The socio-psychological challenges of succession in family firms: The implications of collective psychological ownership

Abstract

One of the most distinct challenges that family businesses face is succession. Several researchers have recognized that it is not a single event, but a process associated with social and psychological challenges. This article advances knowledge on these challenges drawing on the theory of collective psychological ownership (CPO). More precisely, we present the socio-psychological challenges in succession, and the main factors related to them and discuss how CPO affects this relationship. This work serves as an analytical framework for future research on the topic.