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    Attitudes of family firms towards external investors: The importance of organizational identification

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    Publication type
    Journal article
    Author
    Neckebrouck, Jeroen
    Manigart, Sophie
    Meuleman, Miguel
    Publication Year
    2017
    Journal
    Venture capital
    Publication Volume
    19
    Publication Issue
    1/2
    Publication Begin page
    29
    Publication End page
    50
    
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    Abstract
    More and more family firms open their capital for outside investors, yet existing studies mainly conclude that family firms are more reluctant than nonfamily firms to hand over control to outside investors. In this study, we build on an organizational identification perspective to explore why family firms differ in their attitudes toward outside investors. We hypothesize that family members who identify strongly with their firms are less willing to cede control to outside investors and, if they do cede control, have a stronger preference for investors who may readily identify with family firms, such as family offices or high net worth individuals, rather than investors who may not fit well with a familial identity, such as private equity sponsors or financial investors. We also hypothesize that social identification mediates the relationship between important family firm governance characteristics and preferences for outside investor. Exploratory evidence from a sample of Belgian family firms is supportive of most of our predictions.
    Keyword
    Accounting & Finance, Family Firms, Outside Investors, Equity, Organizational Identification, Governance, Succession
    Knowledge Domain/Industry
    Accounting & Finance
    DOI
    10.1080/13691066.2016.1255414
    URI
    http://hdl.handle.net/20.500.12127/5668
    ae974a485f413a2113503eed53cd6c53
    10.1080/13691066.2016.1255414
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