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Capital structure decisions in family firms: empirical evidence from a bank-based economy

Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009

This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...

Persistent link: https://www.econbiz.de/10010305690

Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?

Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - 2010

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders … are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in … family and non-family controlling shareholders and tensions within the founding family are important determinants of payout …

Persistent link: https://www.econbiz.de/10010305703

Loss of control vs. risk reduction: decision factors for hiring non-family CFOs in family firms

Lutz, Eva; Schraml, Stephanie; Achleitner, Ann-Kristin - 2010

Objectives: We examine decision factors of family firm owners for hiring a non-family Chief Financial Officer (CFO). We explore the perceptions of family firm owners towards external managers by analyzing how their family-specific and company-specific goals relate to the employment of a...

Persistent link: https://www.econbiz.de/10010305711

DAXplus family: Ein Aktienindex zur Darstellung der Performance von Familienunternehmen

Achleitner, Ann-Kristin; Kaserer, Christoph; Kauf, Tobias; … - 2010

In January 2010 the Deutsche Börse Group introduced two family firm stock indices. Both indices are calculated as price and performance indices and extend the number of investment strategy indices of Deutsche Börse Group. The DAXplus Family is an all-share index whereas the DAXplus Family 30...

Persistent link: https://www.econbiz.de/10010305712

Private equity minority investments in large family firms: what influences the attitude of family firm owners?

Achleitner, Ann-Kristin; Schraml, Stephanie; Tappeiner, … - 2008

This paper extends research in the field of private equity investments in family firms. It contributes to the literature by fundamentally analyzing the decision criteria of family firm owners for using minority investments of private equity investors. This type of financing might be of great...

Persistent link: https://www.econbiz.de/10010305713

Goal structures in family firms: empirical evidence on the relationship between firm and family goals

Achleitner, Ann-Kristin; Braun, Reiner; Schraml, Stephanie - 2009

Goal structures in family firms seems of particular interest to the field as the overall orientation and the objectives of family firms are determined in an area of potential conflict between the two subsystems of firm and family. We asked shareholders of German family firms to rate the...

Persistent link: https://www.econbiz.de/10010305727

Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights

Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009

We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...

Persistent link: https://www.econbiz.de/10010305733

Das INTES-Handbuch Familienunternehmen

May, Peter (contributor); … - 2008 - 1. Aufl.

Persistent link: https://www.econbiz.de/10003635030

Private equity minority investments in large family firms : what influences the attitude of family firm owners?

Achleitner, Ann-Kristin (contributor); … - 2008

Persistent link: https://www.econbiz.de/10003783769

Finanzverantwortliche in Familienunternehmen

Achleitner, Ann-Kristin; Schraml, Stephanie C.; Böhm, … - In: Familienunternehmen in Recht, Wirtschaft, Politik und …, (pp. 249-263). 2010

Persistent link: https://www.econbiz.de/10003904580