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Pre- and post-succession governance philosophies in entrepreneurial family firms

  • Steier, Lloyd P.
  • Miller, Danny
Registered author(s):

    Most studies of succession in family firms concentrate on the succession event and/or on the periods immediately prior or subsequent to that event. We wished to look back at a much longer time period in order to more fully characterize the governance philosophies both before and after succession as well as the related transformations between these periods. Our qualitative study of 13 successions in entrepreneurial family firms reveals changes in the governance roster as well as in the goals, roles, political structures, behavior and climate associated with the principals of these organizations, and based on these we suggest several testable propositions. We conclude with an integrative gemeinschaft-gesellschaft framework that encapsulates the governance philosophies of the pre- and post-succession periods and the transformations between them.

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    Article provided by Elsevier in its journal Journal of Family Business Strategy.

    Volume (Year): 1 (2010)
    Issue (Month): 3 (September)
    Pages: 145-154

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    Handle: RePEc:eee:fambus:v:1:y:2010:i:3:p:145-154
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    1. Dyck, Bruno & Mauws, Michael & Starke, Frederick A. & Mischke, Gary A., 2002. "Passing the baton: The importance of sequence, timing, technique and communication in executive succession," Journal of Business Venturing, Elsevier, vol. 17(2), pages 143-162, March.
    2. Burkart, Mike & Panunzi, Fausto & Shleifer, Andrei, 2002. "Family Firms," CEPR Discussion Papers 3234, C.E.P.R. Discussion Papers.
      • Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
    3. Lloyd Steier, 1998. "Confounding Market and Hierarchy in Venture Capital Governance: The Canadian Immigrant Investor Program," Journal of Management Studies, Wiley Blackwell, vol. 35(4), pages 511-535, 07.
    4. Sharma, Pramodita & Chrisman, James J. & Chua, Jess H., 2003. "Predictors of satisfaction with the succession process in family firms," Journal of Business Venturing, Elsevier, vol. 18(5), pages 667-687, September.
    5. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
    6. Miller, Danny & Steier, Lloyd & Le Breton-Miller, Isabelle, 2003. "Lost in time: intergenerational succession, change, and failure in family business," Journal of Business Venturing, Elsevier, vol. 18(4), pages 513-531, July.
    7. Randall Morck & Lloyd Steier, 2005. "The Global History of Corporate Governance: An Introduction," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 1-64 National Bureau of Economic Research, Inc.
    8. Steier, Lloyd, 2003. "Variants of agency contracts in family-financed ventures as a continuum of familial altruistic and market rationalities," Journal of Business Venturing, Elsevier, vol. 18(5), pages 597-618, September.
    9. Anderson, Ronald C. & Mansi, Sattar A. & Reeb, David M., 2003. "Founding family ownership and the agency cost of debt," Journal of Financial Economics, Elsevier, vol. 68(2), pages 263-285, May.
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