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Family Business Succession: Appropriation Risk and Choice of Successor
Abstract
Using a game theoretic approach and integrating research on managerial succession, family businesses, and transaction cost economics, we examine how the degree of idiosyncrasy of a family business and the ability of the family's offspring affect succession. Contrary to the popular belief that successors to family businesses are often offspring because of nepotism, we propose an economic rationale that this is due to the appropriation risk and the agency paradox that family businesses encounter in engaging agents.
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Citations
Cited by
Stewart, A., & Hitt, M. A. (2012) · Family Business Review · doi:10.1177/0894486511421665 · Cited by 593
The Adolescence of Family Firm Research: Taking Stock and Planning for the Future
Gedajlovic, E., Carney, M., Chrisman, J. J., & Kellermanns, F. W. (2012) · Journal of Management · doi:10.1177/0149206311429990 · Cited by 437
Nothing succeeds like succession: A critical review of leader succession literature since 1994
Giambatista, R. C., Rowe, W. G., & Riaz, S. (2005) · The Leadership Quarterly · doi:10.1016/j.leaqua.2005.09.005 · Cited by 314
The Determinants of Corporate Entrepreneurial Intention within Small and Newly Established Firms
Fini, R., Grimaldi, R., Marzocchi, G. L., & Sobrero, M. (2012) · Entrepreneurship Theory and Practice · doi:10.1111/j.1540-6520.2010.00411.x · Cited by 310
Chrisman, J. J., Memili, E., & Misra, K. (2014) · Entrepreneurship Theory and Practice · doi:10.1111/etap.12014 · Cited by 292
Metadata
- Authors
- Lee, K. S., Lim, G. H., & Lim, W. S.
- Venue
- The Academy of Management Review
- Publisher
- Academy of Management
- Published
- 2003-10-01
- Volume
- 28
- Issue
- 4
- Pages
- 657
- ISSN
- 0363-7425 (ISSN-L)
- OpenAlex
- W2014060450
- Cited by
- 390
- References
- 0
- FWCI
- 8.42
- Type
- journal article
- Language
- en
- Open access
- closed
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- Lee, K. S., Lim, G. H., & Lim, W. S. (2003). Family Business Succession: Appropriation Risk and Choice of Successor. The Academy of Management Review. https://doi.org/10.2307/30040754
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
