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- W3204659966 abstract "We study how, at times of CEO transitions, the identity of the CEO successor shapes labor contracts within family firms. We propose an alternate view of how family management might underperform relative to external management in family firms. The idea developed in this paper is that, in contrast to external professionals, CEOs promoted from within the family not only inherit control of the firm but also inherit a set of implicit contracts that affects their ability to restructure the firm. Consistent with our dynastic commitment hypothesis, we find that family-promoted CEOs are associated with lower turnover of the workforce, lower wage renegotiation, and greater loyalty for the incumbent workforce." @default.
- W3204659966 created "2021-10-11" @default.
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- W3204659966 date "2009-01-01" @default.
- W3204659966 modified "2023-09-27" @default.
- W3204659966 title "The Power of Dynastic Commitment: Employment Policies in Family Firms" @default.
- W3204659966 doi "https://doi.org/10.2139/ssrn.1500473" @default.
- W3204659966 hasPublicationYear "2009" @default.
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