Not All Created Equal
研究了家族企业后代CEO的出生顺序差异，发现长子CEO更可能因绩效不佳而被替换，且出生顺序影响控制权分配和外部股东持股与绩效的关系。
This study extends the family firm performance literature by focusing on birth order differences among descendant CEOs. Data collected from a sample of Korean family firms yield three insights. First, descendant birth order is directly associated with differences in the distribution of control through ownership, leadership (i.e., CEO), and the incorporation of outside board participation and governance. Second, descendant birth order also moderates the relationship between outside block holdings and firm performance. Third, we find evidence suggesting that because of firm performance differences, first-son descendant CEOs may find themselves more often replaced over time.