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Blending personal and managerial capitalism: Bertelsmann's rise from medium-sized publisher to global media corporation and service provider, 1950-2010

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  • Hartmut Berghoff

Abstract

This article suggests that the distinction between family and managerial capitalism is not as clear as often assumed and presents empirical evidence for hybrid forms of governance. It is based on a case study of Europe's largest media company, Bertelsmann AG, which grew from a mid-sized firm into a large multinational after 1950. Family-led until 1981, Bertelsmann is still family-controlled today. The article analyses the structure of the family, the remodelling of ownership and controlling rights, the methods of financing, and the role of non-family managers. On all levels, creative solutions were found that overcame traditional forms of patriarchal family capitalism and introduced strong elements of managerial capitalism into a family business. Managers enjoyed considerable space for autonomous action providing they did not challenge the ground rules set by the family.

Suggested Citation

  • Hartmut Berghoff, 2013. "Blending personal and managerial capitalism: Bertelsmann's rise from medium-sized publisher to global media corporation and service provider, 1950-2010," Business History, Taylor & Francis Journals, vol. 55(6), pages 855-874, September.
    • Handle: RePEc:taf:bushst:v:55:y:2013:i:6:p:855-874
    DOI: 10.1080/00076791.2012.744584
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    Cited by:

    1. Martin R.W. Hiebl & Zhen Li, 2020. "Non-family managers in family firms: review, integrative framework and future research agenda," Review of Managerial Science, Springer, vol. 14(4), pages 763-807, August.
    2. Nikola Rosecká & Ondřej Machek, 2022. "Non-family members and conflict processes in family firms: a systematic review of literature," Journal of Business Economics, Springer, vol. 92(2), pages 235-281, February.

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