TY - BOOK ID - 7615411 TI - Buy-outs in Family Businesses : Changes in Corporate Governance, Instruments of Managerial Control, and Financial Practices PY - 2009 SN - 3834916277 3834994774 PB - Wiesbaden : Gabler Verlag : Imprint: Gabler Verlag, DB - UniCat KW - Corporate governance. KW - Family-owned business enterprises. KW - Organizational change. KW - Finance KW - Business & Economics KW - Banking KW - Finance - General KW - Investment & Speculation KW - Business, Economy and Management KW - Management buyouts. KW - Buy-outs, Management KW - Buyouts, Management KW - Business enterprises, Family-owned KW - Family business KW - Family businesses KW - Family enterprises KW - Family firms KW - Finance. KW - Public finance. KW - Economics. KW - Public Economics. KW - Finance, general. KW - Leveraged buyouts KW - Going private (Securities) KW - Business enterprises KW - Funding KW - Funds KW - Economics KW - Currency question KW - Cameralistics KW - Public finance KW - Public finances UR - https://www.unicat.be/uniCat?func=search&query=sysid:7615411 AB - 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. ER -