Confucianism,successor choice,and firm performance in family firms: Evidence from China |
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| Affiliation: | 1. Wharton School, University of Pennsylvania, 2012 Steinberg-Dietrich Hall, Philadelphia, PA 19104, USA;2. China Europe International Business School (CEIBS), 699, Hongfeng Road, 201206 Shanghai, PR China;3. NYU Stern School of Business, 40 West 4th St., New York, NY 10012, USA;1. Cardiff Business School, Cardiff University, United Kingdom;2. European Corporate Governance Institute (ECGI), Belgium;3. College of Economics and Political Science, Sultan Qaboos University, Oman |
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| Abstract: | This study examines the nexus between Confucianism, the choice of the leadership successor, and firm performance in family firms in China. It provides original evidence that firm founders who are deeply influenced by Confucianism have a higher likelihood of choosing a family member or a guanxi-connected nonfamily member as the successor. Moreover, family/guanxi-connected successors have a positive effect on firm performance compared with their counterparts outside of the family/guanxi circle. One underlying reason is that, affected by Confucianism, only the family/guanxi-connected successors can acquire the founder's specialized assets via pre-succession internal managerial experience, which, in turn, enables them to outperform other successors. |
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| Keywords: | China |
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