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Family Values and Value CreationLearning from Practice: How to Avoid Mistakes in Succession Processes

Family Values and Value Creation: Learning from Practice: How to Avoid Mistakes in Succession... [The succession process is the research topic from which the family business research stream originated (Sharma, 2004). The reasons why most of the succession processes fail, especially passing from the first to the second generation have been investigated since the 1950s (Danco, 1998). The first to be interested in the topic were some consultants, who tried to identify valid practical solutions based on the small amount of empirical evidences available in those years. These studies, though, have been criticized for not having solid scientific premises. As a consequence, over the years several scholars from various scientific fields dealt with the issue of succession. Their efforts led to two different research approaches: The first is grounded in the financial economic scholarly tradition, and aims to model the relevant variables to yield deductive prescriptive conclusions through an extensive use of econometric models (Burkart, Panunzi and Shleifer, 2003).The second stems from the management scholarly tradition, and aims to provide for positive models to represent reality by describing the succession processes in the best possible way. One of the most representative examples of such efforts is the study by Le Breton-Miller, Miller and Steier (2004), in which the authors make a significant integration effort with respect to the voluminous contributions in the past literature (see Figure 1.1).] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Family Values and Value CreationLearning from Practice: How to Avoid Mistakes in Succession Processes

Part of the A Family Business Publication Book Series
Editors: Tàpies, Josep; Ward, John L.
Corbetta, Guido
Family Values and Value Creation — Oct 21, 2015
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References (15)

Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2008
ISBN
978-1-349-30332-8
Pages
9 –28
DOI
10.1057/9780230594227_2
Publisher site
See Chapter on Publisher Site

Abstract

[The succession process is the research topic from which the family business research stream originated (Sharma, 2004). The reasons why most of the succession processes fail, especially passing from the first to the second generation have been investigated since the 1950s (Danco, 1998). The first to be interested in the topic were some consultants, who tried to identify valid practical solutions based on the small amount of empirical evidences available in those years. These studies, though, have been criticized for not having solid scientific premises. As a consequence, over the years several scholars from various scientific fields dealt with the issue of succession. Their efforts led to two different research approaches: The first is grounded in the financial economic scholarly tradition, and aims to model the relevant variables to yield deductive prescriptive conclusions through an extensive use of econometric models (Burkart, Panunzi and Shleifer, 2003).The second stems from the management scholarly tradition, and aims to provide for positive models to represent reality by describing the succession processes in the best possible way. One of the most representative examples of such efforts is the study by Le Breton-Miller, Miller and Steier (2004), in which the authors make a significant integration effort with respect to the voluminous contributions in the past literature (see Figure 1.1).]

Published: Oct 21, 2015

Keywords: Family Firm; Family Business; Entrepreneurial Orientation; Succession Process; Harvard Business School

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