Research On The Impact Of CEO Successors' Characteristics Of Family Businesses On Firm Innovation Performance

Family businesses are ubiquitous in the world and are considered as the mainstay of the world's business system.They occupy a pivotal position in the economies of all countries.Innovation is crucial to family businesses and is a key driver for maintaining high-level performance and sustainable development of family businesses.In particular,Chinese family businesses are currently entering the stage of intergenerational succession,and only successors with the ability to innovate can help family businesses conform to the trend of the times,create more wealth and well-being,promote family business for a long time and achieve success.As the top decision maker of a company,the CEO is crucial to the future development of the family business.In real life,the differences in the individual characteristics of CEO successors create different innovation consciousness and thinking methods,which in turn leads to different innovation decision-making for enterprises,and has a decisive effect on the innovation performance and future development of family businesses.Therefore,this article chooses the CEO successors' characteristics of the listed family company as the research subject,and discusses its impact on the firm innovation performance.It has certain theoretical and practical significance.In this study,first,based on the theory of high ladders,socioemotional wealth theory,human capital theory and technological innovation theory,combined with the status of the succession of Chinese listed family companies,from the sources,education,age,gender,shareholding ratio and international background In six aspects,to explore the mechanism of the CEO successors' characteristics of family business on innovation performance.Secondly,based on the personal characteristics data of CEO successors who have succeeded in Chinese listed family companies during 2010-2015,relevant empirical tests are conducted.The study found that:(1)Positive correlations between external CEOs and CEO innovation success;(2)The CEO successor with high level of education is positively related to the innovation performance of family business;(3)The age of CEO succession is negatively correlated with the family firm's innovation performance;(4)CEO successors with an international background have a significant positive effect on the innovation performance of family businesses;(5)The successor CEO's gender and shareholding ratio have no significant effect on the family firm's innovation performance.Finally,combined with the research conclusions of this paper,from the three levels of CEO,family business,and government,proposed relevant policy recommendations to help improve the family-owned enterprise's ability to innovate and realize the foundation of the family businesses.The innovation of this article is reflected in: on the one hand,In the family business innovation theory,there are few literatures on the relationship between family business and innovation performance from the characteristics of CEO successors.This study is a useful supplement to the existing research shortages.On the other hand,in terms of the selection of CEO successor features,innovative introduction of international background feature indicators is more in-depth and comprehensive than previous studies.The research in this article will help to develop the theory of innovation in family business,enrich the relevant literature of family business inheritance,and provide reference for family businesses to improve their innovation ability and select senior management.