Family Aspirations and Succession Planning: A Study Based on Chinese Data

Abstract

Abstract: Based on the theory of corporate behavior theory and socioemotional wealth (SEW), this paper examines the relationship between family’s financial and nonfinancial aspirations and succession planning and tests the moderating role of entrepreneur’ s emotional attachment. This research model extends the research framework of performance feedback model which focuses merely on economic reference points. The results show that the realization extent of family’s financial aspirations and continuity of family line are both positively related to family firm’s succession planning behavior. Besides, entrepreneur’ s emotional attachment strengthens the positive effects of family’s financial aspiration and continuity of family line on succession planning. Additionally, entrepreneur’ s emotional attachment substitutes the positive effects of family harmony on succession planning.

Key words: family aspirations, succession planning, emotional attachment, behavior theory of the firm, socioemotional wealth

Lv Feifei, Guo Yaqi, Gao Hao, Nie Jing. Family Aspirations and Succession Planning: A Study Based on Chinese Data[J]. Management Review, 2022, 34(8): 271-285.

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