Successors’ Future Training in Family Farms: The Impact of Intrinsic and Extrinsic Factors

Abstract

This study examines the effects of different intrinsic and extrinsic-to-potential successors’ factors on the willingness of potential successors of family farms to continue training in the future. Building on socioemotional wealth (SEW) theory and a knowledge-based view, we consider the potential successors’ (yet students in agricultural schools) perspectives, and conceptually and empirically examine whether they believe intrinsic factors, namely, their own personal interest and willingness to create a new business, as well as extrinsic factors, namely, confidence in farm viability and the fact that they have been instituted as successors, influence their willingness to continue training in the future. Our unique data on 156 students enrolled in agricultural schools in Catalonia (Spain) reveal that while intrinsic factors increase potential successors’ tendency toward continuous training, extrinsic ones, contrary to our expectations, do not. These findings address an important practical issue in terms of family farm successors’ perceptions, offering contributions to agriculture, family business in general, and family firm succession literature in particular.