Scandinavian Working Papers in Economics

Nationaløkonomisk tidsskrift,
Nationaløkonomisk Forening

De økonomiske konsekvenser af familiegenerationsskiftet i danske virksomheder

2010, Volume 2010, issue 1, pp. 108-122

Morten Bennedsen () and Kasper Meisner Nielsen ()
Additional contact information
Morten Bennedsen: André and Rosalie Hoffman, Chair in Family Business Management, INSEAD, Postal: Boulevard de Constance, 77305 Fontainebleau Cedex, France
Kasper Meisner Nielsen: Hong Kong University of Science and Technology, Postal: Clear Water Bay, Hongkong

Abstract: In this article we analyze succession and exit in Danish family firms from 1995-2003. Focusing on managerial succession we identify 6219 changes in CEO position. Using difference-in-differences estimates and instrumental variables we find the cost of family succession in the CEO position to be around 70.000 DKK per 1 million DKK in assets. The cost of succession is even higher in firms where active leadership is more valuable and for incoming CEOs with lower measurable management skills.

Keywords: Cost of succession; family firms

JEL-codes: A10

Language: Danish

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