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The determinants of the CEO successor choice in family firms

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  • Ansari, Iram Fatima
  • Goergen, Marc
  • Mira, Svetlana

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.

Suggested Citation

  • Ansari, Iram Fatima & Goergen, Marc & Mira, Svetlana, 2014. "The determinants of the CEO successor choice in family firms," Journal of Corporate Finance, Elsevier, vol. 28(C), pages 6-25.
  • Handle: RePEc:eee:corfin:v:28:y:2014:i:c:p:6-25
    DOI: 10.1016/j.jcorpfin.2013.12.006
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    8. Francisco W. Johnson & Jorge Pelayo Maciel & Marco Valenzo Jimenez, 2019. "The Importance Of Planning For Succession In The Family Business Before It Is Too Late: A Case Study Of A Small Manufacturing Firm," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 10(1), pages 25-32.
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    14. Alice Medioli & Pier Luigi Marchini & Tatiana Mazza, 2024. "The impact of corruption and public governance quality on family firm business strategy," Business Strategy and the Environment, Wiley Blackwell, vol. 33(1), pages 55-69, January.
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    More about this item

    Keywords

    Family firms; CEO succession; Corporate governance; Corporate control and ownership;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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