We study the impact of succession tournaments on risk-taking in family firms. More sons (less daughters) in controlling families are associated with higher income volatility and lower performance – especially, in opaque private firms with pyramidal ownership structure. Contestants exhibit...

This is the online appendix for 'Family Feud: Succession Tournaments and Risk-taking in Family Firms' available at http://ssrn.com/abstract=2703571.We identify succession as a novel determinant of risk-taking in family firms. We find significantly higher risk-taking (M&A and cash flow...