When does transitioning from family to professional management improve firm performance?
利用日本家族企业的长期数据，研究发现从家族CEO转向职业CEO能提升企业绩效，尤其在家族保持高所有权但无家族传承、非创始人家族管理者交接、以及职业经理人毕业于精英大学时效果更显著。
Using long‐term data on J apanese family firms, this study explores when the transition from family to professional management leads to better performance. In order to avoid endogeneity bias, we employ propensity score matching and difference‐in‐differences techniques. We find evidence that firms that transition from family to professional CEO s outperform those that maintain family leadership. This performance improvement is more pronounced when (1) families maintain high ownership control but leave no family legacy behind, (2) when the transition moves from non‐founder family managers to professionals, and (3) when professional managers graduated from elite universities . Copyright © 2014 John Wiley & Sons, Ltd.