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Management Innovations in Family Firms after Succession: Evidence from Japanese SMEs

Author

Listed:
  • Hirofumi Uchida

    (Graduate School of Business Administration Kobe University)

  • Kazuo Yamada

    (Faculty of Economics and Graduate School of Economics Nagasaki University)

  • Alberto Zazzaro

    (Universita' degli Studi di Napoli Federico II)

Abstract

In this paper, we examine whether family firms are more or less likely to foster management innovation, expanded incumbent business activities, or make advance to new business fields after CEO succession than non-family firms. Using data of 1,149 SMEs (small- and medium-sized enterprises) obtained from a corporate survey in Japan, we find that the new CEOs of family firms are not systematically less or more innovative than their counterparts in non-family firms. However, we also find that this zero effect of family ownership on innovation likelihood is the result of a negative impact of professional successors and a positive impact of heir successors. Finally, we show that access to intangible family assets increases the innovativeness of heir successors and decreases that of professional successors.

Suggested Citation

  • Hirofumi Uchida & Kazuo Yamada & Alberto Zazzaro, 2020. "Management Innovations in Family Firms after Succession: Evidence from Japanese SMEs," Mo.Fi.R. Working Papers 161, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    • Handle: RePEc:anc:wmofir:161
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    More about this item

    Keywords

    Innovation; Family Firm; Family Ownership; Succession;
    All these keywords.

    JEL classification:

    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • J12 - Labor and Demographic Economics - - Demographic Economics - - - Marriage; Marital Dissolution; Family Structure
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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