Succession planning in family firms: family governance practices, board of directors, and emotions

Ine Umans (), Nadine Lybaert, Tensie Steijvers and Wim Voordeckers
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Ine Umans: Hasselt University
Nadine Lybaert: Hasselt University
Tensie Steijvers: Hasselt University

Small Business Economics, 2020, vol. 54, issue 1, No 10, 189-207

Abstract: Abstract This study builds on implementation intention theory to indicate that both business and family governance practices influence the succession planning process in family firms. In addition, this study draws on goal adjustment theory to explore whether the family CEO’s emotions, being his or her inability to let go of the family firm, hamper the governance decisions of the board of directors concerning that succession planning process. Applying a moderated mediation analysis on a sample of 225 family firms, results show that board involvement in the succession process mediates the positive relationship between the use of family governance practices and the level of succession planning. In addition, the family CEO’s inability to let go negatively moderates this mediating relationship which signifies that emotions influence governance outcomes in family firms.

Keywords: Family firms; Succession planning; Family governance practices; Board of directors; Emotions; C31; G30; M10; L26 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (9)

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DOI: 10.1007/s11187-018-0078-5

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