Successor selection in family business—A signaling game

Schell, Sabrina; Groote, Julia Katharina de; Moog, Petra; Hack, Andreas

doi:10.1016/j.jfbs.2019.04.005

Cited by 33 publications

(22 citation statements)

References 83 publications

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Section: Literaturementioning

confidence: 99%

“…At the same time, they may exert a positive influence on the child's career process by being supportive and offering emotional, social and/or financial assistance (Duffy and Dik, 2009). When choosing a successor to take over the family business, they tend to evaluate aspects beyond the traditional focus on education, training and experience, by valuing commitment to the business, emotional attachment and fit with the business needs (Schell et al, 2020). Family firms tend to be less concerned with profit maximization and instead stress the significance of family and social agendas within the organization (Westhead and Howorth, 2007), and family-centered, non-economic goals are often important (Chrisman et al, 2012;Ma et al, 2019).…”

Section: Literaturementioning

confidence: 99%

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Torn between individual aspirations and the family legacy – individual career development in family firms

Achtenhagen

Haag

Hultén

et al. 2022

CDI

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PurposeThe purpose of this paper is to explore individual career management by family members in the context of their family firms.Design/methodology/approachThe interpretative interview study of family members active in family businesses explores how this context affects the choice, planning, goals and development of family members' careers in their family business.FindingsThe authors find that career management in the family business setting focuses on fulfilling the family business goals rather than the personal goals of family members. Career management is rather reactive and less self-directed than current literature on career development recommends. Based on the results, the authors develop a process model for individual career management in the family business context.Originality/valueLittle is known about individual career management of family members in a family business context, as research on careers in family firms has so far focused mainly on transgenerational succession. The authors explore how in family firms, the trend towards self-directed, individual career planning is in tension with a commitment to the family business and its legacy.

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Section: Literaturementioning

confidence: 99%

Section: Literaturementioning

confidence: 99%

Torn between individual aspirations and the family legacy – individual career development in family firms

Achtenhagen

Haag

Hultén

et al. 2022

CDI

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“…CSR is also a relevant signal because an increasing number of outside investors are bound to investments in firms that care about socially and ecologically sustainable standards (Renneboog et al, 2008). Second, CSR activities are costly, at least in the short term, given the amount of human and financial resources required to conduct such activities (Certo, 2003;Schell et al, 2019).…”

Section: Csr As An Important Signalmentioning

confidence: 99%

Investors’ Reactions to CSR News in Family Versus Nonfamily Firms: A Study on Signal (In)credibility

Sekerci

Jaballah

Essen

et al. 2021

Entrepreneurship Theory and Practice

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We study family firm status as an important condition in signaling theory; specifically, we propose that the market reacts more positively to positive, and more negatively to negative, CSR news (i.e., signals) from family firms than to similar news from nonfamily firms. Moreover, we propose that during recessions, the direction of these relationships reverses. Based on an event study of 1247 positive and negative changes in the CSR ratings for all firms listed on the French SFB120 stock market index (2003-2013), we find support for our hypotheses. Moreover, a post hoc analysis reveals that the relationships are contingent on whether a family CEO leads the firm.

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“…Thus, further research should focus more on the effects. Although, for example, the study by Schell et al (2019) shows that a signaling process takes place during the succession process that reduces information asymmetries with regard to the selection of successors, further possibilities for dealing with information asymmetries, as well as the consequences thereof, remain unexplored to date. It might be helpful for research and practice to investigate these underlying effects.…”

Section: Limitations Future Research and Conclusionmentioning

confidence: 99%

Information asymmetries in intrafamily business succession

Wolff

Schell

Moog

2020

BRQ Business Research Quarterly

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The often long-lasting process of intrafamily business succession involves contracts for management and ownership transfer that unfold in a complex series of stages. The older and larger a family business, the more heterogeneous the involved family members’ interactions and interests can become. These differences become obvious in the succession process. Also, in entrepreneurial families, information is not easy to obtain and is neither perfect nor unlimited, for example, with regard to expectations regarding the duration or the type of business succession. Information asymmetries can arise. This article investigates the drivers of information asymmetries and provides insight into the current research by investigating information asymmetries and their impact during different phases of intrafamily business succession. Data from 215 German firms reveal the occurrence of specific information asymmetries during different phases of intrafamily business succession. JEL CLASSIFICATION M1; M59; D82; L2

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Successor selection in family business—A signaling game

Cited by 33 publications

References 83 publications

Torn between individual aspirations and the family legacy – individual career development in family firms

Torn between individual aspirations and the family legacy – individual career development in family firms

Investors’ Reactions to CSR News in Family Versus Nonfamily Firms: A Study on Signal (In)credibility

Information asymmetries in intrafamily business succession

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