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Review of Managerial Science

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20-04-2023 | Original Paper

Performance below and above aspirations as an antecedent of succession planning in family firms: A socio-emotional wealth mixed gamble approach

Authors: Ine Umans, Nadine Lybaert, Tensie Steijvers, Wim Voordeckers, Eddy Laveren

Published in: Review of Managerial Science | Issue 5/2024

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Abstract

This study builds on the behavioral theory of the firm to show that firm performance is an essential antecedent of succession planning activities in family firms. A sample of 209 family firms reveals that (i) when family firm performance is further below historical aspirations, the level of succession planning is higher and (ii) when family firm performance is further above social aspirations, the level of succession planning is lower. Thus, this study sheds light on potential differences in family firm behavior depending on the feedback mechanism family firms use. Furthermore, integrating a mixed gamble perspective on the interaction between socio-emotional and financial wealth, this study shows that the effect of family firm performance below historical aspirations on the level of succession planning is negatively influenced when the family firm strongly focuses on the goal of family control and influence. However, this effect is positively influenced when the family firm strongly focuses on the goal of renewing family bonds through dynastic succession. Thus, this study embraces family firm heterogeneity in socio-emotional wealth and empirically substantiates that particular socio-emotional wealth dimensions differently affect family firm behavior.

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Succession planning is selecting and training a successor, developing the post-succession strategy, deciding on the incumbent’s role, and communicating succession decisions to key stakeholders (Sharma et al. 2003).

In line with Steier and Miller (2010), we define the pre-succession phase as the period beginning at the start of discussions about succession. We, therefore, focus on family firms in which the family CEO has entered the later 10 to 15 years of their career, that is, family CEOs older than 50 since the average retirement age in Belgium is between 60 and 65 years. These family CEOs are expected to think about the future, that is, to think about their succession.

Prior studies indicate that an empirical and theoretical differentiation between leadership and ownership succession is required (Nordqvist et al. 2013). In the context of this study, we focus on leadership succession since the aim of the article is to delve deeper into the planning process of family firms when they face a change of CEO.

The analyses are also executed for samples in which the family CEO is older than 51, 52, …, 55, respectively. The results remain robust for each sample.

To ease the empirical models’ interpretation, we use the absolute value of performance below aspirations, which implies that the performance variable always takes on positive values. The reverse coding of below-aspiration performance is a commonly used approach in prior studies on below-aspiration performance (e.g., Calabró et al. 2018, p. 2023; Kuusela et al. 2017, p. 1108).

Belgium was hit by a major financial crisis from mid-2008 onwards. However, according to GDP and Annual GDP growth numbers provided by the World Bank Group (World Bank, 2018), we argue that in the period from 2009 to 2011 firms sufficiently recovered which makes the 2009–2011 period a valid reference point.

Due to missing information for some of the additional control variables, the number of cases in each analysis differs.

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Title: Performance below and above aspirations as an antecedent of succession planning in family firms: A socio-emotional wealth mixed gamble approach
Authors: Ine Umans
Nadine Lybaert
Tensie Steijvers
Wim Voordeckers
Eddy Laveren
Publication date: 20-04-2023
Publisher: Springer Berlin Heidelberg
Published in: Review of Managerial Science / Issue 5/2024
Print ISSN: 1863-6683
Electronic ISSN: 1863-6691
DOI: https://doi.org/10.1007/s11846-023-00662-9

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