Firm Performance and Managerial Succession in Family Managed Firms
研究家族企业CEO的继任决策，发现家族CEO在业绩差时更不易离职，而家族CEO离职时股价和经营业绩会改善，表明股东能从强势CEO离职中获益。
Abstract: This paper investigates whether the family status of a company's top officer affects managerial replacement decisions. We report evidence that family‐managed companies are characterized by higher levels of board control and potentially weak internal governance systems. Family CEOs are less likely than non‐family CEOs to depart their position following poor performance. Stock prices react favorably and operating performance improves when companies announce the departure of a family CEO. Overall, our evidence suggests that shareholders benefit when a powerful CEO leaves their position in the company.