Strathprints Home | Open Access | Browse | Search | User area | Copyright | Help | Library Home | SUPrimo

Firm performance and managerial succession in family managed firms

Hillier, D.J. and McColgan, P. (2009) Firm performance and managerial succession in family managed firms. Journal of Business Finance and Accounting, 36 (3-4). pp. 461-484. ISSN 0306-686X

Full text not available in this repository. (Request a copy from the Strathclyde author)

Abstract

This paper investigates whether the family status of a company's top officer affects managerial replacement decisions. We report evidence that family-managed companies are characterized by higher levels of board control and potentially weak internal governance systems. Family CEOs are less likely than non-family CEOs to depart their position following poor performance. Stock prices react favorably and operating performance improves when companies announce the departure of a family CEO. Overall, our evidence suggests that shareholders benefit when a powerful CEO leaves their position in the company.

Item type: Article
ID code: 15133
Keywords: CEO turnover, corporate restructuring, family managed firms, firm performance, Finance, Finance, Business, Management and Accounting (miscellaneous), Accounting
Subjects: Social Sciences > Finance
Department: Strathclyde Business School > Accounting and Finance
Related URLs:
Depositing user: Miss Donna McDougall
Date Deposited: 22 Jan 2010 15:59
Last modified: 04 Sep 2014 23:47
URI: http://strathprints.strath.ac.uk/id/eprint/15133

Actions (login required)

View Item