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The role of heirs in family businesses: The case of Carvajal

Author

Listed:
  • González, Maximiliano

    (School of Management, Universidad de los Andes)

  • Trujillo, María Andréa

    (CESA)

  • Guzmán, Alexander

    (CESA)

Abstract

In this article we study why, contrary to international empirical evidence, CEO successions at Carvajal have been successful, although all the CEOs have belonged to the founding family. We develop a theoretical model which explains, given certain conditions, that the efforts of heirs can be similar to those of the founder and greater than outsiders’. We point out the importance of private knowledge, the non-monetary benefit of managing the firm, and the personal abilities, as determinants of the productivity achieved by family management.

Suggested Citation

  • González, Maximiliano & Trujillo, María Andréa & Guzmán, Alexander, 2009. "The role of heirs in family businesses: The case of Carvajal," Galeras. Working Papers Series 024, Universidad de Los Andes. Facultad de Administración. School of Management.
    • Handle: RePEc:uac:somwps:024
    as

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    File URL: https://repositorio.uniandes.edu.co/bitstream/handle/1992/46374/Galeras-de-administraci%C3%B3n-24.pdf
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    More about this item

    Keywords

    Family businesses; Successions; Heirs as managers;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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