作为家族企业资产的利益相关者关系 - PE 投资后变化对业绩的影响

IF 2 4区管理学 Q3 MANAGEMENT

Scandinavian Journal of Management Pub Date : 2024-03-01 DOI:10.1016/j.scaman.2024.101329

Julia A. Pöll , Alexandra Bertschi-Michel , Andreas Hack , Oliver Ahlers , Mike Wright

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引用次数: 0

摘要

我们以工具性利益相关者理论为基础，旨在加深学术界对利益相关者关系的变化如何影响私募股权（PE）家族企业收购在持有期间的收购绩效结果的理解。我们以 134 个私募股权支持的家族企业收购为样本，发现有证据表明，在持有期间减少社会参与会降低中期绩效，而终止现有供应商关系则会对中期绩效产生积极影响。此外，我们的数据还表明，在私募股权交易之前，家族所有权水平的提高会对减少社会参与和裁减员工产生负面影响。

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Stakeholder relations as an asset in family firms – Performance effects of changes after PE investment

By building upon instrumental stakeholder theory, we aim to increase academic understanding of how changes in stakeholder relations affect acquisition performance outcomes in a private equity (PE) family firm buyout, during the holding period. With our sample of 134 PE-backed family firm buyouts, we find evidence to suggest that reducing social engagement during the holding period decreases medium-term performance, whereas the termination of existing supplier relationships affects this positively. Moreover, our data suggests that effects concerning the reduction of social engagement and employee downsizing are negatively moderated by increased levels of family ownership prior to the PE deal.

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来源期刊

Scandinavian Journal of Management MANAGEMENT-

CiteScore

4.00

自引率

10.00%

发文量

审稿时长

71 days

期刊介绍： The Scandinavian Journal of Management (SJM) provides an international forum for innovative and carefully crafted research on different aspects of management. We promote dialogue and new thinking around theory and practice, based on conceptual creativity, reasoned reflexivity and contextual awareness. We have a passion for empirical inquiry. We promote constructive dialogue among researchers as well as between researchers and practitioners. We encourage new approaches to the study of management and we aim to foster new thinking around management theory and practice. We publish original empirical and theoretical material, which contributes to understanding management in private and public organizations. Full-length articles and book reviews form the core of the journal, but focused discussion-type texts (around 3.000-5.000 words), empirically or theoretically oriented, can also be considered for publication. The Scandinavian Journal of Management is open to different research approaches in terms of methodology and epistemology. We are open to different fields of management application, but narrow technical discussions relevant only to specific sub-fields will not be given priority.