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The resource coopetition effect in family business succession: Successor maturity and corporate risk-taking

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  • Zhu, Lei
  • Wu, Jiong
  • Xiao, Shanshan

Abstract

Intergenerational succession in family firms raises a basic question: when control passes to the next generation, do firms take more risk, and why? Using a panel of Chinese A-share listed family firms, we develop a composite index of successor maturity—capturing the successor's business capability and willingness to lead—and examine its association with corporate risk-taking. We find that firms led by more mature successors exhibit higher risk-taking. This relation operates through an external relational mechanism: successor maturity is linked to how the firm co-operates and competes with external stakeholders over resources; we proxy these dynamics using supplier and customer concentration. The effect is stronger when financing constraints are weaker and product-market competition is more intense. Overall, our findings suggest that post-succession risk-taking is shaped not only by the successor, but also by the family firm's position in the broader network of resource coopetition in which it is embedded.

Suggested Citation

  • Zhu, Lei & Wu, Jiong & Xiao, Shanshan, 2026. "The resource coopetition effect in family business succession: Successor maturity and corporate risk-taking," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
    • Handle: RePEc:eee:pacfin:v:96:y:2026:i:c:s0927538x25003890
    DOI: 10.1016/j.pacfin.2025.103052
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