Self-Confidence and Managerial Autonomy: Successor Characteristics Critical to Succession in Family Firms

Abstract

Much of the literature on succession in family firms focuses on the incumbent. This study examines the attributes of successors that help to explain the effectiveness of succession. The responses of 254 CEOs of family firms were factor analyzed to identify six distinguishing characteristics. A MANOVA analysis suggests that effective succession is associated with successor self-confidence and managerial autonomy.