UID:
almahu_9949285154202882
Format:
XIX, 377 p. 50 illus.
,
online resource.
Edition:
1st ed. 2009.
ISBN:
9783834994776
Series Statement:
Entrepreneurial and Financial Studies
Content:
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.
Note:
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.
In:
Springer Nature eBook
Additional Edition:
Printed edition: ISBN 9783834916273
Language:
English
DOI:
10.1007/978-3-8349-9477-6
URL:
https://doi.org/10.1007/978-3-8349-9477-6
Bookmarklink