Burkart, Mike; Panunzi, Fausto; Shleifer, Andrei - 2002
We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a … exchange. We assume that a professional is a better manager than the heir, and describe how the founder's decision is shaped by … the family. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European …