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Corporate diversification and CEO turnover in family businesses: self-entrenchment or risk reduction?

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  • Wen-Hsien Tsai

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  • Yi-Chen Kuo
  • Jung-Hua Hung
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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11187-007-9073-y
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    Bibliographic Info

    Article provided by Springer in its journal Small Business Economics.

    Volume (Year): 32 (2009)
    Issue (Month): 1 (January)
    Pages: 57-76

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    Handle: RePEc:kap:sbusec:v:32:y:2009:i:1:p:57-76

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    Web page: http://www.springerlink.com/link.asp?id=100338

    Related research

    Keywords: Corporate governance; Agency theory; Family businesses; Corporate diversification; CEO turnover; Survival analysis; L26;

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    References

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    1. Harvey James, 1999. "Owner as Manager, Extended Horizons and the Family Firm," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 6(1), pages 41-55.
    2. Karl Lins & Henri Servaes, 1999. "International Evidence on the Value of Corporate Diversification," Journal of Finance, American Finance Association, American Finance Association, vol. 54(6), pages 2215-2239, December.
    3. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
    4. Lausten, M., 1998. "CEO Turnover, Firm Performance and Corporate Governance," Papers, Aarhus School of Business - Department of Economics 98-10, Aarhus School of Business - Department of Economics.
    5. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2002. "Family Firms," Harvard Institute of Economic Research Working Papers 1944, Harvard - Institute of Economic Research.
    6. Parrino, Robert, 1997. "CEO turnover and outside succession A cross-sectional analysis," Journal of Financial Economics, Elsevier, Elsevier, vol. 46(2), pages 165-197, November.
    7. DeFond, Mark L. & Park, Chul W., 1999. "The effect of competition on CEO turnover1," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 27(1), pages 35-56, February.
    8. Rafael La porta & Florencio Lopez-De-Silanes & Andrei Shleifer & Robert Vishny, 2002. "Investor Protection and Corporate Valuation," Journal of Finance, American Finance Association, American Finance Association, vol. 57(3), pages 1147-1170, 06.
    9. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, American Finance Association, vol. 52(2), pages 737-83, June.
    10. Huson, Mark R. & Malatesta, Paul H. & Parrino, Robert, 2004. "Managerial succession and firm performance," Journal of Financial Economics, Elsevier, Elsevier, vol. 74(2), pages 237-275, November.
    11. Ronald C. Anderson & Thomas W. Bates & John M. Bizjak & Michael L. Lemmon, 2000. "Corporate Governance and Firm Diversification," Financial Management, Financial Management Association, Financial Management Association, vol. 29(1), Spring.
    12. Wenyi Chu, 2004. "Are Group-Affiliated Firms Really More Profitable than Nonaffiliated?," Small Business Economics, Springer, Springer, vol. 22(5), pages 391-405, 06.
    13. Randall Morck & Bernard Yeung, 2003. "Family Control and the Rent-Seeking Society," William Davidson Institute Working Papers Series 585, William Davidson Institute at the University of Michigan.
    14. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
    15. Denis, David J & Denis, Diane K & Sarin, Atulya, 1997. " Agency Problems, Equity Ownership, and Corporate Diversification," Journal of Finance, American Finance Association, American Finance Association, vol. 52(1), pages 135-60, March.
    16. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, Elsevier, vol. 58(1-2), pages 81-112.
    17. Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, American Finance Association, vol. 57(6), pages 2741-2771, December.
    18. Landes, David S., 1949. "French Entrepreneurship and Industrial Growth in the Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 9(01), pages 45-61, May.
    19. Stein, Jeremy C., 1988. "Takeover Threats and Managerial Myopia," Scholarly Articles 3708937, Harvard University Department of Economics.
    20. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 461-492, January.
    21. John R. Graham & Michael L. Lemmon & Jack G. Wolf, 2002. "Does Corporate Diversification Destroy Value?," Journal of Finance, American Finance Association, American Finance Association, vol. 57(2), pages 695-720, 04.
    22. Rajesh K. Aggarwal & Andrew A. Samwick, 2003. "Why Do Managers Diversify Their Firms? Agency Reconsidered," Journal of Finance, American Finance Association, American Finance Association, vol. 58(1), pages 71-118, 02.
    23. Engel, Ellen & Hayes, Rachel M. & Wang, Xue, 2003. "CEO turnover and properties of accounting information," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 36(1-3), pages 197-226, December.
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    Cited by:
    1. Anaïs Hamelin, 2013. "Influence of family ownership on small business growth. Evidence from French SMEs," Small Business Economics, Springer, Springer, vol. 41(3), pages 563-579, October.
    2. Lutz, Eva & Schraml, Stephanie & Achleitner, Ann-Kristin, 2010. "Loss of control vs. risk reduction: decision factors for hiring non-family CFOs in family firms," CEFS Working Paper Series 2010-04, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
    3. Ducassy, Isabelle & Prevot, Frédéric, 2010. "The effects of family dynamics on diversification strategy: Empirical evidence from French companies," Journal of Family Business Strategy, Elsevier, vol. 1(4), pages 224-235, December.
    4. Isabel Feito-Ruiz & Clara Cardone-Riportella & Susana Menéndez-Requejo, 2014. "SMEs’ Delisting Decisions on the Alternative Investment Market (AIM): Family Holders and Financial Crisis," Working Papers, Universidad Pablo de Olavide, Department of Financial Economics and Accounting (former Department of Business Administration) 14.02, Universidad Pablo de Olavide, Department of Financial Economics and Accounting (former Department of Business Administration).
    5. Yudan Zheng, 2010. "The effect of CEO tenure on CEO compensation: Evidence from inside CEOs vs outside CEOs," Managerial Finance, Emerald Group Publishing, Emerald Group Publishing, vol. 36(10), pages 832-859, October.

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