Arbeitspapier
Private equity minority investments in large family firms: what influences the attitude of family firm owners?
This paper extends research in the field of private equity investments in family firms. It contributes to the literature by fundamentally analyzing the decision criteria of family firm owners for using minority investments of private equity investors. This type of financing might be of great interest to family firms, as the family firm owner is able to secure majority ownership and control over the family business. Likewise, minority investments might be attractive for private equity investors, as they are mostly not leveraged and therefore independent from capital market turbulences. Using data from 21 case studies, we identify challenges induced by the family or the business that lead to the phenomenon of private equity minority investments in family firms. We find that perceived benefits and drawbacks of private equity investments are influenced by business and family characteristics. Based on pecking-order theory, resource-based view and the strategy paradigm, propositions as well as a conceptual framework are developed.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2008-12
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
- Thema
-
private equity
minority investments
family firms
financing
managerial resources
Familienunternehmen
Kapitalbeteiligung
Private Equity
Kapitalbeteiligungsgesellschaft
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Achleitner, Ann-Kristin
Schraml, Stephanie
Tappeiner, Florian
- Ereignis
-
Veröffentlichung
- (wer)
-
Technische Universität München, Center for Entrepreneurial and Financial Studies (CEFS)
- (wo)
-
München
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Achleitner, Ann-Kristin
- Schraml, Stephanie
- Tappeiner, Florian
- Technische Universität München, Center for Entrepreneurial and Financial Studies (CEFS)
Entstanden
- 2008
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