CEO Succession Mechanisms,Organizational Context,and Performance: A Socio‐Emotional Wealth Perspective on Family‐Controlled Firms

This article extends the literature on CEO succession and financial performance by addressing corporate owners' mixed motives and desires to protect their interest in being in business. We draw on a Socio‐Emotional Wealth (SEW) perspective to investigate how the choice of one of three succession mechanisms – relay succession, ‘horse races’ among internal CEO candidates, and hiring from outside – may effectively balance trade‐offs between corporate owners' non‐financial SEW motives and the firm's financial performance. We find that implementing one of these succession mechanisms reduces the negative impact that typically characterizes CEO transitions in family firms. We also show that family presence on the board of directors offsets the benefits of having selected these balancing succession mechanisms, in either placing too much emphasis on SEW, or creating negative dynamics that make the chosen succession mechanisms less effective.     

Four ways to choose a CEO: Crown heir,horse race,coup d'Etat,and comprehensive search

Most attempts to understand CEO succession fail to adequately differentiate the various ways by which CEOs are chosen. This article presents a conceptual framework that identifies four kinds of CEO succession processes, distinguished according to two key factors: political dynamics (who rules?) and the candidate search (are preferences known in advance?). Our main point is that the response of organizational stakeholders to CEO successions—(a) whether the process is perceived as fair, (b) whether the chosen successor is seen as good for an organization's future, and (c) the extent of disruption attending the leadership change—reflects how the politics and the search are managed. How internal and external stakeholders respond to a CEO succession can affect a new CEO's capacity for exercising effective leadership. Examples of each type (Apple, General Motors, Kodak, and Procter & Gamble) are offered and implications are drawn for researchers and for human resource executives. © 1995 by John Wiley & Sons, Inc.     

工程技术经济优化与注册师的执业责任

通过实例，对设计、施工、投资等进行优化，并利用连续带模式和现代科学技术手段，从中推测：在工程技术、经济、安全相互间存在相对应的函数关系，在确定与选择之间，存在一个最佳经济连续带模式。笔者最后强调其优化程度如何?必须把与注册师的执业，技术水平，道德修养，责任心以及在权利、义务、经济责任上要有机的结合起来，这样才能强化达到经济、节约投资之目的。     

Family business succession roadblock model based on fuzzy linguistic preference relations

This study investigates how to reduce future barriers to succession and other problems related to family governance by constructing a succession roadblock map. The study explores succession roadblocks in family businesses and provides a succession planning tool that is based on empirical data from 42 director members of the Taiwan Institute of Directors. An analytical hierarchy of family business succession and succession roadblocks are divided into three categories: family roadblocks, institutional roadblocks, and market roadblocks. Next, this study calculates the weights and rankings of the severity of such roadblocks and the likelihood of their occurrence. Specifically, this study constructs a succession roadblock matrix that categorizes succession roadblocks into four categories: the ownership dilution model, sell or withdraw model, ownership management model, and dispersive ownership model. This study also establishes a roadblock strategy matrix for successor positioning and proposes suggestions for practical strategic planning to overcome the challenges of succession roadblocks.     

CFO对CEO职位的继任形式与继任效果研究——基于国有企业样本的FSQCA构型检验

财务型CEO是近来企业选择CEO的新趋势,但目前鲜有研究这一类型高管在哪种形式下继任才能得到好的继任效果。聚焦2015—2018年A股国有上市公司CFO继任CEO的变更事件,使用FSQCA的模糊集定性比较分析法研究CFO对CEO的继任形式和继任效果。研究发现,有三种CFO的继任形式将产生良好的继任效果,即监督扩张式、合作继承式、替换预防式。有两种继任形式将产生糟糕的继任效果,即替换风险式、替换代理式。研究表明,CFO的财务职业经历要成为绩效优势,依赖于前任CEO留任交接安排与财务特征组合而成的继任形式,它们作为不同的路径为财务型CEO取得良好的继任效果提供了便利。     

领导自发传承的探索性研究

在对领导理论、领导自发传承机制进行回顾的基础上,运用深度访谈方法对领导自发传承的内容、原因、途径和影响因素进行了探索性研究。研究发现,下属管理人员对领导自发传承的主要内容为人员、任务、品德和士气;上级领导、组织文化和任务要求是自发传承的主要原因;下属管理人员通过观察、沟通和请教的方式学习上级领导者的方式;而下属管理人员的自身因素、上级领导者因素以及工作情境将影响领导自发传承。     

CEO Succession Origin and Firm Performance: A Multilevel Study

There has been much controversy concerning the relationship between outside CEO succession origin and firm performance. Some scholars take the organizational‐adaptation view to highlight the benefits of outside succession; yet others adopt the organizational‐disruption view to pose the selection of an outsider CEO as a disruptive and disadvantageous event for organizations. In this study, we develop an integrated multilevel framework that reconciles these opposing perspectives and examines the conditions under which the benefits of outside CEO succession outweigh the costs. Data from 109 CEO succession events in large international firms show that the performance advantages of outside succession materialize when the new CEO: (a) socio‐demographically resembles incumbent executives, (b) possesses a variety of experience, and (c) is hired by a well‐performing firm operating in a munificent industry. Overall, our research demonstrates that the performance implications of new CEO origin should not be considered in isolation, but in interaction with multilevel characteristics.     

STRATEGIC CONSEQUENCES OF EXECUTIVE SUCCESSION WITHIN DIVERSIFIED FIRMS

Systematic investigation of leaders and their influence on organizations has been a major area of research interest. In examining the upper echelon-organizational outcome linkage, researchers have come to focus on the issue of executive succession. This focus has been due in large part to an emerging theoretical perspective that managerial differences may explain much of the variance in organizational outcomes. The purpose of this study is to ascertain whether or not top management succession affects subsequent corporate strategy. This article extends previous research efforts by longitudinally examining the linkage between executive succession and the extent of corporate strategic change across a sample of Fortune 1000 diversified firms. The findings confirm that the nature of executive succession has substantial consequences for corporate strategy. Firms have a greater likelihood of experiencing significant changes in strategy when they choose successors from outside the organization; firms that select their key executives by promoting from within are more likely to experience significantly less change in their corporate strategy. The results of this longitudinal investigation of the strategic outcomes of succession have significant implications for those in a position to select successors to the executive ranks.     

Dilemmas in linking succession planning to individual executive learning

This paper examines the issue of linking the selection of top-level executives with the development of these people. It first describes three stages in an organization's development of a succession system which promotes the attainment of a firm's objectives: 1) oneposition staffing, 2) replacement planning, and 3) succession planning. Then we examine the other piece to be connected to succession planning: executive learning. It is argued that most planned executive development is aimed at task learning, not personal learning. Consistent with this condition, most executive education activities overstress classroomstyle receptive methods, while neglecting active learning. Reasons for this state of affairs are proposed. The paper concludes with recommendations for enhancing personal learning for executives and for better integrating this learning with the strategic succession planning of the organization. This sort of strategic approach to executive succession is seen as the “acid test” in a firm's strategic planning process.     

家族企业女性承继研究综述

随着女性地位的不断提高,性别与继承成为家族企业代际传承领域新的研究方向。以代际传承过程的三个阶段为纵向主线,对女性代际继承问题进行系统归纳与评述。在传承前准备阶段,对女性继承的机会与障碍研究较多,而对继承因素的性别差异性研究不足;传承中过渡阶段,研究主要集中于女性继承人与家族内外利益相关者的关系;而传承后二次创业阶段,研究多关注于角色冲突及女性继承与企业绩效的研究,对于女性继承人小家庭的涉入较少。继承要素的性别差异性及小家庭涉入应是未来颇具研究价值的课题。     

家族企业子女接班的制度化管理

作为我国家族企业代际传承首选形式的子女接班,由于我国家族企业深受"家文化"的影响,目前存在职业经理人队伍和市场不成熟,规模小、技术含量低的现状,家族企业尚未发展到两权分离的程度,故采用"子承父业"的接班模式具有一定的合理性。但是,我国家族企业子女接班未形成制度化,存在子女接班人选择的主观性和随意性、缺乏权力传承协调和移交机制等危害,最终导致信任危机和影响家族企业可持续发展等一系列的后果。因此,家族企业子女接班从子女接班人的甄选、培养、评估和考核、奖惩到最后获得继承权,需要运用人力资源管理的视角来分析,以此强化子女接班制度化管理思维。     

Sibling rivalry: implications for the family business succession process

This paper deals with sibling rivalry dynamics and their impact on the succession outcome within family enterprises. While sibling rivalry plays a critical role in the succession process, there is only limited literature that addresses this important subject. This theoretical study reveals valuable insights on this topic and contributes to the existing literature. Particular attention is placed on parental behavior and attitude during childhood, sibling characteristics and the perception of parental fairness by the successors, which we advocate are the principal factors conducive not only to the emergence of rivalry among heirs but also to influencing the effectiveness of the succession outcome.     

家族企业为何把女儿排除在继承人之外——文献综述

传承关系到家族企业的基业长青。当前中国民营企业已经进入第二代接班阶段,接班人的选择亟待解决。但是由于受到传统社会观念以及中国文化等的影响,家族企业中的女儿往往被排除在继承人之外,这样既不利于女儿的发展,也不利于家族企业的顺利传承。家族企业应从企业整体利益出发,摒弃刻板印象,解放思想,积极客观地评判女儿的能力和作出的贡献。     

基于土地生态演替的区域生态格局构建

城市生态建设应采取主动的生态修复与建设措施,积极打造适应区域生态循环和演替过程的生态格局,从而增强生态系统自身稳定性,提高其相应生态服务功能。根据对以往生态格局规划案例的总结发现,现有规划模式对土地的动态变化考虑不足,对主导土地自然演替规律的区域综合自然地理过程缺少分析,因而构建的生态格局体系可能存在着生态稳定性差、绩效成本高的问题。本文针对这一问题,以河南省汝州市王寨工业集聚区规划为例,通过推断土地的自然演替规律,结合土地利用现状数据,对区域的生态适宜性进行评价,以期在适应区域土地演替规律的基础上,构建区域生态格局。     

The impact of market and industry risk on family succession

This study investigates the succession decision of family firms in connection with the risk environment faced by the firm. Succession itself can rightly be considered a risk event due to managerial uncertainty. This uncertainty coupled with a high risk operating environment magnifies the critical importance of making a correct succession decision. In this paper, the primary focus is on how market and industry risk influence the selection of either a family member or a family external professional as the successor, and how this decision impacts post-succession firm performance. Our sample is comprised of 383 succession events in Taiwanese listed companies over a twenty-year period (1997–2016). Using industrial profitability risk and systematic risk as the risk measures, we find that firms operating in a high-risk environment tend to employ a non-family member as the successor which on average leads to superior post-succession performance compared to firms that choose a family member as the successor. This result particularly holds when the non-family successor is able to successfully reduce firm-level risk. Overall, our results demonstrate that the risk condition of a firm is an important determinant of the succession decision of family firms, and that a non-family successor is more competent in managing a high-risk operating environment.     

The use of coercive influence strategies by dominant suppliers

This paper examines a range of coercive strategies used by dominant suppliers in both gas and electricity utility markets serving the Netherlands. The conditions are explored under which specific influence strategies are utilized. A dyadic-based interview approach generated several new insights. Contrary to prevailing views in the literature, our study indicates that dominant suppliers are not concerned about the negative effects of coercive strategies. We observe that dominant suppliers use a succession of influence strategies, which they consider effective in achieving compliance and cooperation from buyers. Dominant suppliers only recognize compliance or non-compliance of buyers to the use of coercive influence strategies, whereas buyers emphasize that they also show partial and delayed compliance. Recommendations for buyers and suppliers and suggestions for further research are provided.     

地方政府执行房地产调控政策分析

近年来,我国政府针对房价过高问题,陆续出台了一系列调控政策,但是执行效果并不理想。从地方政府行为动机角度出发,运用博弈分析方法,认为调控政策的有效执行受到外部损失、房地产行业税收贡献率、相应调控政策执行成本及对房地产开发商超额利润的惩戒力度等四个因素制约。中央政府对地方政府的政绩考核应以经济为主要指标,以房价调控绩效为辅助指标,调动地方政府执行政策积极性。只有这样,才能从根本上解决房地产调控政策制定与执行不统一的问题,达到对房地产市场有效调控的目标。     

Experience Matters? The Impact of Prior CEO Experience on Firm Performance

We sample CEOs of the 2005 S&P 500 corporations to look at the relationship between experience in the CEO position of a different firm and the post‐succession financial performance of the firm that they currently lead. We find that experience in the CEO position is negatively related to firm performance. CEOs who directly move to their current CEO position from the previous one and those with job‐specific experience in the same or related industry or at the helm of a previous company similar in size to the current one are associated with significantly lower post‐succession performance than those without prior CEO experience. The results contribute to the literatures on CEO succession, the performance effect of job‐specific experience, and the transferability of human capital. © 2014 Wiley Periodicals, Inc.     

“举亲”还是“求贤”——家族企业继任者来源的思考

家族企业代际传承是一个复杂的过程,其继任者的选择对企业发展至关重要。论文从继任者来源的角度对家族企业代际传承进行研究,将家族企业继任者来源划分为三种类型,并对这三种类型的利弊进行梳理,以期为家族企业代际传承的理论研究与管理实践提供借鉴和参考。