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Buyouts in Familienunternehmen – eine Herausforderung für Private Equity

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  2. Economics, Finance, Business & Management
  3. ZfKE – Zeitschrift für KMU und Entrepreneurship
  4. Vol. 61, Issue 1–2
  5. pp. 115–135

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Stubner, S., Wulf, T., Landau, C., Gietl, R. Buyouts in Familienunternehmen – eine Herausforderung für Private Equity. ZfKE – Zeitschrift für KMU und Entrepreneurship, 61(1–2), 115-135. https://doi.org/10.3790/zfke.61.1-2.115
Stubner, Stephan; Wulf, Torsten; Landau, Christian and Gietl, Robert "Buyouts in Familienunternehmen – eine Herausforderung für Private Equity" ZfKE – Zeitschrift für KMU und Entrepreneurship 61.1–2, 2013, 115-135. https://doi.org/10.3790/zfke.61.1-2.115
Stubner, Stephan/Wulf, Torsten/Landau, Christian/Gietl, Robert (2013): Buyouts in Familienunternehmen – eine Herausforderung für Private Equity, in: ZfKE – Zeitschrift für KMU und Entrepreneurship, vol. 61, iss. 1–2, 115-135, [online] https://doi.org/10.3790/zfke.61.1-2.115
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Buyouts in Familienunternehmen – eine Herausforderung für Private Equity

Stubner, Stephan | Wulf, Torsten | Landau, Christian | Gietl, Robert

ZfKE – Zeitschrift für KMU und Entrepreneurship, Vol. 61 (2013), Iss. 1–2 : pp. 115–135

2 Citations (CrossRef)

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/zfke.61.1-2.115
Language
German
Pages
21

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Author Details

Dr. Stephan Stubner, HHL Leipzig Graduate School of Management, Lehrstuhl für Strategisches Management und Organisation, Jahnallee 59, D-04109 Leipzig, Deutschland.

Prof. Dr. Torsten Wulf, Philipps-Universität Marburg, Lehrstuhl für Strategisches und Internationales Management, Universitätsstraße 24, D-35037 Marburg, Deutschland.

Prof. Dr. Christian Landau, EBS Universität für Wirtschaft und Recht, Rheingaustraße 1, D-65375 Oestrich-Winkel, Deutschland.

Dr. Robert Gietl, PEG GmbH, Rudolf-Diesel-Straße 6, D-85221 Dachau, Deutschland.

Cited By

  1. Family businesses and non-family equity: literature review and avenues for future research

    Thiele, Felix K.

    Management Review Quarterly, Vol. 67 (2017), Iss. 1 P.31

    https://doi.org/10.1007/s11301-017-0123-5 [Citations: 13]

  2. Private equity investors and family firms: The role of exit intentions and conflicts

    Prigge, Stefan | Thiele, Felix | Busse, Sven

    Corporate Ownership and Control, Vol. 15 (2018), Iss. 2 P.44

    https://doi.org/10.22495/cocv15i2art4 [Citations: 2]

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Abstract

Family firm succession via a sale to a private equity company has recently gained in importance throughout Europe. During the investment period, private equity companies typically try to increase the value of their portfolio company through active involvement in its management. Based on the resource based view and family systems theory we show that such a behavior will be unsuccessful if the portfolio company is a former family firm. We empirically test our hypotheses on a sample of 118 European family firm buyouts and find support for our argumentation. With our study we add to family firm succession research by highlighting that acquirers that are not able to utilize the specific resources and competencies of family firms will not be able to have a positive impact on its performance. We also add to the private equity literature as we show that private equity companies should take a differentiated approach for their value adding activities when they invest in a family firm.

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