Scandinavian Working Papers in Economics

Ratio Working Papers,
The Ratio Institute

No 157: Succession in Private Firms as an Entrepreneurial Process – A Review and Suggestions of New Research avenues

Karl Wennberg (), Mattias Nordqvist (), Massimo Bau () and Karin Hellerstedt ()
Additional contact information
Karl Wennberg: The Ratio Institute and Stockholm School of Economics, Postal: The Ratio Institute, P.O. Box 3203, SE-103 64 Stockholm, Sweden
Mattias Nordqvist: Jönköping International Business School, Postal: Jönköping International Business School, PO Box 1026, SE-551 11 Jönköping, Sweden
Massimo Bau: University of Udine, Postal: University of Udine, Via Tomadini, 30a, 33100 Udine, Italy
Karin Hellerstedt: Jönköping International Business School, Postal: Jönköping International Business School, PO Box 1026, SE-551 11 Jönköping, Sweden

Abstract: In considering firm succession as the acts of both entrepreneurial exit and entry, this paper adds to work that seeks to integrate entrepreneurship and family business research. We provide a comprehensive literature review of succession research over the past 35 years and identify seven thematical clusters within which succession can be understood as a distinct part of the entrepreneurial process, and three areas of particular interest for future research seeking to advance the literatures on entrepreneurship, family firms, and governance in private firms. The paper explores theoretical, conceptual, and methodological ways of integrating these findings into the research on entrepreneurship and family business.

Keywords: Family firms; Succession; Entrepreneurship

JEL-codes: L26; M13

47 pages, September 14, 2010

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