Integration of family-owned business succession with turnover and life cycle models: Development of a successor retention process model

Family-owned businesses face a unique obstacle: continuation of the business through intergenerational transfer. Most family-owned businesses cease when the next generation does not enter the business. This paper develops parallels between failed intergenerational transfer and voluntary turnover. Based on past research, we develop a taxonomy of characteristics hypothesized to influence intergenerational transfer in family-owned businesses. We, then, integrate these dimensions with prominent turnover and socialization theories to propose a successor retention process model. Implications for research are described.     

毛泽东的"农本思想"及其对中国社会的影响

毛泽东的“农本思想”是作者经过长期研究毛泽东思想而提出的一个新概念,它抛砖引玉,为广大理论工作者进一步研究毛泽东及毛泽东思想提供了一个新视角。毛泽东的“农本思想”虽然受到中国传统文化中“农本思想”的一定影响,但又大大有别于传统的“农本思想”,具有鲜明的革命特点和时代特征,对解决我国现实“三农问题”仍有重要的指导和借鉴意义。     

浙商企业家代际传承问题探析——以家族企业为例

形成健康良好的浙商企业家代际传承意义重大。目前,浙商家族企业在继任选拔、培养锻炼、社会促进、法律规范、自我提升等代际传承方面还存在继任选拔机制不健全、创业者轻视企业外部历练、政府和社会各界忽视对新生代企业家的培养和成长、法律规范不健全、企业家的自我提升能力不足等问题。浙商家族企业应加快完善继任选拔机制,重视继任者的企业外部历练,政府和社会应为其成长创造良好的外部环境,并健全相关法律法规,以促进其自我提升,从而形成良好的浙商新生代成长机制,提高全省的综合经济实力。     

Do banks really monitor? Evidence from CEO succession decisions

We demonstrate that banks play an important monitoring role in CEO succession that is not observed for other types of lenders, particularly public bondholders. There is a stronger relation between cash flow performance and forced CEO turnover for firms issuing bank debt during the year of CEO turnover than for firms not issuing bank debt, and bank debt issuance increases the likelihood of external CEO succession. The stock price reaction to CEO succession is higher when bank monitoring is prevalent. Our results are consistent with theories of relationship banking that propose a valuable monitoring role for well informed, incentivized bank lenders.     

Object-based,multi-sensor habitat mapping of successional age classes for effective management of a 70-year secondary forest succession

Multi-temporal change detection over decades including the pre-satellite era is challenging due to the different image types available over time, and this explains the scarcity of long-term studies of vegetation succession which can play a pivotal role in the restoration of biodiversity in regenerating forests. This study describes a semi-automated, object-based habitat classification method for change detection of tropical forest succession since 1945. The study uses a set of black and white aerial photographs and high-resolution satellite images which differ in quality and resolution, to investigate forest successional patterns and their implications for informed ecosystem and land rehabilitation management. For optimized habitat boundary delineation from black and white aerial photographs and panchromatic satellite images, three levels of hierarchical image object primitives were created. The minimum object sizes of 50 m², 500 m², and 1000 m² maximized inter-object and minimized intra-object variability according to the scale of habitat patches and imagery used. Object-Based Image Analysis (OBIA) provided additional Grey-Level Co-occurrence Matrix (GLCM) textural features of segmented objects which helped to incorporate knowledge-based rule-sets into the final habitat classification which was done manually. Results show accuracies for grassland greater than 94%, monoculture plantations were distinguished from natural forest with 95% accuracy, and isolated mature stands of natural forest achieved 75% accuracy. Consideration of multi-date images increased the accuracy of distinguishing between mixed plantations and natural forest as well as between shrubland and young secondary forest. The resulting maps of vegetation structure at five time periods from 1945 to present gave new insights into the ecological processes of secondary forest succession. These include the surprising rapid rate of natural forest regeneration, at an annual rate of 7.7% from 1945 to 2014, and an even faster rate of 11% during a period when hill fires were controlled. The last areas to succeed to forest are those which are still, or at some time have been under exotic mono-cultural plantations. This suggests that long term protection from hill fire would be a better option for assisting natural succession in the landscape than plantations, which are both costly, and act as barriers to natural succession. Overall, with more than 92% mapping accuracy, the method can be adapted for other multi-temporal, multi-sensor studies as it enables inclusion of spatial theories by dividing the satellite image into time-consistent geographic entities according to the scale of target objects and image resolution. The accurate maps of forest cover patches at different successional stages can also help in site specific management of the recovering forest, such as introduction of shrub seedlings to bridge bottlenecks in seed dispersal according to shrub density and dispersal distances for forest birds. Late successional tree species can also be introduced in areas where only early successional species are present after 50 years of succession.     

The Value of CEO Mobility: Contextual Factors That Shape the Impact of Prior CEO Experience on Market Performance and CEO Compensation

This study examines the value that prior CEO experience has for the companies that hire such CEOs—as reflected in the firms’ subsequent market‐based performance—as well as its value for the CEO that possesses this experience—as reflected in his or her initial compensation. While we suggest that shareholders tend not to benefit from firms hiring experienced CEOs, we also argue that particular firm and industry contextual factors that shaped the prior CEO experience help ameliorate this detrimental effect. Regardless, we also suggest that prior CEO experience generally stands to benefit the CEOs, in that it brings them a compensation premium over those CEOs without such prior experience. We tested our hypotheses on a sample of 654 US CEO succession events that occurred between 2001 and 2004 and found broad support for our hypotheses. We close with a discussion of the implications of our findings for future research as well as what they mean for firms hiring experienced CEOs and for CEO careers more generally. © 2015 Wiley Periodicals, Inc.     

Investor perceptions of CEO successor selection in the wake of integrity and competence failures: A policy capturing study

Research summary : Drawing on theory about signaling, sensemaking, and the romance of leadership, we extend inquiry on investors' perceptions of CEO succession following misconduct. Whereas past studies have treated misconduct monolithically, we examine failures of integrity and competence separately. Using a policy capturing methodology that isolates investors' decision making from potential confounds, we find that, following an integrity failure, investors perceive outside and interim successors positively but inside successors negatively. Following a competence failure, investors perceive outside successors positively but are ambivalent toward inside and interim successors. Our findings indicate that whether an act of misconduct was an integrity failure or a competence failure, and what type of successor the firm chooses, are important considerations when using CEO succession as a means to restore investor confidence. Managerial summary: Business headlines regularly feature episodes of organizational misconduct, such as product safety problems, environmental violations, employee mistreatment, and securities lawsuits, and their aftermath. In such scenarios, shareholders demand answers from the people at the top, even if those people were not directly responsible for the problem. As a result, companies often fire the CEO as a means to restore investor confidence. Does this work? It depends on the type of misconduct and who is the CEO's successor. Following a competence failure, investors welcome the appointment of an outsider, but they are indifferent to inside and interim successors. Following an integrity failure, shareholders greet outside and interim CEO successors favorably while frowning on the promotion of insiders. Copyright © 2015 John Wiley & Sons, Ltd.     

山东发达地区农业生产结构的演进

本文在对山东发达地区农业生产结构演进轨迹研究的基础上,依据产业结构基本原理,剖析了农业生产结构演进中存在的问题及其原因,提出了促进农业生产结构合理演进的对策。     

CEO duality,succession, capabilities and agency theory: commentary and research agenda

We offer a new explanation for the relationship between CEO duality and firm performance that accounts for managerial capabilities and succession planning. Our reinterpretation of findings by Worrell, Nemec and Davidson (1997) is consistent with the new explanation. We also make suggestions for future research. © 1998 John Wiley & Sons, Ltd.     

CEO duality,succession-planning and agency theory: research agenda

In response to Harris and Helfat's commentary on our article, ‘One hat too many: Key executive plurality and shareholder wealth,’ we suggest that their arguments are quite plausible, but we believe further empirical tests are needed. These proposed tests are described in our response. © 1998 John Wiley & Sons, Ltd.