CEO Succession and Patenting in Family Firms

Published Online:https://doi.org/10.1287/stsc.2023.0122

References

  • Acemoglu D, Akcigit U, Celik MA (2022) Radical and incremental innovation: The roles of firms, managers, and innovators. Amer. Econom. J. Macroeconom. 14(3):199–249.CrossrefGoogle Scholar
  • Acemoglu D, He A, Le Maire D (2023) Eclipse of rent-sharing: The effects of managers’ business education on wages and the labor share in the US and Denmark. NBER Working Paper No. 29874, National Bureau of Economic Research, Cambridge, MA.Google Scholar
  • Acharya V, Baghai R, Subramanian K (2013) Labor laws and innovation. J. Law Econom. 56(4):997–1037.CrossrefGoogle Scholar
  • Alesina A, Giuliano P (2014) Family ties. Aghion P, Durlauf SN, eds. Handbook of Economic Growth, vol. 2 (Elsevier, Dordrecht, Netherlands), 177–215.Google Scholar
  • Aminadav G, Papaioannou E (2020) Corporate control around the world. J. Finance 75(3):1191–1246.CrossrefGoogle Scholar
  • Amore MD, Garofalo O, Minichilli A (2014) Gender interactions within the family firm. Management Sci. 60(5):1083–1097.LinkGoogle Scholar
  • Amore MD, Minichilli A, Corbetta G (2011) How do managerial successions shape corporate financial policies in family firms? J. Corporate Finance 17(4):1016–1027.CrossrefGoogle Scholar
  • Amore MD, Bennedsen M, Larsen B, Rosenbaum P (2019) CEO education and corporate environmental footprint. J. Environ. Econom. Management 94(March):254–273.CrossrefGoogle Scholar
  • Amore MD, Bennedsen M, Le Breton-Miller I, Miller D (2021) Back to the future: The effect of returning-family successions on firm performance. Strategic Management J. 42(8):1432–1458.CrossrefGoogle Scholar
  • Anderson RC, Reeb DM (2003a) Founding family ownership and firm performance: Evidence from S&P 500. J. Finance 58(3):1301–1328.CrossrefGoogle Scholar
  • Anderson RC, Reeb DM (2003b) Founding-family ownership, corporate diversification, and firm leverage. J. Law Econom. 46(2):653–684.CrossrefGoogle Scholar
  • Anderson RC, Duru A, Reeb DM (2012) Investment policy in family-controlled firms. J. Banking Finance 36(6):1744–1758.CrossrefGoogle Scholar
  • Ardito L, Petruzzelli M, Albino V (2015) From technological inventions to new products: A systematic review and research agenda of the main enabling factors. Eur. Management Rev. 12:113–147.Google Scholar
  • Ardito L, Miroshnychenko I, Petruzzelli AM, De Massis A (2025) Family CEO and radical innovation: A stewardship perspective. Res. Policy 54(1):105144.CrossrefGoogle Scholar
  • Artz KW, Norman PM, Hatfield DE, Cardinal LB (2010) A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. J. Product Innovation Management 27(5):725–740.CrossrefGoogle Scholar
  • Bach L, Serrano-Velarde N (2015) CEO identity and labor contracts: Evidence from CEO transitions. J. Corporate Finance 33(August):227–242.CrossrefGoogle Scholar
  • Bandiera O, Barankay I, Rasul I (2008) Social capital in the workplace: Evidence on its formation and consequences. Labour Econom. 15:724–748.Google Scholar
  • Bandiera O, Lemos R, Prat A, Sadun R (2018) Managing the family firm: Evidence from CEOs at work. Rev. Financial Stud. 31(5):1605–1653.CrossrefGoogle Scholar
  • Barker VL III, Mueller GC (2002) CEO characteristics and firm R&D spending. Management Sci. 48(6):782–801.LinkGoogle Scholar
  • Beatty RP, Zajac EJ (1987) CEO change and firm performance in large corporations: Succession effects and manager effects. Strategic Management J. 8(4):305–317.CrossrefGoogle Scholar
  • Bennedsen M, Foss N (2015) Family assets and liabilities in the innovation process. California Management Rev. 58(1):65–81.CrossrefGoogle Scholar
  • Bennedsen M, Pérez-Gonzalez F, Wolfenzon D (2020) Do CEOs matter? Evidence from hospitalization events. J. Finance 75(August):1877–1911.CrossrefGoogle Scholar
  • Bennedsen M, Tsoutsoura M, Wolfenzon D (2022) The talent gap in family firms. Working paper, Department of Economics, Copenhagen University, Copenhagen.Google Scholar
  • Bennedsen M, Nielsen KM, Perez-Gonzalez F, Wolfenzon D (2007) Inside the family firm: The role of families in succession decisions and performance. Quart. J. Econom. 122(2):647–691.CrossrefGoogle Scholar
  • Bertrand M, Schoar A (2003) Managing with style: The effect of managers on firm policies. Quart. J. Econom. 118(4):1169–1208.CrossrefGoogle Scholar
  • Bertrand M, Schoar A (2006) The role of family in family firms. J. Econom. Perspect. 20(2):73–96.CrossrefGoogle Scholar
  • Bettinazzi EL, Amore MD, Reuer JJ (2024) Family ownership and alliance intensity. J. Management Stud. 61(7):3052–3080.Google Scholar
  • Bettis RA, Gambardella A, Helfat C, Mitchell W (2014) Quantitative empirical analysis in strategic management. Strategic Management J. 35(7):949–953.CrossrefGoogle Scholar
  • Birhanu A, Gambardella A, Valentini G (2016) Bribery and investment: Firm-level evidence from Africa and Latin America. Strategic Management J. 37(9):1865–1877.CrossrefGoogle Scholar
  • Block J, Hansen C, Steinmetz H (2023) Are family firms doing more innovation output with less innovation input? A replication and extension. Entrepreneurship Theory Practice 47(4):1496–1520.CrossrefGoogle Scholar
  • Bloom N, Genakos C, Sadun R, Van Reenen J (2012) Management practices across firms and countries. Acad. Management Perspect. 26(1):12–33.CrossrefGoogle Scholar
  • Bozzolan S, Imperatore C, Mattei M (2024) Family ownership and impression management: An integrated approach. Eur. Accounting Rev. 33(3):1025–1050.CrossrefGoogle Scholar
  • Calabrò A, Minichilli A, Amore MD, Brogi M (2018) The courage to choose! Primogeniture and leadership succession in family firms. Strategic Management J. 39(7):2014–2035.CrossrefGoogle Scholar
  • Cefis E, Orsenigo L (2001) The persistence of innovative activities: A cross-countries and cross-sectors comparative analysis. Res. Policy 30(7):1139–1158.CrossrefGoogle Scholar
  • Chang SJ, Shim J (2015) When does transitioning from family to professional management improve firm performance? Strategic Management J. 36(9):1297–1316.CrossrefGoogle Scholar
  • Chen X, Cheng Q, Dai Z (2013) Family ownership and CEO turnovers. Contemporary Accounting Res. 30(3):1166–1190.CrossrefGoogle Scholar
  • Chen G, Chittoor R, Vissa B (2021a) Does nepotism run in the family? CEO pay and pay‐performance sensitivity in Indian family firms. Strategic Management J. 42(7):1326–1343.CrossrefGoogle Scholar
  • Chen S, Ying SX, Wu H, You J (2021b) Carrying on the family’s legacy: Male heirs and firm innovation. J. Corporate Finance 69(August):101976.CrossrefGoogle Scholar
  • Chi YL (2023) The agency costs of family ownership: Evidence from innovation performance. J. Banking Finance 148(March):106737.CrossrefGoogle Scholar
  • Cho SY, Kim SK (2017) Horizon problem and firm innovation: The influence of CEO career horizon, exploitation and exploration on breakthrough innovations. Res. Policy 46(10):1801–1809.CrossrefGoogle Scholar
  • Clarke D, Matta B (2018) Practical considerations for questionable IVs. Stata J. 18(3):663–691.CrossrefGoogle Scholar
  • Conley TG, Hansen CB, Rossi PE (2012) Plausibly exogenous. Rev. Econom. Statist. 94(1):260–272.CrossrefGoogle Scholar
  • Cucculelli M, Micucci G (2008) Family succession and firm performance: Evidence from Italian family firms. J. Corporate Finance 14(1):17–31.CrossrefGoogle Scholar
  • Cummings T, Knott A-M (2018) Outside CEOs and innovation. Strategic Management J. 39(8):2095–2119.CrossrefGoogle Scholar
  • Custódio C, Ferreira MA, Matos P (2017) Do general managerial skills spur innovation? Management Sci. 65(2):459–476.LinkGoogle Scholar
  • Dahl MS, Dezsö CL, Ross DG (2012) Fatherhood and managerial style: How a male CEO’s children affect the wages of his employees. Admin. Sci. Quart. 57(4):669–693.CrossrefGoogle Scholar
  • De Massis A, Frattini F, Lichtenthaler U (2013) Research on technological innovation in family firms: Present debates and future directions. Family Bus. Rev. 26(1):10–31.CrossrefGoogle Scholar
  • Duran P, Kammerlander N, Van Essen M, Zellweger T (2016) Doing more with less: Innovation input and output in family firms. Acad. Management J. 59(4):1224–1264.CrossrefGoogle Scholar
  • Eddleston KA, Kellermanns FW, Collier G (2019) Research on family firm innovation: What do family firms actually think and do? J. Family Bus. Strategy 10(4):100308.CrossrefGoogle Scholar
  • Faccio M, Lang LH (2002) The ultimate ownership of Western European corporations. J. Financial Econom. 65(3):365–395.CrossrefGoogle Scholar
  • Feldman ER, Amit R, Villalonga B (2016) Corporate divestitures and family control. Strategic Management J. 37(3):429–446.CrossrefGoogle Scholar
  • Finkelstein S, Cannella SFB, Hambrick DV (2009) Strategic Leadership: Theory and Research on Executives, Top Management Teams, and Boards (Oxford University Press, Oxford, UK).Google Scholar
  • Flammer C, Bansal P (2017) Does a long‐term orientation create value? Evidence from a regression discontinuity. Strategic Management J. 38(9):1827–1847.CrossrefGoogle Scholar
  • Flammer C, Kacperczyk A (2015) The impact of stakeholder orientation on innovation: Evidence from a natural experiment. Management Sci. 62(7):1982–2001.LinkGoogle Scholar
  • Fryer RG, Levitt SD (2012) Hatred and profits: Under the hood of the Ku Klux Klan. Quart. J. Econom. 127(4):1883–1925.CrossrefGoogle Scholar
  • Galasso A, Simcoe TS (2011) CEO overconfidence and innovation. Management Sci. 57(8):1469–1484.LinkGoogle Scholar
  • Gómez-Mejía LR, Haynes KT, Núñez-Nickel M, Jacobson KJ, Moyano-Fuentes J (2007) Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Admin. Sci. Quart. 52(1):106–137.CrossrefGoogle Scholar
  • Hall BH, Jaffe A, Trajtenberg M (2005) Market value and patent citations. RAND J. Econom. 36(1):16–38.Google Scholar
  • He Z, Hirshleifer D (2022) The exploratory mindset and corporate innovation. J. Financial Quant. Anal. 57(1):127–169.CrossrefGoogle Scholar
  • Helfat C (2007) Stylized facts, empirical research, and theory development in management. Strategic Organ. 5(2):185–192.CrossrefGoogle Scholar
  • Hirshleifer D, Low A, Teoh SH (2012) Are overconfident CEOs better innovators? J. Finance 67(4):1457–1498.CrossrefGoogle Scholar
  • Jiang W (2017) Have instrumental variables brought us closer to the truth. Rev. Corporate Finance Stud. 6(2):127–140.CrossrefGoogle Scholar
  • Kahn R, Whited TM (2018) Identification is not causality, and vice versa. Rev. Corporate Finance Stud. 7(1):1–21.CrossrefGoogle Scholar
  • Kammerlander N, Menges J, Herhausen D, Kipfelsberger P, Bruch H (2023) How family CEOs affect employees’ feelings and behaviors: A study on positive emotions. Long Range Planning 56(5):102209.CrossrefGoogle Scholar
  • Kang JK, Kim J (2020) Do family firms invest more than nonfamily firms in employee-friendly policies? Management Sci. 66(3):1300–1324.LinkGoogle Scholar
  • Koh PS, Reeb DM (2015) Missing R&D. J. Accounting Econom. 60(1):73–94.CrossrefGoogle Scholar
  • Lanjouw JO, Schankerman M (2004) Patent quality and research productivity: Measuring innovation with multiple indicators. Econom. J. 114(495):441–465.Google Scholar
  • Le Breton-Miller I, Miller D (2006) Why do some family businesses out-compete? Governance, long-term orientations, and sustainable capability. Entrepreneurship Theory Practice 30(6):731–746.CrossrefGoogle Scholar
  • Lyngsie J, Foss NJ (2017) The more, the merrier? Women in top management teams and entrepreneurship in established firms. Strategic Management J. 38(3):487–508.CrossrefGoogle Scholar
  • Mackey A (2008) The effect of CEOs on firm performance. Strategic Management J. 29(12):1357–1367.CrossrefGoogle Scholar
  • Manso G (2011) Motivating innovation. J. Finance 66(5):1823–1860.CrossrefGoogle Scholar
  • Mehrotra V, Morck R, Shim J, Wiwattanakantang Y (2013) Adoptive expectations: Rising sons in Japanese family firms. J. Financial Econom. 108(3):840–854.CrossrefGoogle Scholar
  • Miller D, Le Breton‐Miller I, Lester RH (2010) Family ownership and acquisition behavior in publicly‐traded companies. Strategic Management J. 31(2):201–223.CrossrefGoogle Scholar
  • Miller D, Minichilli A, Corbetta G (2013) Is family leadership always beneficial? Strategic Management J. 34(5):553–571.CrossrefGoogle Scholar
  • Mullins W, Schoar A (2016) How do CEOs see their roles? Management philosophies and styles in family and non-family firms. J. Financial Econom. 119(1):24–43.CrossrefGoogle Scholar
  • Patel PC, Chrisman JJ (2014) Risk abatement as a strategy for R&D investments in family firms. Strategic Management J. 35(4):617–627.CrossrefGoogle Scholar
  • Pérez-González F (2006) Inherited control and firm performance. Amer. Econom. Rev. 96(5):1559–1588.CrossrefGoogle Scholar
  • Reeb DM, Zhao W (2020) Patents do not measure innovation success. Critical Finance Rev. 9(1–2):157–199.CrossrefGoogle Scholar
  • Rosen S (1981) The economics of superstars. Amer. Econom. Rev. 71(5):845–858.Google Scholar
  • Rovelli P, De Massis A, Gomez-Mejia LR (2023) Are narcissistic CEOs good or bad for family firm innovation? Human Relations 76(5):776–806.CrossrefGoogle Scholar
  • Schmid T, Achleitner AK, Ampenberger M, Kaserer C (2014) Family firms and R&D behavior—New evidence from a large-scale survey. Res. Policy 43(1):233–244.CrossrefGoogle Scholar
  • Somaya D (2012) Patent strategy and management: An integrative review and research agenda. J. Management 38(4):1084–1114.CrossrefGoogle Scholar
  • Souder D, Zaheer A, Sapienza H, Ranucci R (2017) How family influence, socioemotional wealth, and competitive conditions shape new technology adoption. Strategic Management J. 38(9):1774–1790.CrossrefGoogle Scholar
  • Stock JH, Wright JH, Yogo M (2002) A survey of weak instruments and weak identification in generalized method of moments. J. Bus. Econom. Statist. 20(4):518–529.CrossrefGoogle Scholar
  • Strike VM, Berrone P, Sapp SG, Congiu L (2015) A socioemotional wealth approach to CEO career horizons in family firms. J. Management Stud. 52(4):555–583.CrossrefGoogle Scholar
  • Tsoutsoura M (2015) The effect of succession taxes on family firm investment: Evidence from a natural experiment. J. Finance 70(2):649–688.CrossrefGoogle Scholar
  • Valentini G (2012) Measuring the effect of M&A on patenting quantity and quality. Strategic Management J. 33(3):336–346.CrossrefGoogle Scholar
  • Villalonga B, Amit R (2006) How do family ownership, control and management affect firm value? J. Financial Econom. 80(2):385–417.CrossrefGoogle Scholar
  • Yeh YH, Liao CC (2021) Are non-family successors all the same? Inside-promoted vs. outside-sourced. J. Corporate Finance 71(December):102–122.Google Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.