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Immenkötter, P., Lehmann, K. Inhaberkontrollierte Unternehmen: Robust durch die letzte Dekade. ZfKE – Zeitschrift für KMU und Entrepreneurship, 70(1), 51-60. https://doi.org/10.3790/zfke.70.1.51
Immenkötter, Philipp and Lehmann, Kai "Inhaberkontrollierte Unternehmen: Robust durch die letzte Dekade" ZfKE – Zeitschrift für KMU und Entrepreneurship 70.1, 2022, 51-60. https://doi.org/10.3790/zfke.70.1.51
Immenkötter, Philipp/Lehmann, Kai (2022): Inhaberkontrollierte Unternehmen: Robust durch die letzte Dekade, in: ZfKE – Zeitschrift für KMU und Entrepreneurship, vol. 70, iss. 1, 51-60, [online] https://doi.org/10.3790/zfke.70.1.51
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Inhaberkontrollierte Unternehmen: Robust durch die letzte Dekade

Immenkötter, Philipp | Lehmann, Kai

ZfKE – Zeitschrift für KMU und Entrepreneurship, Vol. 70 (2022), Iss. 1 : pp. 51–60

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/zfke.70.1.51
Language
German
Pages
10

Pricing

Individual
€ 24.00 (incl. local VAT if applicable)

Author Details

Dr. Philipp Immenkötter, Flossbach von Storch Research Institute, Ottoplatz 1, 50679 Köln, Deutschland.

Dr. Kai Lehmann, Flossbach von Storch AG, Ottoplatz 1, 50679 Köln, Deutschland

References

  1. Anderson, R., Mansi, S. und Reeb, D. (2003): Founding family ownership and the agency cost of debt, in: Journal of Financial Economics, 68(2), 263–285.  Google Scholar
  2. Andres, C. (2008): Large shareholders and firm performance–An empirical examination of founding-family ownership, in: Journal of Corporate Finance, 14(4), 431–445.  Google Scholar
  3. Demsetz, H. (1983): The structure of ownership and the theory of the firm, in: The Journal of Law & Economics, 26(2), 375–390.  Google Scholar
  4. Demsetz, H. und Lehn, K. (1985): The Structure of corporate ownership: Causes and Consequences, in: Journal of Political Economy, 93(6), 1155–1177.  Google Scholar
  5. Fama, E. und Jensen, M. (1983): Separation of ownership and control, in: The Journal of Law & Economics, 26(2), 301–325.  Google Scholar
  6. Hiller, D. und McColgan, P. (2008): An analysis of majority owner-managed companies in the UK, in: Accounting & Finance, 48(4), 603–623.  Google Scholar
  7. Hoopes, D. und Miller, D. (2006): Ownership Preferences, Competitive Heterogeneity, and Family-Controlled Businesses, in: Family Business Review, 19(2), 89–101.  Google Scholar
  8. Immenkötter, P. und Lehmann, K. (2019): Der Schlüssel zu Skin in the Game, Flossbach von Storch Research Institute, Köln, Deutschland, [https://www.flossbachvonstorch-researchinstitute.com/de/studien/der-schluessel-zu-skin-in-the-game/], abgerufen am 17.01.2022.  Google Scholar
  9. James, H. (1999): Owner as Manager, Extended Horizons and the Family Firm, in: International Journal of the Economics of Business, 6(1), 41–55.  Google Scholar
  10. Jensen, M. (1994): Selt Interest, Altruism, Incentives, and Agency Theory, in Journal of Applied Corporate Finance, 7(2), 40–45.  Google Scholar
  11. Jensen, M. und Meckling, W. (1976): Theory of the firm. Managerial behavior, agency costs, and ownership structure, in: Journal of Financial Economics, 3(4), 305–360.  Google Scholar
  12. Maury, B. (2006): Family ownership and firm performance: Empirical evidence from Western European corporations, in: Journal of Corporate Finance, 12(4), 321–341.  Google Scholar
  13. Sageder, M., Mitter, C. und Feldbauer-Durstmüller, B. (2018): Image and reputation of family firms: a systematic literature review of the state of research, in: Review of Managerial Science, 12, 335–377.  Google Scholar
  14. Schulze, W., Lubatkin, M., Dino, R. und Buchholtz, A. (2001): Agency Relationships in Family Firms: Theory and Evidence, in Organizational Science, 12(2), 99–116.  Google Scholar
  15. Villalonga, B. und Amit, R. (2006): How do family ownership, control and management affect firm value?, in: Journal of Financial Economics, 80(2), 385–417.  Google Scholar
  16. Wagner, D., Block, J., Miller, D., Schwens, C. und Xi, G. (2015): A meta-analysis of the financial performance of family firms: Another attempt, in: Journal of Family Business Strategy, 6(1), 3–13.  Google Scholar
  17. Anderson, R., Mansi, S. und Reeb, D. (2003): Founding family ownership and the agency cost of debt, in: Journal of Financial Economics, 68(2), 263–285.  Google Scholar
  18. Andres, C. (2008): Large shareholders and firm performance–An empirical examination of founding-family ownership, in: Journal of Corporate Finance, 14(4), 431–445.  Google Scholar
  19. Demsetz, H. (1983): The structure of ownership and the theory of the firm, in: The Journal of Law & Economics, 26(2), 375–390.  Google Scholar
  20. Demsetz, H. und Lehn, K. (1985): The Structure of corporate ownership: Causes and Consequences, in: Journal of Political Economy, 93(6), 1155–1177.  Google Scholar
  21. Fama, E. und Jensen, M. (1983): Separation of ownership and control, in: The Journal of Law & Economics, 26(2), 301–325.  Google Scholar
  22. Hiller, D. und McColgan, P. (2008): An analysis of majority owner-managed companies in the UK, in: Accounting & Finance, 48(4), 603–623.  Google Scholar
  23. Hoopes, D. und Miller, D. (2006): Ownership Preferences, Competitive Heterogeneity, and Family-Controlled Businesses, in: Family Business Review, 19(2), 89–101.  Google Scholar
  24. Immenkötter, P. und Lehmann, K. (2019): Der Schlüssel zu Skin in the Game, Flossbach von Storch Research Institute, Köln, Deutschland, [https://www.flossbachvonstorch-researchinstitute.com/de/studien/der-schluessel-zu-skin-in-the-game/], abgerufen am 17.01.2022.  Google Scholar
  25. James, H. (1999): Owner as Manager, Extended Horizons and the Family Firm, in: International Journal of the Economics of Business, 6(1), 41–55.  Google Scholar
  26. Jensen, M. (1994): Selt Interest, Altruism, Incentives, and Agency Theory, in Journal of Applied Corporate Finance, 7(2), 40–45.  Google Scholar
  27. Jensen, M. und Meckling, W. (1976): Theory of the firm. Managerial behavior, agency costs, and ownership structure, in: Journal of Financial Economics, 3(4), 305–360.  Google Scholar
  28. Maury, B. (2006): Family ownership and firm performance: Empirical evidence from Western European corporations, in: Journal of Corporate Finance, 12(4), 321–341.  Google Scholar
  29. Sageder, M., Mitter, C. und Feldbauer-Durstmüller, B. (2018): Image and reputation of family firms: a systematic literature review of the state of research, in: Review of Managerial Science, 12, 335–377.  Google Scholar
  30. Schulze, W., Lubatkin, M., Dino, R. und Buchholtz, A. (2001): Agency Relationships in Family Firms: Theory and Evidence, in Organizational Science, 12(2), 99–116.  Google Scholar
  31. Villalonga, B. und Amit, R. (2006): How do family ownership, control and management affect firm value?, in: Journal of Financial Economics, 80(2), 385–417.  Google Scholar
  32. Wagner, D., Block, J., Miller, D., Schwens, C. und Xi, G. (2015): A meta-analysis of the financial performance of family firms: Another attempt, in: Journal of Family Business Strategy, 6(1), 3–13.  Google Scholar

Abstract

Owner-controlled companies: Robust through the last decade

Profitability, low financial risk, and efficient capital allocation are the distinctive characteristics of owner-controlled companies. In the last decade, they have generated an annual excess return of 3.2 % compared to a peer group of listed companies. The reasons for this beneficial development are to be found in the strategic vision and motivation of the owners, which favour a long-term and economically sustainable strategy and outweigh the disadvantages of power concentration and family ties.

Table of Contents

Section Title Page Action Price
Philipp Immenkötter / Kai Lehmann: Inhaberkontrollierte Unternehmen: Robust durch die letzte Dekade 1
Zusammenfassung 1
Abstract 1
I. Hintergrund und Erkenntnisgewinn 2
II. Datenbasis 3
III. Profitabilität: Margen und Kapitalrenditen 3
IV. Solvenz: Gearing, Zinsdeckung, Pensionslasten 5
V. Kapitalmarktperformance 7
VI. Fazit 8
Literatur 9

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