English, Article edition: Firm Performance and Managerial Succession in Family Managed Firms David Hillier; Patrick McColgan

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Bookmark: http://trove.nla.gov.au/version/108612
Physical Description
  • article
Language
  • English

Edition details

Title
  • Firm Performance and Managerial Succession in Family Managed Firms
Author
  • David Hillier
  • Patrick McColgan
Physical Description
  • article
Notes
  • This paper investigates whether the family status of a company's top officer affects managerial replacement decisions. We report evidence that family-managed companies are characterized by higher levels of board control and potentially weak internal governance systems. Family CEOs are less likely than non-family CEOs to depart their position following poor performance. Stock prices react favorably and operating performance improves when companies announce the departure of a family CEO. Overall, our evidence suggests that shareholders benefit when a powerful CEO leaves their position in the company. Copyright (c) 2009 The Authors Journal compilation (c) 2009 Blackwell Publishing Ltd.
  • RePEc:bla:jbfnac:v:36:y:2009-04:i:3-4:p:461-484
Language
  • English
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