Faster Route to the CEO Suite
研究了家族与非家族企业CEO职业路径的差异，发现人力资本积累比代理因素更能预测CEO任命，对理解企业高管选拔机制有参考价值。
The aim of this article is to investigate the differences between the careers of CEOs in family and nonfamily firms and the differences between the careers of family and nonfamily CEOs within family firms. Extant literature focuses on the family or nonfamily nature of firm leadership, especially around CEOs’ transitions. It predicts that agency considerations prevail in favoring the appointment of family members and insiders as CEOs and in granting them faster and quicker careers. In contrast, detailed analysis of the entire careers of 100 CEOs—from their graduation to their first appointment as CEO—shows that the accumulation of human capital throughout a manager’s career prevails over agency considerations in predicting CEO appointments.