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This study aimed to portray how founders’ legacies influence the long-term survival of companies. We argue that the imprint of founders’ legacies can be positive strategic inertia for long-term corporate survival. By analyzing the characteristics of the founder succession processes of a set of 64 paired (survival-delisted) Korean Exchange listed companies, this study examined whether the founder succession characteristics that led to strong founder’s legacy imprints positively influenced long-term corporate survival. The results showed that firms with longer founder tenure and those with insider succession or succession of an heir apparent tended to survive longer, given similar environmental conditions during the founding stages. While limited, the study results indicate that companies that establish strong legacies from their founders and adhere to them may have a greater likelihood of long-term survival.

Founder Succession, The Imprint of Founders’ Legacies, and Long-Term Corporate Survival