Private equity and entrepreneurial investments: understanding the determinants of founder-CEO succession in the Caribbean
研究加勒比地区184家上市公司数据，发现企业集团和私募股权持股都增加创始人留任概率，但股东价值治理对两者影响不同，反映了新兴经济体从内部资源向外部资源过渡的简单生命周期。
Our study develops a contextually embedded institution-theoretic model of the major influences precipitating entrepreneurial founders' leadership succession.Drawing on a unique sample of 184 listed firms from 10 national securities markets across the Caribbean region, we find that both business group (BG) and private equity (PE) ownership are associated with an increased likelihood of founder retention.The results also show that firms' adoption of shareholder value corporate governance negatively moderates the BG main effect, while positively moderating its PE counterpart.We argue that this is reflective of a simpler lifecycle in emerging economies centred on one major transition, namely the transition from internal to external resource provision.