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Issues in Career Choices of Successors in Family Businesses: Perspective from Literature Review

Author

Listed:
  • Rajiv Agarwal

    (S.P. Jain Institute of Management and Research, India)

  • Arya Kumar

    (Birla Institute of Technology and Science, India)

  • Keith D'Souza

    (S.P. Jain Institute of Management and Research, India)

Abstract

Successors play a critical role in the future of family businesses, to either grow, maintain or sometimes even wind them up. Succession depends upon multiple factors including intent of the successor and the reasons for the successor to join the family business. This paper attempts to undertake a detailed literature review on succession in family managed businesses. The rationale for joining family businesses is examined around succession as a process, analysis at multiple unit levels, the role of the founders and other members, the phases of succession, geographic, economic and demographic factors. The objective is to identify the issues in career choices and the gaps that exist in research particularly with reference to Indian economy.

Suggested Citation

  • Rajiv Agarwal & Arya Kumar & Keith D'Souza, 2016. "Issues in Career Choices of Successors in Family Businesses: Perspective from Literature Review," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(1), pages 1-19, February.
  • Handle: RePEc:ods:journl:v:5:y:2016:i:1:p:1-19
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    File URL: http://www.jami.org.ua/Papers/JAMI_5_1_1-19.pdf
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    References listed on IDEAS

    as
    1. Carr, Jon C. & Sequeira, Jennifer M., 2007. "Prior family business exposure as intergenerational influence and entrepreneurial intent: A Theory of Planned Behavior approach," Journal of Business Research, Elsevier, vol. 60(10), pages 1090-1098, October.
    2. Zellweger, Thomas & Sieger, Philipp & Halter, Frank, 2011. "Should I stay or should I go? Career choice intentions of students with family business background," Journal of Business Venturing, Elsevier, vol. 26(5), pages 521-536, September.
    3. Haveman, Heather A. & Khaire, Mukti V., 2004. "Survival beyond succession? The contingent impact of founder succession on organizational failure," Journal of Business Venturing, Elsevier, vol. 19(3), pages 437-463, May.
    4. Natalia M. Korsikova & Ivan D. Arbuzov, 2012. "Corporate culture as a factor in business success," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 1(2), pages 212-216.
    5. 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.
    6. Bjuggren, Per-Olof & Sund, Lars-Goran, 2002. "A Transaction Cost Rationale for Transition of the Firm within the Family," Small Business Economics, Springer, vol. 19(2), pages 123-133, September.
    7. Rajiv Agarwal & Arya Kumar & Keith D'Souza, 2015. "A Study of the Factors Influencing Successors’ Choices in Indian Family-Managed Businesses," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(3), pages 128-136.
    8. Wennberg, Karl & Wiklund, Johan & Hellerstedt, Karin & Nordqvist, Mattias, 2011. "Implications of Intra-Family and External Ownership Transfer Of Family Firms: Short Term and Long Term Performance," Ratio Working Papers 172, The Ratio Institute.
    9. Denise Diwisch & Peter Voithofer & Christoph Weiss, 2009. "Succession and firm growth: results from a non-parametric matching approach," Small Business Economics, Springer, vol. 32(1), pages 45-56, January.
    10. Mattias Nordqvist & Karl Wennberg & Massimo Bau’ & Karin Hellerstedt, 2013. "An entrepreneurial process perspective on succession in family firms," Small Business Economics, Springer, vol. 40(4), pages 1087-1122, May.
    11. Elisabete F. Simoes Vieira, 2012. "Corporate Investment Policy In The Context Of Family Firms," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 1(4), pages 450-458.
    12. M. Scholes & Mike Wright & Paul Westhead & Andrew Burrows & Hans Bruining, 2007. "Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms," Small Business Economics, Springer, vol. 29(3), pages 329-349, October.
    13. 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.
    14. Wright, Mike & Thompson, Steve & Robbie, Ken, 1992. "Venture capital and management-led, leveraged buy-outs: A European perspective," Journal of Business Venturing, Elsevier, vol. 7(1), pages 47-71, January.
    15. Beata Stępień & Monika Sulimowska-Formowicz, 2015. "Do Relational Capabilities Equally Matter in Successful Cooperation? – Empirical Evidence from Polish Enterprises," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(4), pages 252-259, November.
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    Keywords

    family firm; succession; career; ownership; incumbent;

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