Abstract
In this study, the relationship between CEO temporal focus and family business succession planning is examined and the moderating effects of family interactions and environmental uncertainty are assessed. Based on data from 198 CEOs of family businesses and additional data from 15 semi-structured interviews in China, we find that CEO temporal focus (i.e., past, present, or future focus) is positively associated with succession planning. In addition, family interactions strengthen the relationship between CEO past focus and succession planning and weaken the relationship between CEO future focus and succession planning. Moreover, in uncertain environments, past-focused CEOs are more likely to plan for succession than present-focused CEOs. The theoretical contributions and practical implications of the study are also discussed.
Highlights
In this study, the relationship between CEO temporal focus and family business succession planning is examined and the moderating effects of family interactions and environmental uncertainty are assessed
Regarding the interaction between CEO temporal focus and family interactions, we propose that family interactions positively moderate the relationship between CEO past focus and succession planning (Hypothesis 2a), negatively moderate the relationship between CEO present focus and succession planning (Hypothesis 2b), and negatively moderate the relationship between
By integrating upper echelon theory and time perspective theory, we propose and empirically test the relationship between CEO temporal focus and succession planning
Summary
The relationship between CEO temporal focus and family business succession planning is examined and the moderating effects of family interactions and environmental uncertainty are assessed. We consider upper echelon theory (Hambrick, 2007; Hambrick & Mason, 1984) and time perspective theory (Lewin, 1942; Zimbardo & Boyd, 1999) in this study and examine the effect of CEO temporality on family firm succession planning. The effect of CEOs’ attitudes toward time on succession planning are examined through the concept of temporal focus, which refers to individual temporal differences that determine the extent to which people mainly focus on the past, present, or future (Bluedorn, 2002; Shipp, Edwards, & Lambert, 2009)
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