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| An Empirical Study on Second-Generation Succession Mode Based on the Perspective of Authority Transformation |
| ZOU Likai，LIANG Qiang，WANG Bo |
| 1.Sun Yat-sen University, Guangzhou, China; 2.Shantou University, Shantou, Guangdong, China |
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Abstract Based on the perspective of authority transformation, the succession mode is divided into gradual succession and radical succession, and the sample of listed Chinese family firms from 2004 to 2017 is used for empirical test. The study found that the spread of ownership authority, the prestige of family authority and the charisma authority of first-generation of business owners all contribute to the trend of gradual succession. In the ownership authority system, the more concentrated the proportion of family ownership, the more it is inclined to adopt gradual succession. In the family authority system, the higher the proportion of family executives and directors, the more it is likely that they are to adopt gradual succession. In the charming authority system, the political status and industry status of business owners also significantly increase the possibility of arranging the gradual succession of the second generation children. Further research found that different succession models lead to differences in corporate strategic orientation. Compared with the radical succession, the gradual succession of family business has a longer-term orientation.
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Received: 26 November 2018
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