Articlegreen2011

Implications of intra‐family and external ownership transfer of family firms: short‐term and long‐term performance differences

Karl J. Wennberg · Johan Wiklund · Karin Maria Kristina Hellerstedt · Mattias Nordqvist

176 citations0/0 files storedStrategic Entrepreneurship Journal

No readable copy stored yet — this record is metadata only.

Family Business Performance and Succession Corporate Finance and Governance Entrepreneurship Studies and Influences

Abstract

Abstract We contrast the performance consequences of intra‐family versus external ownership transfers. Investigating a sample of all private family firms in Sweden that went through ownership transfers during 10 years, we find that firms transferred to external owners outperform those transferred within the family, but that survival is higher among intra‐family transfers. We attribute these performance differences to the long‐term orientation of family firms passed on to the next generation and to the entrepreneurial willingness of acquirers to bear uncertainty. Based on distinct ownership transition routes and theoretical mechanisms explaining performance differences, we outline implications for family business and entrepreneurship research. Copyright © 2011 Strategic Management Society.

Citations in this library

Stored only when both papers are in the corpus — 176 citations exist upstream.

References

1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism 1981Credit Rationing in Markets with Imperfect Information 1996Prospering in Dynamically-Competitive Environments: Organizational Capability as Knowledge Integration 2000A Resource-Based Perspective on Information Technology Capability and Firm Performance: An Empirical Investigation1 2007Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills 1987Managerial Perspectives on Risk and Risk Taking 1999Defining the Family Business by Behavior 2011Contextualizing Entrepreneurship—Conceptual Challenges and Ways Forward

Cited by

2013Untangling the relationships among growth, profitability and survival in new firms 2017Living and Dying: Synthesizing the Literature on Firm Survival and Failure across Stages of Development 2014Family Business Performance from a Governance Perspective: A Review of Empirical Research 2014Regional Influence on the Prevalence of Family versus Non-Family Start-ups 2012The role of information asymmetry in the choice of entrepreneurial exit routes

Imported from OpenAlex (CC0) — nothing here is generated.