On private equity exits of family firms in the German Mittelstand

被引：0

作者：

Kreer F. ^{[1
]}

Mauer R. ^{[2
]}

Strese S. ^{[1
]}

Brettel M. ^{[1
]}

机构：

[1] Innovation and Entrepreneurship Group (WIN), TIME Research Area, RWTH Aachen University, Kackertstr. 7, Aachen

[2] Chair of Entrepreneurship and Innovation, ESCP Europe, Heubnerweg 8-10, Berlin

来源：

Journal of Business Economics | 2018年 / 88卷 / 3-4期

关键词：

Family firm succession; Managerial decisions; Mittelstand; Private equity; Theory of planned behavior;

D O I：

10.1007/s11573-017-0870-8

中图分类号：

学科分类号：

摘要：

There is limited existing research on factors influencing the preferences of family firms’ owner-managers for specific modes of external transitions of ownership such as private equity. In a multi-method approach, this study qualitatively gathers the attitudinal beliefs of family firms’ owner-managers about pursuing the private equity succession route. Four classes of beliefs are identified: perceptions of (1) firm continuance; (2) opportunities for firm development; (3) loss of firm ethos; and (4) commercial firm risks. These classes are then tested quantitatively with a sample of 195 family firm owner-managers among the German Mittelstand. Our results partially confirm the qualitative findings: the perception of positive development opportunities and the perception of commercial firm risks explain owner-managers’ intention to pursue a private equity succession, mediated through attitude. Overall, attitude emerges as the cornerstone in this context-specific intention model. © 2017, Springer-Verlag GmbH Germany.

引用

页码：503 / 529

页数：26

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