Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

4-2026

Abstract

Intergenerational succession poses a vital challenge for family firms, with only 10% of global family businesses surviving to the third generation. Chinese family firms, growing alongside reform and opening-up, now face a critical succession period as founders average over 60 years old.

Based on 1932 A-share listed family firms from 2007 to 2024, this study theoretically and empirically examines how intergenerational succession affects corporate performance, investigates the mediating role of governance de-familization (management, ownership, control rights), and tests the moderating effect of intergenerational differences.

First, succession significantly harms financial and market performance: ROE falls by 1.330% and Tobin’s Q drops by 0.014 on average. Family internal succession exerts a stronger negative impact than professional manager succession, but boosts R&D investment intensity by 0.07%, effectively improving innovation performance, while external succession shows no such effect.

Second, intergenerational succession accelerates de-familization of three governance dimensions. De-familization of management rights positively affects all performance indicators, while de-familization of ownership and control rights negatively impacts financial and market performance but promotes innovation. Mediation tests show partial mediation of management de-familization, and full mediation (financial performance) or partial mediation (market and innovation performance) of ownership and control de-familization.

Third, intergenerational differences positively moderate the link between succession and de-familization. Greater intergenerational differences deepen de-familization, strengthen the negative impact on financial and market performance, and reinforce the positive effect on innovation performance. This moderating effect transmits through the partial mediation of three-dimensional governance de-familization

Keywords

Family Business, Intergenerational Succession, Governance Structure, Intergenerational Differences

Degree Awarded

Doctor of Bus Admin (CKGSB)

Discipline

Entrepreneurial and Small Business Operations | Strategic Management Policy

Supervisor(s)

TAN, Hwee Hoon

First Page

1

Last Page

207

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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