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A review of succession strategies in family business: content analysis and future research directions

Published online by Cambridge University Press:  26 May 2022

Edgar Nave Open the ORCID record for Edgar Nave [Opens in a new window] ,
João J. Ferreira Open the ORCID record for João J. Ferreira [Opens in a new window] ,
Cristina I. Fernandes Open the ORCID record for Cristina I. Fernandes [Opens in a new window] ,
Arminda do Paço Open the ORCID record for Arminda do Paço [Opens in a new window] ,
Helena Alves Open the ORCID record for Helena Alves [Opens in a new window]  and
Mário Raposo Open the ORCID record for Mário Raposo [Opens in a new window]
Edgar Nave*
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
João J. Ferreira
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
Cristina I. Fernandes
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
Arminda do Paço
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
Helena Alves
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
Mário Raposo
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
*
*Correspondence to author: E-mail: edgar.nave@ubi.pt
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Abstract

Family firms (FF) represent an important business segment worldwide, contributing greatly to their country's GDP and social well-being, giving employment and contributing to communities' development. Due to their particularities, these organizations also face various challenges, one of the most relevant being inter-generational succession – transversal to all FF and their consequent sustainability over time. Given the importance of this issue, through a systematic literature review (SLR), the intention is to provide a general, wide-ranging view of the succession strategies most used by FF, mapping the existing literature. A total of 84 articles from the Scopus database were analysed. Through content analysis and bibliographic coupling techniques (VosViewer), four thematic groups of articles were identified, namely: (i) socio-emotional wealth and corporate governance, (ii) leadership and inter-generational conflicts, (iii) managing succession process and (iv) succession planning drivers. These themes/clusters originated a theoretical framework that depicts the investigation status of the field, and detailed suggestions for future investigations by cluster were also provided. Despite the relevance and long age of succession in FF, this is the first SLR to directly address succession strategies, offering implications for academics and practitioners, to guide a smooth succession.

Keywords

Content analysisfamily firmssuccession strategysystematic literature review

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Type
Research Article
Information
Journal of Management & Organization , Volume 31 , Issue 6 , November 2025 , pp. 3029 - 3053
Copyright
© Cambridge University Press and Australian and New Zealand Academy of Management 2022

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