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The Enigma of Family Successor Performance – A Methodological Reflection

Empirical studies examining firm performance following CEO succession in family firms frequently and consentaneously document inferior performance of family successors. This evidence is at odds with general theoretical literature that attests a positive effect of family influence inside the firm. To explore this enigma, this research disentangles the performance influence of the “family attribute” (i.e. the family affiliation of the CEO) from other, distinct CEO attributes (e.g. CEO-related human capital) of successors in family firms. Enhancing the empirical identification compared to prior empirical studies, we find that the “family attribute” is significantly positively related to abnormal post-succession performance. We contribute to theory by laying a foundation for a deeper understanding of the mechanisms behind the positive performance effect of the “family attribute” as well as for the selection effects at work that complicate its empirical identification, in particular when comparing family and n...