Ratio Working Papers
Implications of Intra-Family and External Ownership Transfer Of Family Firms: Short Term and Long Term Performance
(), Johan Wiklund
(), Karin Hellerstedt
() and Mattias Nordqvist
Abstract: We contrast the performance consequences of intra-family
vs. external ownership transfers. Investigating a sample of all private
family firms in Sweden that went through ownership transfers during ten
years, we find family firms transferred to external owners outperforming
those transferred within the family, but that survival is higher among
intra-family transfers. We attribute these performance differences to the
long-term orientation of family firms passed on to the next generation and
to the entrepreneurial willingness of acquirers to bear uncertainty. Based
on distinct ownership transition routes and theoretical mechanisms
explaining performance differences, we outline implications for family
business and entrepreneurship research.
Keywords: long-term orientation; succession; ownership transfer; family firms; performance; (follow links to similar papers)
JEL-Codes: L26; M13; (follow links to similar papers)
50 pages, August 17, 2011
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- This paper is forthcoming as:
Wennberg, Karl, Johan Wiklund, Karin Hellerstedt and Mattias Nordqvist, 'Implications of Intra-Family and External Ownership Transfer Of Family Firms: Short Term and Long Term Performance', Strategic Entrepreneurship Journal.
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