Buy-outs in Family Businesses

Changes in Corporate Governance, Instruments of Managerial Control, and Financial Practices
2009
ISBN: 978-3-8349-1627-3
Verlag: Gabler Verlag

Buch, Englisch, 377 Seiten, Format (B × H): 148 mm x 210 mm, Gewicht: 578 g

Reihe: Entrepreneurial and Financial Studies

In recent years, buy-outs have become an increasingly frequent solution to succession problems in family businesses. Despite a dramatic surge in the number and total volume of these transactions, their consequences for the bought-out companies are yet poorly understood.

Considering this background, Oliver Klöckner investigates the changes resulting from buy-outs in family businesses in the areas of corporate governance, instruments of managerial control, and financial practices. A comprehensive literature review contrasts the characteristics of family businesses with those of non-family businesses after a buy-out. This theoretical discussion is complemented by an in-depth analysis of 17 bought-out family businesses in Germany. The detailed analysis reveals a multitude of changes, which can be subsumed under three main effects: First, companies are professionalized. Second, corporate processes are more directed towards economic goals, i.e. economized. Third, agency conflicts arising from the separation of ownership and management are reduced.

Zielgruppe

Research

Autoren/Hrsg.

Klöckner, Oliver

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensberatung, Unternehmenssubventionen
• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensführung
• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensorganisation & Entwicklungsstrategien
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensorganisation, Corporate Responsibility Kleine und Mittlere Unternehmen

Inhaltsverzeichnis

Theoretical foundation.- Empirical foundation.- Background of buy-out transactions.- Changes in corporate governance.- Changes in instruments of managerial control.- Changes in financial practices.- Conclusion, implications and outlook.

Über Autor(innen)

Dr. Oliver Klöckner promovierte als wissenschaftlicher Mitarbeiter am KfW-Stiftungslehrstuhl für Entrepreneurial Finance bei Prof. Dr. Dr. Ann-Kristin Achleitner. Er arbeitet heute in der Strategieabteilung von Telefonica o2 Germany.