The Enigma of the Family Successor–Firm Performance Relationship: A Methodological Reflection and Reconciliation Attempt
研究了家族企业CEO继任后，家族成员CEO对企业绩效的影响。通过区分家族成员身份与其他CEO特质，发现控制其他因素后，家族成员身份与绩效正相关，调和了以往研究矛盾。
Empirical studies examining firm performance following CEO succession in family firms predominantly document inferior performance of family successors. This evidence is at odds with general theoretical literature that attests a positive effect of family involvement inside the firm. To explore this enigma, we theoretically and empirically disentangle the influence of the CEO attribute family member (i.e., the CEO is affiliated to the family) on post-succession firm performance, from other, distinct CEO attributes (e.g., CEO-related human capital). Our analysis on the individual CEO level shows that after respective controls, the family member attribute is significantly positively related to post-succession firm performance.