EconPapers    
Economics at your fingertips  
 

Family businesses and non-family equity: literature review and avenues for future research

Felix K. Thiele ()
Additional contact information
Felix K. Thiele: Leuphana University of Lüneburg

Management Review Quarterly, 2017, vol. 67, issue 1, 31-63

Abstract: Abstract Family firms commonly prefer internal funding and retention of control. Under certain circumstances, however, equity investments from outside the family can be a relevant alternative source of capital. To facilitate further knowledge about the interaction of family-owned businesses and external equity investors, the present work reviews 42 studies and suggests possible directions for future research. Results reveal that extant studies focus mainly on five key areas—corporate finance, contract design and collaboration, succession and exit route, strategy and performance, and corporate governance. Moreover, the paper discusses various gaps in the extant work and presents three opportunities for future research in a detailed manner. These include a comparison of different types of investors in the context of family-owned businesses, an investigation of minority investor exits from family firms, and an analysis of the impact of investors on family firm boards. All in all, the findings can guide the future development of this emerging field of research and have implications for theory and practice.

Keywords: Family firms; Family investors; Private equity; Capital structure; Literature review (search for similar items in EconPapers)
JEL-codes: G32 G34 G39 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://link.springer.com/10.1007/s11301-017-0123-5 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:manrev:v:67:y:2017:i:1:d:10.1007_s11301-017-0123-5

Ordering information: This journal article can be ordered from
http://www.springer.com/journal/11301

Access Statistics for this article

Management Review Quarterly is currently edited by Thomas Reutterer, Jonas F. Puck, Engelbert Dockner and Anne d'Arcy

More articles in Management Review Quarterly from Springer
Bibliographic data for series maintained by Sonal Shukla ().

 
Page updated 2019-04-09
Handle: RePEc:spr:manrev:v:67:y:2017:i:1:d:10.1007_s11301-017-0123-5