Succession planning involves the transfer of ownership and management of a business to a chosen successor, whether it be a family member, key employee, or partner. By establishing a clear succession plan, you can ensure a smooth transition of leadership and continuity of the business. This proces...
If Mark or Rosemary leaves the company, the wealth of knowledge and intimate, critical details that they've built over the years are at risk of leaving, too. How do proactive companies lower the risk of losing this knowledge? They use a succession planning process throughout their organizations...
However, we argue that this positive potential is limited and that stewardship learning has decreasing marginal benefits over time. Thus, learned negative biases eventually exceed positive learning after long pre-succession firm experience. Hence, we propose that pre-succession firm experience follows an...
Many researchers examine earning management behavior of family firms in developed countries and find family firms are less likely to manage earnings, supporting the steward theory and socioemotional wealth view [3,12,17]. However, Fan and Wong [19] argue that research findings in developed countries...