Succession Decision-Making Outcomes Reported by Private Family Companies
研究私人家族企业内外部环境特征与继任决策结果（如CEO退休标准、继任者人选、家族批准的继任计划）的关联，发现CEO生命周期、家族动态、非执行董事、企业绩效和外部环境等因素有显著影响，且结果受企业规模影响。
This study explores the internal and external environmental characteristics of private family companies associated with succession decision-making outcomes (i.e. the propensity of family firms to report whether the board has established clear-cut objective criteria, specifying when the current Chief Executive Officer [CEO] should retire; whether the CEO has a successor in mind; and whether a succession plan has been approved by family members). Multivariate logistic regression analysis detected that the life cycle dynamics of the CEO and family dynamics were associated with the selected outcomes. The presence of a non-executive director was found to be positively associated with selected outcomes. Business performance was found to be positively associated with two outcomes, but negatively associated with another. External environmental conditions were associated with the dependent variables. In addition, results were found to be sensitive to the employment size of the company. Implications and directions for future research are discussed.