Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

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.

Corporate governance. --- Family-owned business enterprises. --- Organizational change. --- Finance --- Business & Economics --- Banking --- Finance - General --- Investment & Speculation --- Business, Economy and Management --- Management buyouts. --- Buy-outs, Management --- Buyouts, Management --- Business enterprises, Family-owned --- Family business --- Family businesses --- Family enterprises --- Family firms --- Finance. --- Public finance. --- Economics. --- Public Economics. --- Finance, general. --- Leveraged buyouts --- Going private (Securities) --- Business enterprises --- Funding --- Funds --- Economics --- Currency question --- Cameralistics --- Public finance --- Public finances