This paper investigates the effect of CEO succession on the performance of family firms characterized by collegial leadership and the moderating role of the Family CEO, of the board of directors and by the size of the firm. The empirical analysis, carried out on a sample of Italian family firms for the years 2012-2016, shows a positive effect of suc-cession on the performance of family businesses with shared leadership. Moreover, this relationship is negatively moderated by the composition of the co-leadership structure, the characteristics of the board of directors and the size of the firm.
Questo paper studia l’effetto delle successioni sulle performance delle imprese fa-miliari caratterizzate da leadership collegiale e il ruolo di moderazione svolto dalla presenza del CEO familiare, dal consiglio di amministrazione e dalla dimensione dell’impresa. L’analisi empirica, svolta su un campione di imprese familiari italiane per gli anni 2012-2016, mostra un effetto positivo delle successioni sulle perfor-mance delle imprese familiari caratterizzate da leadership collegiale. Tuttavia, que-sta relazione è negativamente moderata dalla composizione della struttura della lea-dership collegiale, dalle caratteristiche del consiglio di amministrazione e dalla di-mensione dell’impresa.
CEO Succession and Shared Leadership: Which factors shape firm performance? / Quarato, Fabio; Cambrea, Domenico Rocco; Laviola, Francesco. - In: CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES. - ISSN 2704-8462. - (2023), pp. 103-130.
CEO Succession and Shared Leadership: Which factors shape firm performance?
Cambrea, Domenico Rocco
;
2023
Abstract
This paper investigates the effect of CEO succession on the performance of family firms characterized by collegial leadership and the moderating role of the Family CEO, of the board of directors and by the size of the firm. The empirical analysis, carried out on a sample of Italian family firms for the years 2012-2016, shows a positive effect of suc-cession on the performance of family businesses with shared leadership. Moreover, this relationship is negatively moderated by the composition of the co-leadership structure, the characteristics of the board of directors and the size of the firm.
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