The determinants of the CEO successor choice in family firms

被引：44

作者：

Ansari, Iram Fatima ^{[1
,3
]}

Goergen, Marc ^{[1
,2
]}

Mira, Svetlana ^{[1
]}

机构：

[1] Cardiff Univ, Cardiff Business Sch, Cardiff CF10 3AX, S Glam, Wales

[2] ECGI, Brussels, Belgium

[3] Sultan Qaboos Univ, Coll Econ & Polit Sci, Muscat, Oman

来源：

JOURNAL OF CORPORATE FINANCE | 2014年 / 28卷

关键词：

Family firms; CEO succession; Corporate governance; Corporate control and ownership; ORGANIZATIONAL PERFORMANCE; LARGE SHAREHOLDERS; CROSS-LISTINGS; OWNERSHIP; GOVERNANCE; DIRECTORS; WEALTH;

D O I：

10.1016/j.jcorpfin.2013.12.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper studies the factors that influence the CEO succession decision in family firms whose incumbent CEO is a member of the controlling family. The sample includes all such firms from France, Germany and the UK We propose a new measure of directors' independence, which adjusts for various links with the controlling family. While we find that conventionally defined directors' independence has no impact on the CEO succession decision, our corrected measure reduces the likelihood of the successor being another family member. There is also evidence that firms from France that are cross-listed in the UK or USA are less likely to appoint another family CEO. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：6 / 25

页数：20

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