When does transitioning from family to professional management improve firm performance?

Using long-term data on Japanese family firms, this study explores when the transition from family to professional management leads to better performance. In order to avoid endogeneity bias, we employ propensity score matching and difference-in-differences techniques. We find evidence that firms that transition from family to professional CEOs outperform those that maintain family leadership. This performance improvement is more pronounced when (1) families maintain high ownership control but leave no family legacy behind, (2) when the transition moves from non-founder family managers to professionals, and (3) when professional managers graduated from elite universities.
Publisher
WILEY-BLACKWELL
Issue Date
2015-09
Language
ENG
Keywords

WESTERN-EUROPEAN CORPORATIONS; BEHAVIORAL AGENCY MODEL; SOCIOEMOTIONAL WEALTH; EXECUTIVE SUCCESSION; CEO CHARACTERISTICS; PROPENSITY SCORE; UNITED-STATES; FOUNDER-CEOS; OWNERSHIP; CONSEQUENCES

Citation

STRATEGIC MANAGEMENT JOURNAL, v.36, no.9, pp.1297 - 1316

ISSN
0143-2095
DOI
10.1002/smj.2289
URI
http://hdl.handle.net/10203/200609
Appears in Collection
MT-Journal Papers(저널논문)
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