We examine management innovation of family and non-family firms after CEO successions by using data of small- and medium-sized enterprises (SMEs) in Japan. Consistent with predictions based on the resource-based view and agency theory, we find that family firms managed by non-family professional CEO successors are less innovative than those managed by family CEO successors or non-family firms. Further analyses indicate that limited access to family-based resources is a key determinant of the conservativeness of professional CEO successors. Our findings suggest the importance of the congruence of ownership and management in family firms due to CEOs’ access to family-based resources.
Management innovations in family firms after CEO successions: Evidence from Japanese SMEs / Uchida, Hirofumi; Yamada, Kazuo; Zazzaro, Alberto. - In: JAPAN AND THE WORLD ECONOMY. - ISSN 0922-1425. - 66:(2023). [10.1016/j.japwor.2023.101189]
Management innovations in family firms after CEO successions: Evidence from Japanese SMEs
Alberto Zazzaro
2023
Abstract
We examine management innovation of family and non-family firms after CEO successions by using data of small- and medium-sized enterprises (SMEs) in Japan. Consistent with predictions based on the resource-based view and agency theory, we find that family firms managed by non-family professional CEO successors are less innovative than those managed by family CEO successors or non-family firms. Further analyses indicate that limited access to family-based resources is a key determinant of the conservativeness of professional CEO successors. Our findings suggest the importance of the congruence of ownership and management in family firms due to CEOs’ access to family-based resources.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
