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Succession in family-owned SMEs: the impact of advisors

Small business economics, 2021-04, Vol.56 (4), p.1531-1551 [Peer Reviewed Journal]

Springer Science+Business Media, LLC, part of Springer Nature 2019 ;Small Business Economics is a copyright of Springer, (2019). All Rights Reserved. ;Springer Science+Business Media, LLC, part of Springer Nature 2019. ;ISSN: 0921-898X ;EISSN: 1573-0913 ;DOI: 10.1007/s11187-019-00266-2

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  • Title:
    Succession in family-owned SMEs: the impact of advisors
  • Author: Bertschi-Michel, Alexandra ; Sieger, Philipp ; Kammerlander, Nadine
  • Subjects: Advisors ; Behavior ; Business and Management ; Entrepreneurship ; Industrial Organization ; Management ; Microeconomics ; Organizational performance ; Small & medium sized enterprises-SME ; Succession ; Succession planning
  • Is Part Of: Small business economics, 2021-04, Vol.56 (4), p.1531-1551
  • Description: We theorize and empirically confirm the positive influence of an advisor’s tertius iungens behavior on individual- and firm-level succession-related factors. Furthermore, we explore the moderating influence of two central advisor characteristics, namely, their type and process involvement. We find that the relationship between an advisor’s tertius iungens behavior and an incumbent’s and a successor’s satisfaction with the advisor tends to be stronger when the advisor is of formal (versus informal) nature. Furthermore, the relationship between an advisor’s tertius iungens behavior and firm performance is stronger when the advisor is involved in the full succession process, compared to being only involved in parts of it. Our study thus contributes to the literature on advising and family-owned SME succession by introducing the tertius iungens concept as a crucial advisor behavior and by highlighting how important advisor characteristics support the satisfaction with the advisor and post-succession firm performance.
  • Publisher: New York: Springer US
  • Language: English
  • Identifier: ISSN: 0921-898X
    EISSN: 1573-0913
    DOI: 10.1007/s11187-019-00266-2
  • Source: ProQuest Central
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