The determinants of the CEO successor choice in family firms

Ansari, Iram Fatima, Goergen, Marc ORCID: https://orcid.org/0000-0003-4391-2651 and Mira, Svetlana ORCID: https://orcid.org/0000-0001-7321-4104 2014. The determinants of the CEO successor choice in family firms. Journal of Corporate Finance 28 , pp. 6-25. 10.1016/j.jcorpfin.2013.12.006

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Abstract

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.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HG Finance
Uncontrolled Keywords:	Family firms; CEO succession; Corporate governance; Corporate control and ownership
Publisher:	Elsevier
ISSN:	0929-1199
Date of First Compliant Deposit:	30 March 2016
Date of Acceptance:	9 December 2013
Last Modified:	25 Nov 2024 13:00
URI:	https://orca.cardiff.ac.uk/id/eprint/53998

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