Inside the family firm: The role of families in succession decisions and performance.
Inside the family firm: The role of families in succession decisions and performance.
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DOI：
10.1162/qjec.122.2.647
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发表时间：
2007-05-01
影响因子：
13.7
通讯作者：
Wolfenzon, Daniel
中科院分区：
文献类型：
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作者：
Bennedsen, Morten;Nielsen, Kasper Meisner;Wolfenzon, Daniel
本文使用来自丹麦的独特数据集来研究家族特征在企业决策中的影响以及这些决策对企业绩效的影响。我们关注的是任命家族或外部首席执行官的决定。这篇论文使用了CEO继任决策的差异，这种差异是由离任CEO的长子的性别造成的。这是一个貌似合理的工具变量（IV），因为男性第一子女企业比女性第一子女企业更有可能将控制权传递给家族CEO，但第一子女的性别不太可能影响企业的结果。我们发现，家族继任对公司绩效有很大的负向因果影响：在CEO换届期间，公司资产的运营盈利能力至少下降了4个百分点。我们的IV估计值明显大于使用普通最小二乘法得到的估计值。此外，我们还发现，在快速增长的行业、拥有高技能劳动力的行业和相对较大的企业中，家族ceo表现不佳的现象尤为严重。总体而言，我们的实证结果表明，专业的非家族ceo为他们领导的组织提供了极有价值的服务。
This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of these decisions on firm performance. We focus on the decision to appoint either a family or external chief executive officer (CEO). The paper uses variation in CEO succession decisions that result from the gender of a departing CEO's firstborn child. This is a plausible instrumental variable (IV), as male first-child firms are more likely to pass on control to a family CEO than are female first-child firms, but the gender of the first child is unlikely to affect firms' outcomes. We find that family successions have a large negative causal impact on firm performance: operating profitability on assets falls by at least four percentage points around CEO transitions. Our IV estimates are significantly larger than those obtained using ordinary least squares. Furthermore, we show that family-CEO underperformance is particularly large in fast-growing industries, industries with highly skilled labor force, and relatively large firms. Overall, our empirical results demonstrate that professional, nonfamily CEOs provide extremely valuable services to the organizations they head.