Stakeholders and post-succession performance in French smes: the impact of capital structure,origin, and experience of the CEO[Partes interesadas y desempeño posucesión en las Pymes francesas : el impacto de la estructura del Capital, el origen y la experiencia del director General]

Based on a questionnaire administered to 180 SME managers, this article aims to see the link between stakeholders and the post-succession performance recorded by managers whose experiences and origins differ in a context where capital can be diluted or concentrated. The SEM-PLS approach was used, and the data processed with smartPLS3. Our results indicate that regardless of the origin of the succession, the capital structure and the manager's experience, the involvement of stakeholders in strategic decisions does not impact on post-succession performance. The new leaders seek to act independently to carry out the strategic orientations of the companies taken over. Our results also show that stakeholders who succeed in participating in operational decision-making processes lead to a drop in post-succession performance, when the new managers do not hold most of the capital or if they come from outside or again when they are not experienced. The latter would have to exploit relations with their stakeholders to strengthen their legitimacy.