The role of financial investors in successful family‐firm takeovers: A configurational approach

IF 3.4 3区 管理学 Q2 MANAGEMENT
Nadine Kammerlander, Elias Kurta, Anne Heider
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引用次数: 0

Abstract

Family firms increasingly opt for an external succession route and sell shares to financial investors. Yet, not all family‐firm takeovers by financial investors are financially successful. To date, however, we lack a nuanced understanding of the conditions under which financial investors' family‐firm takeovers will succeed financially. Our fsQCA study builds on 52 interviews to reveal the interplay of three typical levers that financial investors use (i.e., operational, strategic, and governance measures), the market situation, and investor type. We identify three distinct roles (i.e., incentivizers, optimizers, and adjacent investors) that financial investors take in successful family‐firm takeover cases. We situate our findings in the literature on resources and their orchestration to explain how investors create value in each of the identified paths, and we contribute to the literature on family‐firm succession and the interplay of family firms and financial investors.
金融投资者在家族企业成功收购中的作用:配置法
越来越多的家族企业选择外部继承途径,向财务投资者出售股份。然而,并非所有财务投资者对家族企业的收购在财务上都是成功的。然而,迄今为止,我们对财务投资者收购家族企业在财务上取得成功的条件还缺乏细致的了解。我们的 fsQCA 研究以 52 个访谈为基础,揭示了财务投资者使用的三个典型杠杆(即运营、战略和治理措施)、市场情况和投资者类型之间的相互作用。我们确定了财务投资者在成功的家族企业收购案例中扮演的三种不同角色(即激励者、优化者和相邻投资者)。我们将研究结果置于有关资源及其协调的文献中,以解释投资者如何在所确定的每种路径中创造价值,并为有关家族企业继承以及家族企业与财务投资者之间相互作用的文献做出贡献。
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来源期刊
CiteScore
7.20
自引率
13.50%
发文量
52
期刊介绍: The European Management Review is an international journal dedicated to advancing the understanding of management in private and public sector organizations through empirical investigation and theoretical analysis. The European Management Review provides an international forum for dialogue between researchers, thereby improving the understanding of the nature of management in different settings and promoting the transfer of research results to management practice. Although one of the European Management Review"s aims is to foster the general advancement of management scholarship among European scholars and/or those academics interested in European management issues.
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