Abstract
The literature of CEO succession in family firms has long been accumulating but the findings are still inconclusive. Some question the performance implication of CEO origin while others suggest the importance of the contextual approach to the post-succession performance effects. Drawing from the agency and socioemotional wealth perspectives on the micro-foundation of firm strategy, this study aims to revisit the family successor effect on the post-succession exploratory ventures, and how this relationship is conditioned by individual-, board-, and organizational-level factors. In a sample of 487 CEO succession of Taiwan family firms in traditional industries over the period of 2001~2013, the empirical results show that family CEOs are more exploratory-oriented than non-family CEOs. However, relay succession or family involvement in board negatively moderates family CEO effect on a focal firm’s pursuit of exploratory ventures. Also, the post-succession exploratory strategy is more significant among firms of larger size. This study contributes to the family business literature by clarifying the mixed findings with greater attention to the behavioral side of successions.
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