CEO Succession Mechanisms, Organizational Context, and Performance: A Socio‐Emotional Wealth Perspective on Family‐Controlled Firms
从社会情感财富视角，研究家族企业中三种CEO继任机制（接力继任、内部竞争、外部聘任）如何平衡所有者的非财务动机与财务绩效，发现这些机制能缓解CEO更替的负面影响，但董事会中的家族成员会削弱其效果。
Abstract 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.