Confucianism, successor choice, and firm performance in family firms: Evidence from China

被引：55
|
作者：
Chen, Mengyuan [1 ]
Xiao, Jason Zezhong [2 ]
Zhao, Yang [3 ]
机构：
[1] Univ Huddersfield, Huddersfield Business Sch, Huddersfield, W Yorkshire, England
[2] Univ Macau, Fac Business Adm, Taipa, Macao, Peoples R China
[3] Univ Liverpool, Management Sch, Liverpool, Merseyside, England
来源：
JOURNAL OF CORPORATE FINANCE | 2021年 / 69卷
基金：
中国国家自然科学基金;
关键词：
Family businesses; Leadership succession; Successor choice; Confucianism; Guanxi; Returnees; Firm performance; China; BUSINESS SUCCESSION; OWNERSHIP; KNOWLEDGE; GUANXI; ORGANIZATION; MANAGEMENT; BOARDS; TESTS;
D O I：
10.1016/j.jcorpfin.2021.102023
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the nexus between Confucianism, the choice of the leadership successor, and firm performance in family firms in China. It provides original evidence that firm founders who are deeply influenced by Confucianism have a higher likelihood of choosing a family member or a guanxi-connected nonfamily member as the successor. Moreover, family/guanxi-connected successors have a positive effect on firm performance compared with their counterparts outside of the family/guanxi circle. One underlying reason is that, affected by Confucianism, only the family/guanxi-connected successors can acquire the founder's specialized assets via pre-succession internal managerial experience, which, in turn, enables them to outperform other successors.
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页数：21
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