Societal generations in family and non-family SMEs: Survey evidence from Belgium

Abstract

The increasing presence of Millennials in CEO, top management team, and board positions is reshaping SMEs' upper echelons, raising questions about how generational differences influence their strategic decisions and firm outcomes. Drawing on survey data and complementary financial information from 805 Belgian SMEs, this study descriptively examines generational compositions in firms' upper echelons and their implications for strategic decisions and outcomes. The results highlight the concurrent pre­ sence of multiple societal generations in companies' upper echelons and reveal several key differences across CEO generations. Overall, the findings suggest that these generational differences present both challenges and opportunities, and that effectively managing intergenerational dynamics is critical for ensuring successful leadership transitions and sustaining firm performance.