| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12356 |
| 来源ID | Working Paper 12356 |
| Inside the Family Firm: The Role of Families in Succession Decisions and Performance | |
| Morten Bennedsen; Kasper M. Nielsen; Francisco Pérez-González; Daniel Wolfenzon | |
| 发表日期 | 2006-07-17 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of these decisions on firm performance. We focus on the decision to appoint either a family or external chief executive officer (CEO). The paper uses variation in CEO succession decisions that result from the gender of a departing CEO%u2019s firstborn child. This is a plausible instrumental variable (IV), as male first-child firms are more likely to pass on control to a family CEO than are female first-child firms, but the gender of the first child is unlikely to affect firms%u2019 outcomes. We find that family successions have a large negative causal impact on firm performance: operating profitability on assets falls by at least four percentage points around CEO transitions. Our IV estimates are significantly larger than those obtained using ordinary least squares. Furthermore, we show that family-CEO underperformance is particularly large in fast-growing industries, industries with highly skilled labor force and relatively large firms. Overall, our empirical results demonstrate that professional, non-family CEOs provide extremely valuable services to the organizations they head. |
| 主题 | Financial Economics ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w12356 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570013 |
| 推荐引用方式 GB/T 7714 | Morten Bennedsen,Kasper M. Nielsen,Francisco Pérez-González,et al. Inside the Family Firm: The Role of Families in Succession Decisions and Performance. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12356.pdf（306KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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