谁更倾向于战略变革: 家族成员CEO还是职业经理人CEO？

Using data of China’s A-share listed family firms, we study whether family CEOs or unrelated CEOs in family firms are more likely to engage in strategic change. Empirically, we find that unrelated CEOs are more inclined to engage in strategic change than family CEOs. Further analyses suggest that the relation between CEO origin and strategic change is more significant when a larger amount of family members work in the family firm, or the family firm is more financially constrained. Finally, we find that family CEOs underperform unrelated CEOs during strategic change. Overall, our study enriches the literature on the consequences of employing family CEOs or unrelated CEOs in family firms, and offers enlightening suggestions for strategic change in family firms.