Management innovations in family firms after CEO successions: Evidence from Japanese SMEs

Hirofumi Uchida, Kazuo Yamada and Alberto Zazzaro ()

Japan and the World Economy, 2023, vol. 66, issue C

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.

Keywords: Management innovation; Family firm; Succession; CEO origin; Family ownership (search for similar items in EconPapers)
JEL-codes: G21 G32 J12 L21 Z13 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:japwor:v:66:y:2023:i:c:s0922142523000154

DOI: 10.1016/j.japwor.2023.101189

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