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CEO Succession Mechanisms, Organizational Context, and Performance: A Socio-Emotional Wealth Perspective on Family-Controlled Firms
Bocconi University.
Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
Bocconi University.
Bocconi University.
2014 (English)In: Journal of Management Studies, ISSN 0022-2380, E-ISSN 1467-6486, Vol. 51, no 7, 1153-1179 p.Article in journal (Refereed) Published
Abstract [en]

This article extends the literature on CEO succession and financial performance by addressing corporate owners' mixed motives and desires to protect their interest in being in business. We draw on a Socio-Emotional Wealth (SEW) perspective to investigate how the choice of one of three succession mechanisms – relay succession, ‘horse races’ among internal CEO candidates, and hiring from outside – may effectively balance trade-offs between corporate owners' non-financial SEW motives and the firm's financial performance. We find that implementing one of these succession mechanisms reduces the negative impact that typically characterizes CEO transitions in family firms. We also show that family presence on the board of directors offsets the benefits of having selected these balancing succession mechanisms, in either placing too much emphasis on SEW, or creating negative dynamics that make the chosen succession mechanisms less effective.

Place, publisher, year, edition, pages
2014. Vol. 51, no 7, 1153-1179 p.
Keyword [en]
CEO succession mechanisms; family firms; organizational context; performance; socio-emotional wealth
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-25385DOI: 10.1111/joms.12095ISI: 000344153000005Scopus ID: 2-s2.0-84911990167Local ID: IHHCeFEOISOAI: oai:DiVA.org:hj-25385DiVA: diva2:773261
Available from: 2014-12-18 Created: 2014-12-18 Last updated: 2016-11-29Bibliographically approved

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CiteExportLink to record
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Citation style
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Output format
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