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Practice Listening: Fill in the Blanks (Type In)
ID: #4704
Short
Family business
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It is a practice for a person who has founded a business to pass on its management to a second- or third-generation family member. These so-called 'family firms', however, have been shown to be less than those run by unrelated employees. Economists hypothesize that this disparity is caused by family members receiving an benefit of job security in spite of underperformance. Whereas other unproductive managers would be fired from their positions, descendants of the company's founder are kept in place in order to protect the family's . To acknowledge that he or she was not performing well in the role would reflect poorly on the founder, and taking a hit is often easier to tolerate.
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