By Oliver Klöckner
In contemporary years, buy-outs became an more and more common option to succession difficulties in family members companies. regardless of a dramatic surge within the quantity and overall quantity of those transactions, their effects for the bought-out businesses are but poorly understood.
contemplating this heritage, Oliver Klöckner investigates the adjustments due to buy-outs in relatives companies within the parts of company governance, tools of managerial keep watch over, and monetary practices. A entire literature evaluate contrasts the features of kinfolk companies with these of non-family companies after a buy-out. This theoretical dialogue is complemented by way of an in-depth research of 17 bought-out relatives companies in Germany. The distinct research unearths a large number of adjustments, which might be subsumed below 3 major results: First, businesses are professionalized. moment, company methods are extra directed in the direction of financial pursuits, i.e. economized. 3rd, enterprise conflicts bobbing up from the separation of possession and administration are lowered.
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Picot/Dietl/Franck (2005), p. 46. The theory of property-rights examines the distribution and transfer of rights that result from the existence or usage of commodities (cf. Picot/Dietl/Franck (2005), pp. ). e. its efficiency (cf. Picot/Dietl/Franck (2005), pp. ). 126 Cf. Smith (1937), p. 700 according to Jensen/Meckling (1976), p. 305. 127 Cf. Berle/Means (1932) according to Hutchinson (1999), p. 346. 128 Cf. Eisenhardt (1989), p. 58. In 1983, JENSEN notes that two streams of literature on agency theory have emerged: Positive literature on agency theory is non-mathematical and empirically oriented, whereas normative literature on agency theory is mathematical and non-empirically oriented (cf.
240; Chrisman/Chua/Sharma (1996), pp. 4-7; Westhead/Cowling (1998), p. 34; Flören (2002), pp. 1722 57 For an explanation of inclusive and exclusive combinations, see footnote 54. 58 Cf. Klein/Astrachan/Smyrnios (2005), p. 323. 59 Cf. Astrachan/Klein/Smyrnios (2002), pp. 47-52. 60 Cf. Chrisman/Chua/Sharma (2005), p. 557. 61 Cf. Zellweger (2006), p. 42. 62 The exemplary questionnaire used by KLEIN/ASTRACHAN/SMYRNIOS in their validation of the FPEC scale contains 37 items to determine the F-PEC value of a company (cf.
Despite the compelling character of the F-PEC index, its applicability is rather limited for two reasons, as ZELLWEGER states:61 First, the culture dimension comprises values, which can hardly be evaluated in one time assessments, as the values measured are distorted by intertemporally variable emotions. 62 56 For further reviews on definitions of family businesses, see Winter et al. (1998), p. 240; Chrisman/Chua/Sharma (1996), pp. 4-7; Westhead/Cowling (1998), p. 34; Flören (2002), pp. 1722 57 For an explanation of inclusive and exclusive combinations, see footnote 54.