The Succession Conspiracy (1988) Family Business Review 1(2), P. 119-143,

Abstruse

Purpose

The aim of this inquiry is to analyze empirical show of the effect of governance construction (GS) on perceived success of the succession procedure. It is besides reported that in India, family firms have a more breezy organization structure and governance and have an breezy and unplanned approach to bringing the successors into family business. Previous studies have reported that GS is an important gene for a successful succession process. This study examines the role of direction succession planning as an intervening variable to achieve perceived success of the succession process.

Design/methodology/arroyo

Information have been collected using a questionnaire schedule with 113 respondents who are successors from family business firms in Kerala, India. The report uses snowball sampling technique. Fractional least square-structural equation modeling has been used to do information analysis.

Findings

The results of the written report showed that GS has a significant positive effect on the success of the succession procedure. GS has a significant positive effect on direction succession planning. Management succession planning partially mediates the relationship between GS and perceived success of the succession process.

Enquiry limitations/implications

The results of the study indicate the effect of GS on the relationship betwixt, perceived success of the succession procedure and management succession planning. The mediating role of management succession planning in the above relationship is also confirmed. Therefore, earlier starting the succession process a good GS should be put in identify for ensuring the success of the succession process. Family firms must implement the succession plan well to make the succession process successful.

Originality/value

The master contribution of the study is to empirically investigate the issue of GS and management succession planning to raise the success of the succession process.

Keywords

Family business
Management succession planning
Perceived success of the succession procedure
Governance structure

Commendation

Renuka, Five.V. and Marath, B. (2021), "Touch of constructive governance structure on succession procedure in the family business organisation: exploring the mediating role of management succession planning", Rajagiri Management Periodical, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/RAMJ-06-2021-0048

Publisher

Emerald Publishing Limited

License

Published in Rajagiri Management Periodical. Published by Emerald Publishing Express. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, interpret and create derivative works of this article (for both commercial and non-commercial purposes), subject to total attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode

i. Introduction

Family businesses correspond a dominant course of the economical organization worldwide (Beckhard and Dyer, 1983; Shanker and Astrachan, 1996). Family business firm owners play an important role in creating wealth and job opportunities across the globe (Venter et al., 2005). Modest and medium-sized firms constitute a significant portion of the family business (Bjuggren and Sund, 2001; Gersick et al., 1997; Hume, 1999). Churchill and Hatten (1987) explained a family unit business as "a founder-operated business where there is anticipation that the business will be passed to the next generation".

The transfer of ownership and management from the start to the 2nd generation is considered more than complicated, and for this very reason, succession has become challenging (Bjuggren and Sund, 2001; Stavrou, 1999). The tremendous influence of the succession process motivated scholars to explore various owner, successor, family unit, procedure and organization-related factors. Governance structure (GS), organization-related factor plays a crucial role in the perceived success of the succession process. A proper governance machinery enhances harmony, creates delivery among family members and finally leads to firm success (Brenes et al., 2011). The governance process encompasses different activities and interactions among actors in the GS, and it consists of activities similar "social interactions, institutional forces and cultural patterns" (Nordqvist and Melin, 2002).

Succession planning is an intricate procedure and involves interactions of personal, relational and organizational factors, and it includes private and career development of prospective successors, succession planning and command activities (Francis, 1993). A report conducted among Taiwanese family unit businesses found that the main reasons for failing to adopt a succession plan are the absence of a succession planning department, adverse effects of succession, small system size, acme management non prioritizing succession plan contents and procedures (Huangs, 1999). From the above case, we can infer that the height management does non properly excogitate the importance of GS and they were least interested in succession plans.

one.1 The research gap addressed in the study

There is general agreement in the literature that GS and proper management succession planning are important factors impacting the success of the succession procedure. In the survey conducted past Rajkumar et al. (2013) in Kerala, formal succession planning was sporadic, and succession plans were in the possessor's mind and hardly discussed even with the spouse. Meanwhile, family business courses, conferences and workshops conducted on this topic by the Sleeping room of Commerce and Confederation of India Industries in Kerala have improved the sensation nearly the importance of GS and management succession planning. But no studies have been conducted to verify this and investigate the mediating role of management succession planning on GS and perceived success of the succession procedure.

The changes in the generational outlook make a deviation in managing the family business, making conventional methods of succession and governance no longer suitable. The experience of new generation entrepreneurs in the irresolute market scenario worldwide has induced new thoughts related to the family business organization construction. These professional approaches lead them towards a formal planning and GS. In that location is hardly any study washed to study these recent changes happening in family businesses.

This study, therefore, tries to bridge the gap discussed above. It is devoted to studying the impact of GS on the perceived success of the succession procedure, mediated through management succession planning.

ane.2 Line of enquiry

From the research gap identified, there arises a question regarding how influential the relationship between GS, management succession planning and perceived success of succession procedure in the current market scenario from the viewpoint of the successor?

The residual of this paper is structured as follows: section two describes the literature review and evolution of the hypothesis; section 3 discusses the research methodology and measurements; section 4 presents the analysis and the last department covers discussions, conclusions, limitations and suggestions for future research.

2. Literature review and hypothesis development

The satisfaction of all family members regarding the succession process and the potential of a successor to run the firm by maintaining a stable financial status and longevity are essential to ensure a successful succession process (Venter, 2003).

GSs set the standards and controls for how the business concern operates and how the people in it comport themselves (Hough et al., 2008). A family unit business organization with good family governance practices formulates specific policies or mechanisms to settle disputes, leading to a harmonious relationship amidst the family unit members (Carlock and Ward, 2001). An constructive governance mechanism implemented in a business firm may make the intergenerational transition procedure easier and lead to family business longevity (Groysberg and Bell, 2014). The perceived success of the succession process is defined as "a subjective assessment of an individual nigh the process based on perceptions instead of objective criteria" (Sharma et al., 2001).

In a enquiry study done amid owners in the Republic of indonesia tour and travel sector, the absenteeism of GS is ane of the causes for the family firm's failure. There is a straight linkage between corporate governance and the operation of succession. Succession creates problems of non-technical as it involves certain emotional aspects (Parada et al., 2020). Ward (2004) pinpointed that governance mechanisms like family meetings and forums help to solve communication problems. There is a need for a potent GS to ensure family business concern longevity (Pieper et al., 2003). Just a few pieces of research have been done witnessing the linkage between GS and family unit business success. It is noticed that family unit business governance is an intricate process, unlike not-family unit firms. It is mainly because of the need to manage the dual relationships (family and business relationships). Even though it is essential to examine the effectiveness of the governance institutions like family protocols and councils for success in the family unit business, not much enquiry is done (Ceja et al., 2011).

Therefore, it is hypothesized that.

H1.

There is a positive relationship between governance structure and the perceived success of the succession procedure.

According to File and Price (1996), management succession planning refers to "the process of making changes in the top leadership of the business, a process which begins when younger family members first bring together the business and ends with their accession to leadership and superlative direction authority." The bulk of the successors with less experience were placed in the lower positions though highly educated (Morris et al., 1996). In that location is no noted criterion to induct the successor. Constitution is an integral part of a family unit firm, and rejection manifestly denies the management succession programme. The absence of a good generational succession program and family unit governance plan is more harmful to a family business than any other negative influence. The recent studies also highlighted the importance of a governance system, and they act equally a catalyst of a succession back up system (Arteaga and Menéndez-Requejo, 2017). The governance practices play an essential function in the process of succession. Some of the reasons are First, a suitable governance mechanism helps to develop the required skill, competencies and capabilities of the prospective successors to manage and control the family business (Berent-Braun and Uhlaner, 2012; Suess, 2014). 2nd, other governance mechanisms such as family councils and meetings help to resolve the disputes (Lansberg, 1988; Le Breton-Miller et al., 2004). Third, governance practices like family unit charters, family unit councils and informal meetings prescribe guidelines for family unit members' involvement in the family business (Arteaga and Menéndez-Requejo, 2017). Adendorff (2004) finds a positive relationship between direction succession planning and perceived good governance. It implies that the more a family unit plans for management succession, the more influential the family unit business is in controlling risk, managing the internal regulatory environment and preserving stakeholder involvement.

And so, it is hypothesized that.

H2.

Governance structures accept a meaning consequence on direction succession planning.

Seymour (1993) suggests that the existence and continuity of a family concern are afflicted if the succession programme is absent. Christensen (1953) believes that the prospect of achieving profit is more if they had drafted a succession plan, explicitly communicating to all the members. Many family business owners bear witness reluctance to create a succession program fifty-fifty though they know its importance (Lansberg, 1988). Founders play an essential role in formulating a succession plan, but it is harder to frame an constructive plan later (Ward, 1987). Upton et al. (2001) cited that succession is considered a machinery to maintain family control over the firm and ensure rapid development to enhance family wealth. Though so much literature reminds us of the dangers of a flawed succession plan, most owners still go on an attitude of deprival towards it (LeonGuerrero et al., 1998).

In another report past Allen and Panian (1982), there is no linkage between business performance and succession management, especially in a family business managed and controlled past families, especially during low profitability. In another contradictory report, Astrachan and Kolenko (1994) found that family meetings, strategic planning and board of directors lead to the family unit business organisation's longevity, non direction succession planning. Based on contradictory evidence, it is hypothesized that:

H3.

Management succession planning has a significant event on the perceived success of the succession process.

Many researchers believe that family unit gatherings, councils and the Board of Directors play an essential role in successful succession planning (Jaffe and Lane, 2004). A suitable governance mechanism is executed to meet the needs of succeeding generations and develop the business future (Venter and Boshoff, 2007). Through a proper and efficient GS, conflict situations during the succession process might go avoided (Martin, 2001). If a proper and efficient governance mechanism indicates the family firm's intention to continuity, they first steps to begin the succession planning process (Umans et al., 2020). The acme management of the family business must initiate steps to introduce proper succession planning activities through governance mechanisms like family unit councils, family constitution and family meetings. It ultimately leads to a successful succession procedure.

Therefore, it is hypothesized that

H4.

Management succession planning mediates the relationship between governance structure and perceived success of the succession process.

The inquiry model used in the study is shown in Figure i. This elementary mediation model describes the relationship betwixt the variables, namely: (one) GS, (2) management succession planning (MSP) and (three) perceived success of the succession process (PSS). It also explains the mediating function of management succession planning on the human relationship betwixt GS and the perceived success of the succession procedure.

3. Methodology and measurements

3.ane Enquiry design

In this study, we have employed a quantitative research pattern. A fractional to the lowest degree square structural equation model (SEM) is used to examination the hypothesis. The unit of observation and written report is a concern family. Age of family firm and size of the family unit business measured in terms of turnover are the control variables used in the study.

3.2 Data collection

Information were nerveless using a questionnaire schedule. The inclusion benchmark for family business firms was the initiation of management transfer to the side by side generation. Snowball sampling method used in the study equally no source provides the complete list of family businesses in Kerala; moreover, without a reference, the respondents bear witness reluctance to participate, since the data collection procedure constitutes circuitous and emotional issues of succession. A few businesses known to the researcher and their contacts were approached starting time for participating in the survey. The researcher surveyed successors, references they gave were contacted in the first round and used to create a list of potential respondents for the next round. These potential respondents are contacted through telephone to seek their permission for the survey. This proved to be an effective approach for collecting data relating to the family business organisation. Successors of one hundred and thirteen concern families are contacted for data collection purposes. All the data collected were useable for the study. 30-i business families though contacted through reference, did non participate in the study.

iii.3 Measurements

The schedule used in this study was designed in 2 parts: the outset part concerned the respondents' business contour. The second part contains 17 items measuring the three theoretical constructs: management succession planning, GS and perceived success of the succession process. In the business concern contour, data were collected regarding the age and size of the family unit business (Table 1). All the constructs and their corresponding items were adjusted from the existing literature to establish content validity. The GS scale was measured with half dozen items adapted from (Van der Merwe et al., 2012). The 15-particular calibration developed by Sharma et al. (2003) for succession planning was adapted to measure management succession planning. Out of the total 15 items, five items related to direction succession planning were extracted. Six item calibration adult by Venter et al. (2005) was used to measure the dependent variable perceived success of the succession process (Table 2). It is a well-established scale that is widely used in unlike studies of the family business organisation. In this paper, nosotros have not taken the objective measure of operation while measuring the dependent variable.

Practiced validation was washed to ensure the content validity and reliability of the calibration items. Content validity was done by a review panel consisting of two faculty members who are experts in methodology and analysis. Two successors were also consulted who have taken specialization courses in the family business, and two well-reputed owners who take completed their transition to the next generation. The individual items of three variables that show low reliability were deleted after considering the content validity. Finally, the reliability of the three constructs, GS, Management succession planning and perceived success of succession procedure, have reliability values higher than 0.seven (Table 3).

The descriptive results have shown that at that place is enough coverage over the whole region of the scale 3 variables in the report GS (Chiliad = 2.96, SD = 0.899), direction succession planning (M-3.01, SD = 0.648) and perceived success of the succession process (M = 3.64, SD = 0.858) equally the mean and SD are in the normal range. The slightly lower mean of GS indicates that GS still needs more strengthening, management succession planning is being done much better now, and the business organisation families have a very optimistic perception regarding the success of the succession process.

four. Empirical results

4.1 Measurement model analysis

We use measurement model assay to appraise the reliability and validity of the measures relating to specific constructs. To consider nonlinearity when estimating the coefficient of clan among interconnected variables, WARP PLS 7.0 is also employed (Kock, 2016).

The whole measures are pregnant equally the loading level is above 0.60, and there is a minimum 60 per centum variance in the underlying three latent variables, every bit shown in Table 3 (Mentum, 1998). The whole measures are reliable as the composite reliability coefficients for the constructs are more the acceptable level of 0.70 (Nunnaly, 1967; Hair et al., 2014). We use convergent and discriminant validity to assess the construct validity. Average variance extracted was used to assess convergent validity. The average variance extracted for all the constructs was above 0.fifty, shown in Table 3. This study provides evidence for convergent validity (Hulland, 1999).

Table 4 shows the discriminant validity assay. Information technology is an of import measure to define different concepts. It explains whether the constructs are unrelated to each other. It is unremarkably washed by comparing the square root of AVE with the correlation between the constructs. The foursquare root of AVE of a construct is higher than the correlation between the construct, indicating acceptable discriminant validity (Fornell and Larcker, 1981). Equally shown in Table 4, the correlation amidst the constructs in the off-diagonal and the foursquare root of AVE in the diagonal indicate adequate discriminant validity.

4.2 Structural model assay

This method does not consider normality assumption, and therefore, information technology is suitable in cases where the sample size is modest (Pilus et al., 2014). Mediation model testing tests the straight consequence earlier inserting a mediating variable (Baron and Kenny, 1986) and (Hair et al., 2011). The consequence of the straight effect must be meaning. Tabular array v (Console A) supports the first hypothesis, stating that GSs are positively associated with the perceived success of the succession process (β = 0.47; p < 0.01).

In the second step, we introduce MSP as a mediating variable. Table 5 shows the results of the structural model analysis. Co-ordinate to Pilus et al. (2010), the following requirements of the mediating upshot should be met: (1) the path coefficient from the independent variable to the dependent variable is significant; (2) the path coefficient from the independent variable to the intervening variable is significant and (3) the path coefficient from the intervening variable to the dependent variable is also meaning. Before introducing MSP as the mediating variable, the path coefficient of GS > PSS was significant (β = 0.47; p < 0.01). Later introducing MSP, the path coefficient of GS > PSS was still significant (β = 0.29; p < 0.01), but the beta value is reduced from 0.47 to 0.29. This indicates that MSP partially mediates the human relationship between GS and perceived success of the succession process. The structural model is shown in Effigy two.

5. Discussions

In the study, we take enquired into the mechanism through which GS affects the perceived success of the succession procedure via proper implementation of management succession plans. An effective GS with a expert management succession plan makes the transition process of direction more than effortless. The starting time hypothesis stating that GS has a meaning effect on the perceived success of the succession process is supported. An effective GS incorporating both family unit and business needs is essential for succession success. This study supports the previous study done by Parada et al. (2020) which emphasizes the growing need for understanding the governance mechanism as it has functioning implications. It also emphasizes whether the structures are actually used or ceremonially used.

The second enquiry hypothesis posits that GS has a pregnant effect on direction succession planning is supported. This finding reiterates that a proper GS is inevitable in ensuring a proper management succession plan. Millennials and the Y generation, who are more used to the present-day assistants strategies, give importance to a stronger GS. This GS constitutes both the aspect of the business organisation and rules to be followed for a good direction transfer. In the present scenario, most family businesses revolve around the advice of business consultants and analysts. The dependence of a GS is important since the vulnerability of the young educated successors is more because their inexperience. Also, the questions related to morality and ideals are under the scanner. This state of affairs galvanizes the importance of a GS for a smooth and proper management succession plan. The finding supports the previous written report (Arteaga and Menéndez-Requejo, 2017), which institute that practiced governance supports the succession system.

This study supports the tertiary hypothesis that management succession planning has an important influence on the perceived success of the succession procedure. The findings empirically prove that a proper management succession program is essential for the succession process'southward success. Usually, families where the business organization is their bread and butter talk and think nearly business concern even in their outings and gatherings. Information technology tin be considered part of their direction succession program, which they deliberately due to inculcate their tacit knowledge to their younger ones. Equally a function of a direction succession program, the firm grooms its successor's as per their requirements. It also aims to familiarize them with the working environs equally well every bit the employees and working styles. During the training, the direction informs the successors about the management transfer done in the previous generations. So a proper management succession plan helps transition the immature successors to face new challenges and emerge successful in succession. The study'southward findings support the previous findings (Christensen, 1953; Brockhaus, 1994; Lansberg, 1988), which plant that management succession planning has an important influence on the success and continuity of family unit business.

The fourth hypothesis in this written report is too supported, which states that management succession planning mediates the succession process's GS and perceived success. This finding empirically proves that GS affects the perceived success of the succession process via the management succession planning in the Kerala context. GS covers all the aspects of the business. It serves as a rule book for successful management succession planning without conflict, essential for any family unit firm to flourish. The written succession plan acts every bit a constitution for the next generation to follow and go far a dispute-gratuitous institution with a united stand in each step for a successful succession. Not many studies done on the mediating role of management succession planning on the GS and perceived success of the succession process, particularly in Kerala, Bharat. Then the nowadays report contributes to the express number of literature bachelor.

The size of the house (b = 0.28; p < 0.01) and business firm age (b = 0.19, p = 0.02) are significant predictors of the perceived success of the succession procedure is shown in Figure 3 and Effigy 4. The family firm's size measures in terms of turnover. Well-nigh of the family businesses come in the category of i–40 crore turnover. The bulk of the family unit firms in Kerala come in the category of micro and minor businesses since product-based industries are only a few. In terms of firms' age, most family businesses come in thirty–90 years. Therefore the results are more applicable to family unit businesses managed in this category. Hence size and age of the family unit firms are controlled to some extent in the sample itself.

6. Conclusion

This study explores the direct consequence of GS on the perceived success of the succession process and, if so, whether management succession planning has any mediation effect. We develop a mediation enquiry framework for testing the hypothesis of how GS affects the perceived success of the succession process through direction succession planning. For testing the hypothesis, we utilize partial least square structural equation modeling (PLS-SEM). Using a sample of 113 family businesses in Kerala, we accept demonstrated that the GS has a positive impact on management succession planning and that the management succession planning has a positive impact on the perceived success of the succession procedure. Further assay reveals that direction succession planning mediates the relationship between GS and the perceived success of the succession procedure. The study's findings are important for family businesses in Kerala, Bharat, where many family unit businesses are still wondering what to do about adopting a family unit GS and planning for succession in their family businesses. This report provides prove for the owners and successors to recognize the importance of implementing an constructive GS and management succession planning for the success of the succession process. The results of the mediation model of this study also confirm and provide the proposition that GS has to be supported past an effective management succession plan to achieve the success of the succession process.

6.1 Implications for managerial do

The findings give an insight to various researchers, family unit business consultants and different family business stakeholders almost various aspects of GS and management succession planning and how to manage it effectively for the successful generational transition. Management succession planning and implementing a skilful GS are the about crucial aspect of the family unit concern. Even though owners have also recognized the importance of management succession planning, they seldom program for it. Owners normally are assigned with the tasks of preparing the succession plans and implementing a good GS. They accept to ensure that talented, well-trained successors must be there to uplift the firm to the next growth stage. Good GSs deed every bit best practices for the succeeding generation to follow.

vi.2 Limitations and hereafter research

The primary drawback of this study is the small sample size. In future empirical studies, more samples to be incorporated from different types of family businesses. As a comprehensive database on family businesses in the Kerala context is not available, the snowball sampling technique is adopted and cannot ensure the sample's representativeness. We cannot rule out self-selection bias since the snowball sampling technique is adopted. This study relied mainly on the respondent's perception. There is a chance of bias as it is a subjective-based study, and no objective measures were taken to measure the variables, especially the success of the succession process. Future studies tin incorporate both subjective likewise equally objective measures to measure variables. As this study confines to Kerala, India context, it is not possible to generalize the study results as there is a chance of cultural biases of the respondents. The results of this study cannot exist generalized to other countries, especially western countries where there is a departure in culture.

Figures

Opens in a new window.

Model proposed for linkages between governance structure management succession planning and perceived success of the succession process

Effigy 1

Model proposed for linkages betwixt governance structure management succession planning and perceived success of the succession procedure

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