Abstract
Integrating upper echelons theory and socioemotional wealth (SEW) literature, this study examines how family CEOs’ political ideology influences their decisions on family firms' successor choices. Using donations records to measure CEO political ideology, we test our ideas on a sample of 157 family CEOs from S&P 1500 firms from 1991 to 2021. We show that a family CEO's political ideology regarding conservatism has a significant positive effect on the probability of choosing a family member as a successor. In addition, the SEW endowment (family control and management) mediates the positive relationship between CEO conservatism and intrafamily succession. By showing that CEO political ideology manifests in family business succession, we contribute to research on family business succession, CEO political ideology, SEW, and upper echelons theory.
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