Firm Performance and Managerial Succession in Family Managed Firms

被引：48

作者：

Hillier, David ^{[2
]}

McColgan, Patrick ^{[1
]}

机构：

[1] Univ Strathclyde, Dept Accounting & Finance, Glasgow G4 0LN, Lanark, Scotland

[2] Univ Leeds, Sch Business, Leeds LS2 9JT, W Yorkshire, England

来源：

JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2009年 / 36卷 / 3-4期

关键词：

CEO turnover; corporate restructuring; family managed firms; firm performance; CEO TURNOVER; VOTING-RIGHTS; OWNERSHIP; MARKET; EVENT;

D O I：

10.1111/j.1468-5957.2009.02138.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates whether the family status of a company's top officer affects managerial replacement decisions. We report evidence that family-managed companies are characterized by higher levels of board control and potentially weak internal governance systems. Family CEOs are less likely than non-family CEOs to depart their position following poor performance. Stock prices react favorably and operating performance improves when companies announce the departure of a family CEO. Overall, our evidence suggests that shareholders benefit when a powerful CEO leaves their position in the company.

引用

页码：461 / 484

页数：24

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