Family‐Owned Business Succession: The Influence of Pre‐performance in the Nomination of Family and Nonfamily Members: Evidence from Spanish Firms

Eduardo Bocatto, Carles Gispert and Josep Rialp

Journal of Small Business Management, 2010, vol. 48, issue 4, 497-523

Abstract: Although family‐owned business succession has been widely researched, very few studies investigate the relationship between preperformance and succession. Drawing on the agency and the resource‐based view theories, we investigate how previous firm performance may influence the nomination of a family or a nonfamily member to top senior positions. We argue that positive firm performance will lead to the nomination of a family member, while negative firm performance leads to nonfamily nominations. Using a stepwise logistic regression with a bootstrap procedure on a sample of nonfinancial firm listed in the Spanish Stock Exchange, the results indicate that performance prior to succession does not affect these nominations, while directive experience does.

Date: 2010
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DOI: 10.1111/j.1540-627X.2010.00306.x

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