Are founder-CEOs resilient to crises? The impact of founder-CEO succession on new firm survival

This article explores whether new firms managed by founder-chief executive officers (CEOs) are more likely to survive than those successor-CEOs in times of crisis. Drawing on the concept ‘resilience’ adversity, we argue that founder-CEOs increase likelihood firm survival, especially Using a sample Japanese founded during 2003–2010 period, examine impact founder-CEO succession survival. The analysis shows less liquidate successor-CEOs, 2008–2009 financial suggests resilient crises successor-CEOs. In contrast, exit via merger founder-CEOs, regardless macroeconomic conditions. These findings robust after controlling for endogeneity CEO succession.