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CEO succession in family firms: Stewardship perspective in the pre-succession context

机译:家族企业的首席执行官继任:继任前背景下的管理视角

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摘要

CEO succession is a key theoretical and empirical issue in the fields of organizations and strategic management. Previous studies investigating the influences and effects of CEO succession mostly focus on post-succession contexts. This study focuses on the pre-succession context and offers a comprehensive theoretical framework based on agency theory and stewardship theory. Specifically, this study empirically tests the influence of several pre-succession factors on the founding CEO's decision to either sell the family firm or hire a professional manager as a successor. The results show that executive compensation schemes and industry dynamism separately influence the degree of stewardship through perceived pay premium and industrial growth potential. The findings help explain CEO succession decision-making in family firms, and provide empirical evidence for the incentive mechanisms between executive compensation schemes, industry dynamism, and professional managers' stewardship behaviors. This study broadens agency theory, stewardship theory, and upper echelons theory's explanation of CEO succession decision-making in family firms. (C) 2016 Elsevier Inc. All rights reserved.
机译:CEO继任是组织和战略管理领域的重要理论和经验问题。以往有关CEO继任的影响和影响的研究大多集中在继任后的背景下。本研究着重于成功前的背景,并提供了基于代理理论和管理理论的综合理论框架。具体而言,本研究从经验上检验了几个成功的成功因素对公司创始人决定出售家族企业或聘用专业经理人作为继任者的影响。结果表明,高管薪酬计划和行业活力通过感知的薪酬溢价和行业增长潜力分别影响管理水平。这些发现有助于解释家族企业首席执行官继任决策,并为高管薪酬计划,行业动力和职业经理人的管理行为之间的激励机制提供经验证据。这项研究拓宽了代理理论,管理理论和高级梯队理论对家族企业CEO继任决策的解释。 (C)2016 Elsevier Inc.保留所有权利。

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