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Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms

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  • M. Scholes
  • Mike Wright
  • Paul Westhead
  • Andrew Burrows
  • Hans Bruining

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  • M. Scholes & Mike Wright & Paul Westhead & Andrew Burrows & Hans Bruining, 2007. "Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms," Small Business Economics, Springer, vol. 29(3), pages 329-349, October.
    • Handle: RePEc:kap:sbusec:v:29:y:2007:i:3:p:329-349
    DOI: 10.1007/s11187-006-9024-z
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    References listed on IDEAS

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    6. Charlie Weir & David Laing & Mike Wright, 2005. "Incentive Effects, Monitoring Mechanisms and the Market for Corporate Control: An Analysis of the Factors Affecting Public to Private Transactions in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(5‐6), pages 909-943, June.
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    15. Paul Westhead & Deniz Ucbasaran & Mike Wright, 2003. "Differences Between Private Firms Owned by Novice, Serial and Portfolio Entrepreneurs: Implications for Policy Makers and Practitioners," Regional Studies, Taylor & Francis Journals, vol. 37(2), pages 187-200.
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    18. Paul Westhead & Deniz Ucbasaran & Mike Wright & Martin Binks, 2005. "Novice, Serial and Portfolio Entrepreneur Behaviour and Contributions," Small Business Economics, Springer, vol. 25(2), pages 109-132, September.
    19. Leenders, Mark & Waarts, Eric, 2003. "Competitiveness and Evolution of Family Businesses:: The Role of Family and Business Orientation," European Management Journal, Elsevier, vol. 21(6), pages 686-697, December.
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    24. Charlie Weir & David Laing & Mike Wright, 2005. "Incentive Effects, Monitoring Mechanisms and the Market for Corporate Control: An Analysis of the Factors Affecting Public to Private Transactions in the UK," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(5-6), pages 909-943.
    25. Thompson, Steve & Wright, Mike, 1995. "Corporate Governance: The Role of Restructuring Transactions," Economic Journal, Royal Economic Society, vol. 105(430), pages 690-703, May.
    26. Igor Filatotchev & Mike Wright (ed.), 2005. "The Life Cycle of Corporate Governance," Books, Edward Elgar Publishing, number 3718.
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    29. Morris, Michael H. & Williams, Roy O. & Allen, Jeffrey A. & Avila, Ramon A., 1997. "Correlates of success in family business transitions," Journal of Business Venturing, Elsevier, vol. 12(5), pages 385-401, September.
    30. Randall Morck & Bernard Yeung, 2003. "Agency Problems in Large Family Business Groups," Entrepreneurship Theory and Practice, , vol. 27(4), pages 367-382, October.
    31. H. Short & K. Keasey & A. Hull & M. Wright, 1998. "Corporate Governance, Accountability and Enterprise," Corporate Governance: An International Review, Wiley Blackwell, vol. 6(3), pages 151-165, July.
    32. Paul Westhead & Marc Cowling, 1998. "Family Firm Research: The Need for a Methodological Rethink," Entrepreneurship Theory and Practice, , vol. 23(1), pages 31-56, October.
    33. William S. Schulze & Michael H. Lubatkin & Richard N. Dino & Ann K. Buchholtz, 2001. "Agency Relationships in Family Firms: Theory and Evidence," Organization Science, INFORMS, vol. 12(2), pages 99-116, April.
    34. Ken Robbie & Mike Wright, 1995. "Managerial And Ownership Succession And Corporate Restructuring: The Case Of Management Buy‐Ins," Journal of Management Studies, Wiley Blackwell, vol. 32(4), pages 527-549, July.
    35. Pramodita Sharma & P. Gregory Irving, 2005. "Four Bases of Family Business Successor Commitment: Antecedents and Consequences," Entrepreneurship Theory and Practice, , vol. 29(1), pages 13-33, January.
    36. Michael Lubatkin & William S. Schulze & Richard N. Dino, 2002. "Altruism, Agency and the Competitiveness of Family Firms," Post-Print hal-02311705, HAL.
    37. Randoy, Trond & Goel, Sanjay, 2003. "Ownership structure, founder leadership, and performance in Norwegian SMEs: implications for financing entrepreneurial opportunities," Journal of Business Venturing, Elsevier, vol. 18(5), pages 619-637, September.
    38. Deniz Ucbasaran & Andy Lockett & Mike Wright & Paul Westhead, 2003. "Entrepreneurial Founder Teams: Factors Associated with Member Entry and Exit," Entrepreneurship Theory and Practice, , vol. 28(2), pages 107-128, March.
    39. Svenn Lindskold & Brian Betz & Pamela S. Walters, 1986. "Transforming Competitive or Cooperative Climates," Journal of Conflict Resolution, Peace Science Society (International), vol. 30(1), pages 99-114, March.
    40. Sharma, Pramodita & Chrisman, James J. & Chua, Jess H., 2003. "Predictors of satisfaction with the succession process in family firms," Journal of Business Venturing, Elsevier, vol. 18(5), pages 667-687, September.
    41. Jonathan D. Arthurs & Lowell W. Busenitz, 2003. "The Boundaries and Limitations of Agency Theory and Stewardship Theory in the Venture Capitalist/Entrepreneur Relationship," Entrepreneurship Theory and Practice, , vol. 28(2), pages 145-162, March.
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    Cited by:

    1. Lorraine Uhlaner & Mike Wright & Morten Huse, 2007. "Private Firms and Corporate Governance: An Integrated Economic and Management Perspective," Small Business Economics, Springer, vol. 29(3), pages 225-241, October.
    2. Aurélie Sannajust & Alexander Groh, 2023. "Pioneering management buy-out and entrepreneurial finance research: Mike Wright’s research legacy," Small Business Economics, Springer, vol. 60(1), pages 1-35, January.
    3. Wennberg, Karl & Wiklund, Johan & Hellerstedt, Karin & Nordqvist, Mattias, 2011. "Implications of Intra-Family and External Ownership Transfer Of Family Firms: Short Term and Long Term Performance," Ratio Working Papers 172, The Ratio Institute.
    4. Florian Kreer & René Mauer & Steffen Strese & Malte Brettel, 2018. "On private equity exits of family firms in the German Mittelstand," Journal of Business Economics, Springer, vol. 88(3), pages 503-529, May.
    5. Claire Seaman & Ronald McQuaid & Mike Pearson, 2017. "Social networking in family businesses in a local economy," Local Economy, London South Bank University, vol. 32(5), pages 451-466, August.
    6. Dunne, Timothy C. & Clark, Brent B. & Berns, John P. & McDowell, William C., 2019. "The technology bias in entrepreneur-investor negotiations," Journal of Business Research, Elsevier, vol. 105(C), pages 258-269.
    7. Mattias Nordqvist & Karl Wennberg & Massimo Bau’ & Karin Hellerstedt, 2013. "An entrepreneurial process perspective on succession in family firms," Small Business Economics, Springer, vol. 40(4), pages 1087-1122, May.
    8. Wolter, Hans-Jürgen, 2010. "Informationsasymmetrien in der familienexternen Nachfolge und ihre Überwindung," IfM-Materialien 191, Institut für Mittelstandsforschung (IfM) Bonn.
    9. Nguyen, Pascal & Rahman, Nahid & Zhao, Ruoyun, 2013. "Ownership structure and divestiture decisions: Evidence from Australian firms," International Review of Financial Analysis, Elsevier, vol. 30(C), pages 170-181.
    10. Shikha Bhardwaj & Sumedha Chauhan & Parul Gupta, 2023. "CEO Succession in Family Firm: An Integrated Framework and Future Research Insights," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 32(3), pages 667-699, November.
    11. Ahlers, Oliver & Hack, Andreas & Kellermanns, Franz W., 2014. "“Stepping into the buyers’ shoes”: Looking at the value of family firms through the eyes of private equity investors," Journal of Family Business Strategy, Elsevier, vol. 5(4), pages 384-396.
    12. Erich Battistin & Paolo Bortoluzzi & Fabio Buttignon & Marco Vedovato, 2017. "Minority and majority private equity investments: firm performance and governance," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(3), pages 659-684, September.
    13. Kevin Amess & Mike Wright, 2012. "Leveraged buyouts, private equity and jobs," Small Business Economics, Springer, vol. 38(4), pages 419-430, May.
    14. Felix K. Thiele, 2017. "Family businesses and non-family equity: literature review and avenues for future research," Management Review Quarterly, Springer, vol. 67(1), pages 31-63, February.
    15. Nick Bacon & Mike Wright & Miguel Meuleman & Louise Scholes, 2012. "The Impact of Private Equity on Management Practices in European Buy-outs: Short-termism, Anglo-Saxon, or Host Country Effects?," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 51, pages 605-626, April.
    16. Rajiv Agarwal & Arya Kumar & Keith D'Souza, 2016. "Issues in Career Choices of Successors in Family Businesses: Perspective from Literature Review," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(1), pages 1-19, February.
    17. Schickinger, Antonia & Leitterstorf, Max P. & Kammerlander, Nadine, 2018. "Private equity and family firms: A systematic review and categorization of the field," Journal of Family Business Strategy, Elsevier, vol. 9(4), pages 268-292.
    18. Ezekiel Jide Fayomi & Ziska Fields & Kayode Kingsley Arogundade & Olusegun Matthew Awotunde & Christianah Olubunmi Ijamusan & Temitope Teniola Onileowo, 2019. "Evaluation of Owners’ Characteristics and Succession Practice among Small and Medium Size Manufacturing Enterprises in Ekiti State, Nigeria," Journal of Economics and Behavioral Studies, AMH International, vol. 11(3), pages 84-96.
    19. Dehlen, Tobias & Zellweger, Thomas & Kammerlander, Nadine & Halter, Frank, 2014. "The role of information asymmetry in the choice of entrepreneurial exit routes," Journal of Business Venturing, Elsevier, vol. 29(2), pages 193-209.
    20. Aleš Kubíček & Ondřej Machek, 2019. "Gender-related factors in family business succession: a systematic literature review," Review of Managerial Science, Springer, vol. 13(5), pages 963-1002, November.
    21. Grundström, Christina & Öberg, Christina & Öhrwall Rönnbäck, Anna, 2012. "Family-owned manufacturing SMEs and innovativeness: A comparison between within-family successions and external takeovers," Journal of Family Business Strategy, Elsevier, vol. 3(3), pages 162-173.
    22. Chrisman, James J. & Chua, Jess H. & Steier, Lloyd P. & Wright, Mike & McKee, D’Lisa N., 2012. "An agency theoretic analysis of value creation through management buy-outs of family firms," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 197-206.

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    More about this item

    Keywords

    family firms; succession; management buy-out; information asymmetry negotiation behaviour; corporate governance; L26;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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