Abstract Managerial succession in small and medium size businesses is accompanied by strategic change. When succession planning is absent, firms encounter difficulties in selecting plans that facilitate commercial viability. This paper examines the effects of succession planning constraints in the context of small asset credit unions. Although these experience continuation of the business, executive succession causes significant changes in strategic direction, capital structure, and employee performance. Evidence of these changes reinforce how board policies and operating procedures ought to be developed in a collaborative manner to support executive change.

中文翻译：

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小资产信用社行政继任问题

摘要中小型企业的管理继任伴随着战略变革。如果没有继任计划，企业在选择有利于商业可行性的计划时会遇到困难。本文研究了小型资产信用合作社背景下继任计划约束的影响。尽管这些经历会使企业持续发展，但高管继任会导致战略方向，资本结构和员工绩效发生重大变化。这些变化的证据强化了应以协作方式制定董事会政策和运营程序以支持高管变革的证据。