The classic counterexample are ethnic Chinese abroad, where they tend to do things like trading companies, where putting relatives in high positions doesn't tend to hurt vs. e.g. Wang Laboratories, where founder An Wang crippled the company by promoting his unqualified son, as a friend working for them in their R&D lab at the time told us; per Wikipedia (https://en.wikipedia.org/wiki/Wang_Laboratories#Decline_and_...):

Dr. Wang's insistence that his son, Fred Wang, succeed him contributed to the company's failure. Fred Wang was a business school graduate, "but by almost any definition," wrote Charles C. Kenney, "unsuited for the job in which his father had placed him." His assignment, first as head of research and development, then as president of the company, led to resignations by key R&D and business personnel....

One turning point occurred when Fred Wang was head of R&D. On October 4, 1983, Wang Laboratories announced fourteen major hardware and software products, and promised dates of delivery. The announcement was well received, but even at the time there were warning signs.... Very few of the products were close to completion and many of them had not even been started. All were delivered late and some were never delivered at all. In retrospect this was referred to as the "vaporware announcement" and it hurt the credibility of Fred Wang and Wang Laboratories.

In 1986 Fred Wang, then 36 years old, was installed as president of Wang Laboratories. However, the company's fortunes continued to decline. Unlike most computer companies that funded their growth by issuing stock, An Wang had used debt to avoid further dilution of family control of the company. By August 1989 that debt was causing conflicts with its creditors. On August 4, 1989, Dr. Wang fired his son....