메뉴 건너뛰기




Volumn 5, Issue 4, 2011, Pages 352-372

Implications of intra-family and external ownership transfer of family firms: Short-term and long-term performance differences

Author keywords

Family firms; Long term orientation; Ownership transfer; Performance; Succession

Indexed keywords


EID: 84867616200     PISSN: 19324391     EISSN: 1932443X     Source Type: Journal    
DOI: 10.1002/sej.118     Document Type: Article
Times cited : (131)

References (85)
  • 1
    • 85005305538 scopus 로고
    • The market for 'lemons:' quality uncertainty and the market mechanism
    • Akerlof G. 1970. The market for 'lemons:' quality uncertainty and the market mechanism. Quarterly Journal of Economics 74(3): 488-500.
    • (1970) Quarterly Journal of Economics , vol.74 , Issue.3 , pp. 488-500
    • Akerlof, G.1
  • 2
    • 77649236639 scopus 로고    scopus 로고
    • Strategy in family business: toward a multidimensional research agenda
    • Astrachan JH. 2010. Strategy in family business: toward a multidimensional research agenda. Journal of Family Business Strategy 1(1): 6-14.
    • (2010) Journal of Family Business Strategy , vol.1 , Issue.1 , pp. 6-14
    • Astrachan, J.H.1
  • 3
    • 84883532035 scopus 로고
    • Transferring power in the family business
    • Barnes LB, Hershon SA. 1976. Transferring power in the family business. Harvard Business Review 54(4): 105-114.
    • (1976) Harvard Business Review , vol.54 , Issue.4 , pp. 105-114
    • Barnes, L.B.1    Hershon, S.A.2
  • 5
    • 84935412502 scopus 로고
    • A fresh look at the rotten kid theorem
    • Bergstrom TC. 1989. A fresh look at the rotten kid theorem. Journal of Political Economy 97: 1138-1159.
    • (1989) Journal of Political Economy , vol.97 , pp. 1138-1159
    • Bergstrom, T.C.1
  • 6
    • 0011557561 scopus 로고
    • The development of organization structure in the family firm
    • Bernard B. 1975. The development of organization structure in the family firm. Journal of General Management Fall: 42-60.
    • (1975) Journal of General Management Fall , pp. 42-60
    • Bernard, B.1
  • 9
    • 9744285772 scopus 로고    scopus 로고
    • A resource-based perspective on information technology capability and firm performance: an empirical investigation
    • Bharadwaj AS. 2000. A resource-based perspective on information technology capability and firm performance: an empirical investigation. MIS Quarterly 24(1): 169-196.
    • (2000) MIS Quarterly , vol.24 , Issue.1 , pp. 169-196
    • Bharadwaj, A.S.1
  • 10
    • 0141513673 scopus 로고    scopus 로고
    • A transaction cost rationale for transition of the firm within the family
    • Bjuggren PO, Sund L-G. 2002. A transaction cost rationale for transition of the firm within the family. Small Business Economics 19: 123-133.
    • (2002) Small Business Economics , vol.19 , pp. 123-133
    • Bjuggren, P.O.1    Sund, L.-G.2
  • 11
    • 37249060605 scopus 로고    scopus 로고
    • Measuring and explaining management practices across firms and countries
    • Bloom N, Van Reenen J. 2007. Measuring and explaining management practices across firms and countries. Quarterly Journal of Economics 122: 1351-1408.
    • (2007) Quarterly Journal of Economics , vol.122 , pp. 1351-1408
    • Bloom, N.1    Van Reenen, J.2
  • 14
    • 0000403001 scopus 로고    scopus 로고
    • The long-term performance of horizontal acquisitions
    • Capron L. 1999. The long-term performance of horizontal acquisitions. Strategic Management Journal 20(11): 987-1018.
    • (1999) Strategic Management Journal , vol.20 , Issue.11 , pp. 987-1018
    • Capron, L.1
  • 15
    • 27844477334 scopus 로고    scopus 로고
    • Corporate governance and competitive advantage in family-controlled firms
    • Carney M. 2005. Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship Theory and Practice 29: 249-265.
    • (2005) Entrepreneurship Theory and Practice , vol.29 , pp. 249-265
    • Carney, M.1
  • 16
    • 84936823868 scopus 로고
    • Dynamics of publisher succession in newspaper organizations
    • Carroll G. 1984. Dynamics of publisher succession in newspaper organizations. Administrative Science Quarterly 29(1): 93-113.
    • (1984) Administrative Science Quarterly , vol.29 , Issue.1 , pp. 93-113
    • Carroll, G.1
  • 19
    • 40649111839 scopus 로고    scopus 로고
    • Family succession and firm performance: evidence from Italian family firms
    • Cucculelli M, Micucci G. 2008. Family succession and firm performance: evidence from Italian family firms. Journal of Corporate Finance 14(1): 17-31.
    • (2008) Journal of Corporate Finance , vol.14 , Issue.1 , pp. 17-31
    • Cucculelli, M.1    Micucci, G.2
  • 21
    • 0011112044 scopus 로고    scopus 로고
    • Levels of analysis in entrepreneurship research: current research practice and suggestions for the future
    • Davidsson P, Wiklund J. 2001. Levels of analysis in entrepreneurship research: current research practice and suggestions for the future. Entrepreneurship Theory and Practice 25(4): 81-99.
    • (2001) Entrepreneurship Theory and Practice , vol.25 , Issue.4 , pp. 81-99
    • Davidsson, P.1    Wiklund, J.2
  • 23
    • 74449086932 scopus 로고    scopus 로고
    • Entrepreneurial exit as a critical component of the entrepreneurial process: theoretical development
    • DeTienne DR. 2010. Entrepreneurial exit as a critical component of the entrepreneurial process: theoretical development. Journal of Business Venturing 25(2): 203-215.
    • (2010) Journal of Business Venturing , vol.25 , Issue.2 , pp. 203-215
    • DeTienne, D.R.1
  • 24
    • 0002510512 scopus 로고
    • Relationship investing
    • Dobrzynski JH. 1993. Relationship investing. Business Week 3309: 68-75.
    • (1993) Business Week , vol.3309 , pp. 68-75
    • Dobrzynski, J.H.1
  • 25
    • 84973702857 scopus 로고
    • Financing family business: alternatives to selling out or going public
    • Dreux DR. 1990. Financing family business: alternatives to selling out or going public. Family Business Review 3(3): 225-243.
    • (1990) Family Business Review , vol.3 , Issue.3 , pp. 225-243
    • Dreux, D.R.1
  • 26
    • 0041725996 scopus 로고    scopus 로고
    • Passing the baton: the importance of sequence, timing, technique and communication in executive succession
    • Dyck B, Mauws M, Starke F, Mischke G. 2002. Passing the baton: the importance of sequence, timing, technique and communication in executive succession. Journal of Business Venturing 17(2): 143-162.
    • (2002) Journal of Business Venturing , vol.17 , Issue.2 , pp. 143-162
    • Dyck, B.1    Mauws, M.2    Starke, F.3    Mischke, G.4
  • 27
    • 41549160377 scopus 로고    scopus 로고
    • Determinants of firm-specific thresholds in acquisition decisions
    • Folta TB, O'Brien JP. 2008. Determinants of firm-specific thresholds in acquisition decisions. Managerial and Decision Economics 29(2/3): 209-225.
    • (2008) Managerial and Decision Economics , vol.29 , Issue.2-3 , pp. 209-225
    • Folta, T.B.1    O'Brien, J.P.2
  • 28
    • 0031283718 scopus 로고    scopus 로고
    • Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms
    • Gimeno J, Folta T, Cooper A, Woo C. 1997. Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly 42: 750-783.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 750-783
    • Gimeno, J.1    Folta, T.2    Cooper, A.3    Woo, C.4
  • 32
    • 67650348664 scopus 로고    scopus 로고
    • Caveat venditor: trust asymmetries in acquisitions of entrepreneurial firms
    • Graebner ME. 2009. Caveat venditor: trust asymmetries in acquisitions of entrepreneurial firms. Academy of Management Journal 52: 435-472.
    • (2009) Academy of Management Journal , vol.52 , pp. 435-472
    • Graebner, M.E.1
  • 33
    • 0030505108 scopus 로고    scopus 로고
    • Prospering in dynamically-oriented environments: organizational capability as knowledge integration
    • Grant RM. 1996. Prospering in dynamically-oriented environments: organizational capability as knowledge integration. Organization Science 7: 375-387.
    • (1996) Organization Science , vol.7 , pp. 375-387
    • Grant, R.M.1
  • 34
    • 84996203761 scopus 로고    scopus 로고
    • Enterprising families domain: family-influenced ownership groups in pursuit of transgenerational wealth
    • Habbershon TG, Pistrui J. 2002. Enterprising families domain: family-influenced ownership groups in pursuit of transgenerational wealth. Family Business Review 15: 223-238.
    • (2002) Family Business Review , vol.15 , pp. 223-238
    • Habbershon, T.G.1    Pistrui, J.2
  • 35
    • 65149105347 scopus 로고    scopus 로고
    • Firm performance and managerial succession in family managed firms
    • Hillier D, McColgan P. 2009. Firm performance and managerial succession in family managed firms. Journal of Business Finance & Accounting 36(3/4): 461-484.
    • (2009) Journal of Business Finance & Accounting , vol.36 , Issue.3-4 , pp. 461-484
    • Hillier, D.1    McColgan, P.2
  • 36
    • 79956216813 scopus 로고    scopus 로고
    • Strategic entrepreneurship: creating value for individuals, organizations, and society
    • Hitt MA, Ireland RD, Sirmon DG, Trahms CA. 2011. Strategic entrepreneurship: creating value for individuals, organizations, and society. Academy of Management Perspectives 25(2): 58-75.
    • (2011) Academy of Management Perspectives , vol.25 , Issue.2 , pp. 58-75
    • Hitt, M.A.1    Ireland, R.D.2    Sirmon, D.G.3    Trahms, C.A.4
  • 37
    • 2342613638 scopus 로고    scopus 로고
    • Buyouts, information asymmetry, and the family management dyad
    • Howorth C, Westhead P, Wright M. 2004. Buyouts, information asymmetry, and the family management dyad. Journal of Business Venturing 19(4): 509-534.
    • (2004) Journal of Business Venturing , vol.19 , Issue.4 , pp. 509-534
    • Howorth, C.1    Westhead, P.2    Wright, M.3
  • 38
    • 84867605328 scopus 로고    scopus 로고
    • Studies on the venture capital process. PhD dissertation, Umeå Business School.
    • Isaksson A. 2006. Studies on the venture capital process. PhD dissertation, Umeå Business School.
    • (2006)
    • Isaksson, A.1
  • 40
    • 34250701642 scopus 로고    scopus 로고
    • Performance consequences of new CEOs 'outsiderness:' moderating effects of pre- and post-succession contexts
    • Karaevli A. 2007. Performance consequences of new CEOs 'outsiderness:' moderating effects of pre- and post-succession contexts. Strategic Management Journal 28(7): 681-706.
    • (2007) Strategic Management Journal , vol.28 , Issue.7 , pp. 681-706
    • Karaevli, A.1
  • 42
    • 0002893381 scopus 로고
    • The dynamics of family controlled firms: the good and the bad news
    • Kets de Vries MFR. 1993. The dynamics of family controlled firms: the good and the bad news. Organizational Dynamics 21: 59-71.
    • (1993) Organizational Dynamics , vol.21 , pp. 59-71
    • Kets de Vries, M.F.R.1
  • 48
    • 77954705074 scopus 로고    scopus 로고
    • Long-term orientation: implications for the entrepreneurial orientation and performance of family businesses
    • Lumpkin T, Brigham K, Moss T. 2010. Long-term orientation: implications for the entrepreneurial orientation and performance of family businesses. Entrepreneurship & Regional Development 22(3/4): 241-264.
    • (2010) Entrepreneurship & Regional Development , vol.22 , Issue.3-4 , pp. 241-264
    • Lumpkin, T.1    Brigham, K.2    Moss, T.3
  • 49
    • 0023456474 scopus 로고
    • Managerial perspectives on risk and risk taking
    • March J, Shapira Z. 1987. Managerial perspectives on risk and risk taking. Management Science 33(11): 1404-1418.
    • (1987) Management Science , vol.33 , Issue.11 , pp. 1404-1418
    • March, J.1    Shapira, Z.2
  • 50
    • 32144442738 scopus 로고    scopus 로고
    • After the exit: acquisitions, entrepreneurial recycling, and regional economic development
    • Mason CM, Harrison RT. 2006. After the exit: acquisitions, entrepreneurial recycling, and regional economic development. Regional Studies 40(1): 55-73.
    • (2006) Regional Studies , vol.40 , Issue.1 , pp. 55-73
    • Mason, C.M.1    Harrison, R.T.2
  • 51
    • 84996230592 scopus 로고    scopus 로고
    • Acquiring a family firm: a case study
    • Mickelson R, Worley C. 2003. Acquiring a family firm: a case study. Family Business Review 16(4): 251-268.
    • (2003) Family Business Review , vol.16 , Issue.4 , pp. 251-268
    • Mickelson, R.1    Worley, C.2
  • 53
    • 0001857928 scopus 로고    scopus 로고
    • Founding family control and capital structure: the risk of loss of control and the aversion to debt
    • Mishra CS, McConaughy DL. 1999. Founding family control and capital structure: the risk of loss of control and the aversion to debt. Entrepreneurship Theory and Practice 23(4): 53-64.
    • (1999) Entrepreneurship Theory and Practice , vol.23 , Issue.4 , pp. 53-64
    • Mishra, C.S.1    McConaughy, D.L.2
  • 54
    • 15944391877 scopus 로고    scopus 로고
    • Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave
    • Moeller SB, Schlingemann FP, Stultz RM. 2005. Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave. Journal of Finance 60: 757-782.
    • (2005) Journal of Finance , vol.60 , pp. 757-782
    • Moeller, S.B.1    Schlingemann, F.P.2    Stultz, R.M.3
  • 55
    • 77952177624 scopus 로고    scopus 로고
    • Family business succession and its impact on financial structure and performance
    • Molly V, Laveren E, Deloof M. 2010. Family business succession and its impact on financial structure and performance. Family Business Review 23: 131-147.
    • (2010) Family Business Review , vol.23 , pp. 131-147
    • Molly, V.1    Laveren, E.2    Deloof, M.3
  • 58
    • 84867605327 scopus 로고    scopus 로고
    • The entrepreneur's mode of entry: business takeover or new venture start?
    • Forthcoming. Pearson AW, Carr JC, Shaw JC. 2008. Toward a theory of familiness: a social capital perspective. Entrepreneurship Theory and Practice
    • Parker S, van Praag C. The entrepreneur's mode of entry: business takeover or new venture start? Journal of Business Venturing. Forthcoming. Pearson AW, Carr JC, Shaw JC. 2008. Toward a theory of familiness: a social capital perspective. Entrepreneurship Theory and Practice 32(6): 949-969.
    • Journal of Business Venturing , vol.32 , Issue.6 , pp. 949-969
    • Parker, S.1    van Praag, C.2
  • 59
    • 33847607987 scopus 로고    scopus 로고
    • Inherited control and firm performance
    • Pérez-González F. 2006. Inherited control and firm performance. American Economic Review 96: 1559-1588.
    • (2006) American Economic Review , vol.96 , pp. 1559-1588
    • Pérez-González, F.1
  • 60
    • 84935556996 scopus 로고
    • Beyond the nuclear family: a statistical portrait of the changing family in Sweden
    • Popenoe D. 1987. Beyond the nuclear family: a statistical portrait of the changing family in Sweden. Journal of Marriage and Family 49(1): 173-183.
    • (1987) Journal of Marriage and Family , vol.49 , Issue.1 , pp. 173-183
    • Popenoe, D.1
  • 61
    • 85050254021 scopus 로고
    • Closeness to blood relatives outside the immediate family
    • Robins LN, Tomanec M. 1962. Closeness to blood relatives outside the immediate family. Marriage and Family Living 24(4): 340-346.
    • (1962) Marriage and Family Living , vol.24 , Issue.4 , pp. 340-346
    • Robins, L.N.1    Tomanec, M.2
  • 62
    • 77954716313 scopus 로고    scopus 로고
    • A farewell to the business: championing exit and continuity in entrepreneurial family firms
    • Salvato C, Chirico F, Sharma P. 2010. A farewell to the business: championing exit and continuity in entrepreneurial family firms. Entrepreneurship & Regional Development 22(3/4): 321-348.
    • (2010) Entrepreneurship & Regional Development , vol.22 , Issue.3-4 , pp. 321-348
    • Salvato, C.1    Chirico, F.2    Sharma, P.3
  • 63
    • 0035532008 scopus 로고    scopus 로고
    • Causation and effectuation: toward a theoretical shift from economic inevitability to entrepreneurial contingency
    • Sarasvathy S. 2001. Causation and effectuation: toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review 26(2): 243-288.
    • (2001) Academy of Management Review , vol.26 , Issue.2 , pp. 243-288
    • Sarasvathy, S.1
  • 64
    • 79957931399 scopus 로고    scopus 로고
    • The duality of internal and external development of successors: opportunity recognition in family firms
    • Sardeshmukh SR, Corbett AC. 2011. The duality of internal and external development of successors: opportunity recognition in family firms. Family Business Review 24(2): 111-125.
    • (2011) Family Business Review , vol.24 , Issue.2 , pp. 111-125
    • Sardeshmukh, S.R.1    Corbett, A.C.2
  • 65
    • 34548101718 scopus 로고    scopus 로고
    • Information sharing, price negotiation, and management buy-outs of private family-owned firms
    • Scholes L, Wright M, Westhead P, Burrows A, Bruining H. 2007. Information sharing, price negotiation, and management buy-outs of private family-owned firms. Small Business Economics 29(3): 329-349.
    • (2007) Small Business Economics , vol.29 , Issue.3 , pp. 329-349
    • Scholes, L.1    Wright, M.2    Westhead, P.3    Burrows, A.4    Bruining, H.5
  • 67
    • 84996251194 scopus 로고    scopus 로고
    • An overview of the field of family business studies: current status and directions for future
    • Sharma P. 2004. An overview of the field of family business studies: current status and directions for future. Family Business Review 17(1): 1-36.
    • (2004) Family Business Review , vol.17 , Issue.1 , pp. 1-36
    • Sharma, P.1
  • 68
    • 27844553404 scopus 로고    scopus 로고
    • Strategic divestments in family firms: role of family structure and community culture
    • Sharma P, Manikutty S. 2005. Strategic divestments in family firms: role of family structure and community culture. Entrepreneurship Theory and Practice 29(3): 293-312.
    • (2005) Entrepreneurship Theory and Practice , vol.29 , Issue.3 , pp. 293-312
    • Sharma, P.1    Manikutty, S.2
  • 69
    • 58149299494 scopus 로고    scopus 로고
    • Are we comparing apples with apples or apples with oranges? Appropriateness of knowledge accumulation across growth studies
    • Shepherd D, Wiklund J. 2009. Are we comparing apples with apples or apples with oranges? Appropriateness of knowledge accumulation across growth studies. Entrepreneurship Theory and Practice 33(1): 105-123.
    • (2009) Entrepreneurship Theory and Practice , vol.33 , Issue.1 , pp. 105-123
    • Shepherd, D.1    Wiklund, J.2
  • 70
    • 0345025014 scopus 로고    scopus 로고
    • Managing resources: linking unique resources, management, and wealth creation in family firms
    • Sirmon D, Hitt M. 2003. Managing resources: linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice 27: 339-358.
    • (2003) Entrepreneurship Theory and Practice , vol.27 , pp. 339-358
    • Sirmon, D.1    Hitt, M.2
  • 72
    • 0000342340 scopus 로고
    • Credit rationing in markets with imperfect information
    • Stiglitz JE, Weiss A. 1981. Credit rationing in markets with imperfect information. American Economic Review 71(3): 393-410.
    • (1981) American Economic Review , vol.71 , Issue.3 , pp. 393-410
    • Stiglitz, J.E.1    Weiss, A.2
  • 73
  • 74
    • 0034238938 scopus 로고    scopus 로고
    • The relationship between two consequences of budgetary controls: budgetary slack creation and managerial short-term orientation
    • Van der Stede WA. 2000. The relationship between two consequences of budgetary controls: budgetary slack creation and managerial short-term orientation. Accounting, Organizations, and Society 25: 609-622.
    • (2000) Accounting, Organizations, and Society , vol.25 , pp. 609-622
    • Van der Stede, W.A.1
  • 75
    • 33745203696 scopus 로고    scopus 로고
    • The influence of successor-related factors on the succession process in small and medium-sized family businesses
    • Venter E, Boshoff C, Maas G. 2005. The influence of successor-related factors on the succession process in small and medium-sized family businesses. Family Business Review 18(4): 283-303.
    • (2005) Family Business Review , vol.18 , Issue.4 , pp. 283-303
    • Venter, E.1    Boshoff, C.2    Maas, G.3
  • 76
    • 0000837829 scopus 로고
    • On the efficiency of internal and external corporate control mechanisms
    • Walsh JP, Seward JK. 1990. On the efficiency of internal and external corporate control mechanisms. Academy of Management Review 15(3): 421-458.
    • (1990) Academy of Management Review , vol.15 , Issue.3 , pp. 421-458
    • Walsh, J.P.1    Seward, J.K.2
  • 77
    • 77955582183 scopus 로고    scopus 로고
    • Strategic entrepreneurship within family-controlled firms: opportunities and challenges
    • Webb JW, Ketchen DAJr Ireland RD. 2010. Strategic entrepreneurship within family-controlled firms: opportunities and challenges. Journal of Family Business Strategy 1(2): 67-77.
    • (2010) Journal of Family Business Strategy , vol.1 , Issue.2 , pp. 67-77
    • Webb, J.W.1    Ketchen Jr., D.A.2    Ireland, R.D.3
  • 78
    • 84867610458 scopus 로고    scopus 로고
    • Family, Inc. Business Week, 10 November.
    • Weber J, Lavel L. 2001. Family, Inc. Business Week, 10 November.
    • (2001)
    • Weber, J.1    Lavel, L.2
  • 79
    • 78751531622 scopus 로고    scopus 로고
    • Contextualizing entrepreneurship-conceptual challenges and ways forward
    • Welter F. 2011. Contextualizing entrepreneurship-conceptual challenges and ways forward. Entrepreneurship Theory and Practice 35: 165-184.
    • (2011) Entrepreneurship Theory and Practice , vol.35 , pp. 165-184
    • Welter, F.1
  • 80
    • 77952889565 scopus 로고    scopus 로고
    • Reconceptualizing entrepreneurial exit: divergent exit routes and their drivers
    • Wennberg K, Wiklund J, DeTienne DR, Cardon MS. 2010. Reconceptualizing entrepreneurial exit: divergent exit routes and their drivers. Journal of Business Venturing 25(4): 361-375.
    • (2010) Journal of Business Venturing , vol.25 , Issue.4 , pp. 361-375
    • Wennberg, K.1    Wiklund, J.2    DeTienne, D.R.3    Cardon, M.S.4
  • 81
    • 33845371207 scopus 로고    scopus 로고
    • Ownership and management issues associated with family firm performance and company objectives
    • Westhead P, Howorth C. 2006. Ownership and management issues associated with family firm performance and company objectives. Family Business Review 19(4): 301-316.
    • (2006) Family Business Review , vol.19 , Issue.4 , pp. 301-316
    • Westhead, P.1    Howorth, C.2
  • 83
    • 33847308126 scopus 로고    scopus 로고
    • Contextualizing theory building in entrepreneurship research
    • Zahra SA. 2007. Contextualizing theory building in entrepreneurship research. Journal of Business Venturing 22(3): 443-452.
    • (2007) Journal of Business Venturing , vol.22 , Issue.3 , pp. 443-452
    • Zahra, S.A.1
  • 84
    • 33846970543 scopus 로고    scopus 로고
    • Time horizon, cost of equity capital, and generic investment strategies of firms
    • Zellweger T. 2007. Time horizon, cost of equity capital, and generic investment strategies of firms. Family Business Review 20(1): 1-15.
    • (2007) Family Business Review , vol.20 , Issue.1 , pp. 1-15
    • Zellweger, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.