCFBs) implement good corporate governance. Corporate governance directs the company’s attention toward the improvement of performance through supervision and monitoring. It also ensures the accountability of management to the company’s stakeholders. Corporate governance can also motivate management to enhance its effectiveness and control the behavior of managers so that they ...

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Publisher Resources

ISBN: 9781118339404Purchase book