Abstract
As a departure from previous literature that has focused on the consequences of family management, this study turns our attention to its antecedents. This study extends our understanding of when family members join boards of directors by focusing on the legitimating aspects of board membership. According to the findings, family members are appointed to boards of high-performing and high-reputation firms in an effort to build the legitimacy of family leadership. Furthermore, organizational efforts to legitimize leadership are focused on family members who are most in need of legitimacy: family members beyond the second generation. Evidence in support of these mechanisms is found using panel data of business group affiliated firms in South Korea.
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