Family businesses are pervasive and significant worldwide. In the United States, 35% of listed firms in the Standard & Poor's 500 are family-owned. In Europe, family businesses are not only prevalent but also having histories that transcend centuries. In Hong Kong, nearly 70% of listed firms are family-owned. Many family businesses have entrepreneurial traditions and foundations. Yet the field of family business and entrepreneurship research is relatively recent and little work has immediate applicability for practitioners.
The point where the topics of family business and entrepreneurship converge is often an unexplored area. Research on entrepreneurship has largely focused on who an entrepreneur is and what distinguishes successful entrepreneurs from others. Little has however been done on what happens to these entrepreneurs after they have established their successful enterprises. Often entrepreneurs enter the world of family business where they confront various questions on succession planning.
These topics represent a wealth of knowledge yet to be tapped. The Center aspires to be a leading research center of excellence in the understanding of the burgeoning Asian family business and entrepreneurship sectors, bridging the knowledge gap between academics, practitioners and policymakers. In particular, our Center focuses on ethnic Chinese family businesses, which contribute significantly to the Asian and the global economy. We hope to foster a greater understanding of these businesses by encouraging active dialogues between academics, practitioners and policymakers through education, research, and events.
Starting from July 2012, the Center has been named after the donor "Tanoto Foundation" founded by Mr Sukanto Tanoto and Mrs Tinah Bingei Tanoto, as "Tanoto Center for Asian Family Business and Entrepreneurship Studies".
Roger King, PhD Adjunct Professor in Finance
Director of Tanoto Center for Asian Family Business and Entrepreneurship Studies
The Hong Kong University of Science and Technology