CEO succession game in family firms: Owners vs. advisors.

Succession in family firms is an extremely difficult and complex event in which advisors are often involved or sought. Advisors, especially business consultants, frequently play an important role in shaping and guiding such complex strategic processes. Nevertheless, it is not clear whether and to what extent the involvement of advisors, especially business consultants, in family firm succession impact the outcome of succession planning processes, such as the choice of the next chief executive officer (CEO). We explore whether family-owner socioemotional wealth, measured through their level of commitment to the firm, influences the preference for a family CEO versus a nonfamily CEO and acceptance of the advisor role in the succession planning process. We test the research questions on a sample of family firms located in the United States. [ABSTRACT FROM AUTHOR]