JUNGYUN HAN2022-04-262022-04-26202213602381https://www.scopus.com/inward/record.uri?eid=2-s2.0-85114411901&doi=10.1080%2f13602381.2021.1970320&partnerID=40&md5=d91edd61d3081eabe744572adfb83792https://scholars.lib.ntu.edu.tw/handle/123456789/607927Although a successor’s discretion is a key factor in facilitating corporate restructuring, little is known about the source of discretion, particularly about national culture. From an institutional perspective, we argue that when a successor is legitimized by the norms and expectations embedded in national culture, the successor is likely to implement corporate restructuring. Using data of family-run business groups in South Korea, where Confucianism is a dominant value system, we find that when a successor is the first-born child and male in the family, the business group is likely to spin-off, and this effect becomes stronger with the number of siblings. ? 2021 Informa UK Limited, trading as Taylor & Francis Group.Business groupConfucianismcorporate restructuringdiscretionfamily businessSouth Koreasuccessionbusiness developmentcorporate strategyfirm ownershipindustrial practiceindustrial productionindustrial restructuringjournal article10.1080/13602381.2021.19703202-s2.0-85114411901