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De økonomiske konsekvenser af familiegenerationsskiftet i danske virksomheder

Author

Listed:
  • Bennedsen, Morten

    (André and Rosalie Hoffman, Chair in Family Business Management, INSEAD)

  • Nielsen, Kasper Meisner

    (Hong Kong University of Science and Technology)

Abstract

In this article we analyze succession and exit in Danish family firms from 1995-2003. Focusing on managerial succession we identify 6219 changes in CEO position. Using difference-in-differences estimates and instrumental variables we find the cost of family succession in the CEO position to be around 70.000 DKK per 1 million DKK in assets. The cost of succession is even higher in firms where active leadership is more valuable and for incoming CEOs with lower measurable management skills.

Suggested Citation

  • Bennedsen, Morten & Nielsen, Kasper Meisner, 2010. "De økonomiske konsekvenser af familiegenerationsskiftet i danske virksomheder," Nationaløkonomisk tidsskrift, Nationaløkonomisk Forening, vol. 2010(1), pages 108-122.
    • Handle: RePEc:hhs:jdaecn:0063
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    More about this item

    Keywords

    Cost of succession; family firms;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General

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