Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/329771 
Year of Publication: 
2023
Citation: 
[Journal:] Journal of Business Research [ISSN:] 1873-7978 [Volume:] 167 [Article No.:] 114179 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2023 [Pages:] 1-15
Publisher: 
Elsevier, Amsterdam
Abstract: 
The benefits of pre-succession family firm experience have frequently been emphasized. However, empirical research on the impact of such experience on firm performance is dichotomy-driven and offers contradictory results. Further, there are also unresolved theoretical fault-lines. While psychology-inspired managerial decision-making literature highlights negative aspects of such experience, stewardship-inspired arguments highlight positive effects. In this study, we integrated arguments from both perspectives to investigate how pre-succession firm experience affects firm performance. Based on a sample of 405 German firms, our regression analyses show that although the main performance impact of pre-succession family firm experience is negative, this effect has important boundary conditions. In particular, our results show that this relationship takes an inverse u-shaped form for non-family successors. Further, our study reveals that the main negative relationship is stronger when the successors do not have academic education or if the innovation impetus of the firm and industry is high.
Subjects: 
CEO succession
Pre-succession firm experience
Performance
Family Firms
Stewardship
Managerial Decision-Making
JEL: 
M10
C33
D91
G32
F23
L22
J24
L21
O52
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version
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