We investigate the manifold posed question: To what extent does investment in human and social capital, besides the effect of talent, enhance entrepreneurial performance? We distinguish between three different performance measures: survival, profits, and generated employment. On the basis of the...

Germany is known for its family-owned businesses that transfer ownership across generations. However, business owners in Germany increasingly envision selling their business beyond the family, which fundamentally changes the institutionalized way private ownership of businesses is transferred....