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Family Firms and Private Equity : A Collection of Essays on Value Creation, Negotiation, and Soft Factors.

By: Ahlers, Oliver.
Material type: TextTextSeries: eBooks on Demand.Familienunternehmen und KMU: Publisher: Wiesbaden : Gabler, 2014Copyright date: ©2014Edition: 1st ed.Description: 1 online resource (253 pages).Content type: text Media type: computer Carrier type: online resourceISBN: 9783658040949.Subject(s): Family-owned business enterprises -- Finance | Family-owned business enterprises | Private equityGenre/Form: Electronic books.Additional physical formats: Print version:: Family Firms and Private Equity : A Collection of Essays on Value Creation, Negotiation, and Soft FactorsDDC classification: 650 Online resources: Click here to view this ebook.
Contents:
Foreword -- Preface -- Contents -- Figures1 -- Tables2 -- Abbreviations -- 1 Introduction -- 1.1 Relevance and background -- 1.2 Basic terms -- 1.2.1 Family firms -- 1.2.2 Private equity firms -- 1.2.3 Buyouts -- 1.2.4 Investment process -- 1.3 Literature review -- 1.3.1 Methodology -- 1.3.2 Key findings -- 1.4 Research questions of this thesis -- 1.5 Thesis overview and main contributions -- 2 Research approach -- 2.1 Theoretical framework -- 2.1.1 Socioemotional wealth -- 2.1.2 Real options analysis -- 2.1.3 Bargaining power -- 2.1.4 Commitment-trust theory -- 2.2 Data collection and sample description -- 2.3 Methodology -- 2.4 Conclusion -- 3 Stepping into the buyer's shoes: Looking at the value of family firms through the eyes of private equity20 -- 3.1 Introduction -- 3.2 Theoretical background -- 3.2.1 Private equity & family firms -- 3.2.2 Real options analysis -- 3.3 Family firm value -- 3.3.1 Non-family options -- 3.3.2 Family options at risk -- 3.3.3 Mitigation measures -- 3.4 Discussion -- 3.5 Limitations and future research -- 4 Opening the black box: Power in buyout negotiations and the moderating role of private equity specialization21 -- 4.1 Introduction -- 4.2 Theoretical background: power in negotiations22 -- 4.3 Derivation of hypotheses -- 4.3.1 Bidder competition -- 4.3.2 Expertise advantage -- 4.3.3 Sellers' time pressure -- 4.3.4 Private equity firm specialization and moderation -- 4.4 Research design -- 4.4.1 Sample -- 4.4.2 Model and measures -- 4.5 Data analysis and results -- 4.6 Discussion and conclusion -- 4.7 Limitations and guidance for future research -- 5 Bargaining power in family firm buyouts: Does family influence make a difference? -- 5.1 Introduction -- 5.2 Theoretical background -- 5.2.1 Private equity, family firms, and SEW -- 5.3 Derivation of hypotheses27 -- 5.3.1 Sources of bargaining power.
5.3.2 Family firms and moderation effects -- 5.4 Research design29 -- 5.4.1 Sample -- 5.4.2 Model and measures30 -- 5.5 Data analysis and results -- 5.6 Discussion and conclusion -- 5.7 Limitations and guidance for future research -- 6 Seller's affective deal commitment - Buyout transactions as courtship31 -- 6.1 Introduction -- 6.2 Theoretical background -- 6.2.1 Private equity -- 6.2.2 Courtship -- 6.2.3 Commitment -- 6.3 Derivation of hypotheses -- 6.3.1 Trust -- 6.3.2 Goal congruence -- 6.3.3 PE reputation -- 6.3.4 Family firms and moderation effects -- 6.4 Research design -- 6.4.1 Sample -- 6.4.2 Model and measures -- 6.5 Data analysis and results -- 6.6 Discussion and conclusion -- 6.7 Limitations and guidance for future research -- 7 Conclusion -- 7.1 Thesis summary -- 7.2 Theoretical implications -- 7.3 Practical implications -- 7.4 Limitations & avenues for future research -- 8 Appendix -- 9 References.
Summary: Family firms are of particular importance for many economies. We know little about family firm buyouts and how they are different from non-family firm buyouts. Oliver Ahlers investigates this under-researched topic. After a comprehensive literature review on family firm buyouts, the focus of his book is on the key steps of the investment process such as family firm valuation and negotiations between PE investors and family sellers. Additionally, it is investigated how "soft factors" such as trust, reputation or commitment could play an important role when PE and family firms interact. Throughout the book, differences between family and non-family firm buyouts are highlighted.
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Item type Current location Call number URL Status Date due Barcode
Electronic Book UT Tyler Online
Online
HF4999.2-6182 (Browse shelf) https://ebookcentral.proquest.com/lib/uttyler/detail.action?docID=1783422 Available EBC1783422

Foreword -- Preface -- Contents -- Figures1 -- Tables2 -- Abbreviations -- 1 Introduction -- 1.1 Relevance and background -- 1.2 Basic terms -- 1.2.1 Family firms -- 1.2.2 Private equity firms -- 1.2.3 Buyouts -- 1.2.4 Investment process -- 1.3 Literature review -- 1.3.1 Methodology -- 1.3.2 Key findings -- 1.4 Research questions of this thesis -- 1.5 Thesis overview and main contributions -- 2 Research approach -- 2.1 Theoretical framework -- 2.1.1 Socioemotional wealth -- 2.1.2 Real options analysis -- 2.1.3 Bargaining power -- 2.1.4 Commitment-trust theory -- 2.2 Data collection and sample description -- 2.3 Methodology -- 2.4 Conclusion -- 3 Stepping into the buyer's shoes: Looking at the value of family firms through the eyes of private equity20 -- 3.1 Introduction -- 3.2 Theoretical background -- 3.2.1 Private equity & family firms -- 3.2.2 Real options analysis -- 3.3 Family firm value -- 3.3.1 Non-family options -- 3.3.2 Family options at risk -- 3.3.3 Mitigation measures -- 3.4 Discussion -- 3.5 Limitations and future research -- 4 Opening the black box: Power in buyout negotiations and the moderating role of private equity specialization21 -- 4.1 Introduction -- 4.2 Theoretical background: power in negotiations22 -- 4.3 Derivation of hypotheses -- 4.3.1 Bidder competition -- 4.3.2 Expertise advantage -- 4.3.3 Sellers' time pressure -- 4.3.4 Private equity firm specialization and moderation -- 4.4 Research design -- 4.4.1 Sample -- 4.4.2 Model and measures -- 4.5 Data analysis and results -- 4.6 Discussion and conclusion -- 4.7 Limitations and guidance for future research -- 5 Bargaining power in family firm buyouts: Does family influence make a difference? -- 5.1 Introduction -- 5.2 Theoretical background -- 5.2.1 Private equity, family firms, and SEW -- 5.3 Derivation of hypotheses27 -- 5.3.1 Sources of bargaining power.

5.3.2 Family firms and moderation effects -- 5.4 Research design29 -- 5.4.1 Sample -- 5.4.2 Model and measures30 -- 5.5 Data analysis and results -- 5.6 Discussion and conclusion -- 5.7 Limitations and guidance for future research -- 6 Seller's affective deal commitment - Buyout transactions as courtship31 -- 6.1 Introduction -- 6.2 Theoretical background -- 6.2.1 Private equity -- 6.2.2 Courtship -- 6.2.3 Commitment -- 6.3 Derivation of hypotheses -- 6.3.1 Trust -- 6.3.2 Goal congruence -- 6.3.3 PE reputation -- 6.3.4 Family firms and moderation effects -- 6.4 Research design -- 6.4.1 Sample -- 6.4.2 Model and measures -- 6.5 Data analysis and results -- 6.6 Discussion and conclusion -- 6.7 Limitations and guidance for future research -- 7 Conclusion -- 7.1 Thesis summary -- 7.2 Theoretical implications -- 7.3 Practical implications -- 7.4 Limitations & avenues for future research -- 8 Appendix -- 9 References.

Family firms are of particular importance for many economies. We know little about family firm buyouts and how they are different from non-family firm buyouts. Oliver Ahlers investigates this under-researched topic. After a comprehensive literature review on family firm buyouts, the focus of his book is on the key steps of the investment process such as family firm valuation and negotiations between PE investors and family sellers. Additionally, it is investigated how "soft factors" such as trust, reputation or commitment could play an important role when PE and family firms interact. Throughout the book, differences between family and non-family firm buyouts are highlighted.

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Author notes provided by Syndetics

<p>Dr. Oliver Ahlers wrote his dissertation under the supervision of Prof. Dr. Andreas Hack and Prof. Franz W. Kellermanns at the Institute for Family Businesses at WHU - Otto Beisheim School of Management, Vallendar.</p>

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