We use census data on all Finnish firms during the period from 1996 to 2020 to study the impact of within-family CEO transitions on firm productivity. More specifically, we investigate how successions by previous CEO’s children and other relatives affect productivity compared to successions by non-related CEOs. We further explore how top management team human capital (excluding the CEO) interacts with within-family CEO transitions to affect productivity. In line with prior research, we find a negative effect of family succession on productivity. Extending prior literature we find the productivity penalty is only significant in the first two years after the transition. We further find that management team work experience is a critical ingredient in successful within-family CEO transitions. Meanwhile, we find no effect of CEO's education or experience, or the management team education on productivity following family CEO succession.
