A Family Member or Professional Management? The Choice of a CEO and Its Impact on Performance
研究了家族企业在何种情况下选择家族CEO或职业CEO，以及不同背景CEO对企业绩效的影响，发现管理技能要求低且侵占机会高时更倾向家族CEO，而高技能要求下职业CEO能提升绩效。
In this study, we explore what kinds of family firms are more likely to have a family CEO or professional CEO, and investigate the performance of CEOs from different backgrounds. The results show that firms with low requirements in managerial skills and a high potential for expropriation are more likely to choose a CEO from the controlling family (nepotism). Our investigation, furthermore, shows that when a firm requires high managerial skills, using a professional CEO can help firm performance, especially if the family has low cash‐flow rights and weak control. When there is large opportunity for expropriation in a family firm, the firm's performance will be better if the CEO is a family member and the family has highly persuasive cash‐flow rights.