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| Empirical Study on Impact of Private Companies’ Founder Characteristic and Completeness of Corporate Governance Mechanism on Professional Manager Succession |
| WU Lidong，DING Haojie，WANG Kai |
| 1. Nankai University, Tianjing，China；2.Collaborative Innovation Center for China Economy，Tianjing， China |
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Abstract It was noticed that the founder characteristic and the formalization of corporate governance mechanism of a private company played a pivotal role in its selection of leadership succession pattern. Based on the empirical study of Chinese listed private companies, we found that the founder characteristic of a private company negative relates with its decision to employ professional managers. Furthermore, we found that the formalization of corporate governance mechanism has up-regulated effects to negative correlation between founder characteristic and professional manager succession. A private company can significantly reduce the negative effects of founder characteristic upon professional manager succession by improving its formalization of corporate governance.
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Received: 29 October 2015
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2016, Vol. 13 
