Buy-outs in Family Businesses
Changes in Corporate Governance, Instruments of Managerial Control, and Financial Practices
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.
| Autor: | Klöckner, Oliver |
|---|---|
| ISBN: | 9783834916273 |
| Sprache: | Englisch |
| Seitenzahl: | 377 |
| Produktart: | Kartoniert / Broschiert |
| Verlag: | Betriebswirtschaftlicher Verlag Gabler |
| Veröffentlicht: | 25.06.2009 |
| Untertitel: | Changes in Corporate Governance, Instruments of Managerial Control, and Financial Practices |
| Schlagworte: | Business Change Eigentümer Familienunternehmen Family Business Private Equity Unternehmensnachfolge corporate governance |
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