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    Governance implications of attracting external equity investors in private family firms

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    Publication type
    Vlerick strategic journal article
    Author
    Neckebrouck, Jeroen
    Meuleman, Miguel
    Manigart, Sophie
    Publication Year
    2021
    Journal
    Academy of Management Perspectives
    Publication Volume
    35
    Publication Issue
    1
    Publication Begin page
    25
    Publication End page
    44
    
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    Abstract
    While research commonly assumes business-owning families are concerned about the preservation of control, more and more families seek cooperation with external investors to accomplish firm- and/or family level-goals. In this paper, we provide a conceptual configuration of the different governance scenarios that may arise when family owners attract outside capital. Combining two important family objectives - the objective to provide liquidity either to the family or to the firm, and the objective to cede or to retain long-term family control - we identify four scenarios with different governance implications and preferred types of external investors. Our analysis contributes to an increased understanding of the evolving structures of ownership in private family firms, the effectiveness and efficiency of governance arrangements in family firm-external investor cooperations and the increasingly heterogeneous private equity funding landscape.
    Keyword
    Corporate Governance, Family Enterprises, Entrepreneurship
    DOI
    10.5465/amp.2017.0204
    URI
    http://hdl.handle.net/20.500.12127/6042
    ae974a485f413a2113503eed53cd6c53
    10.5465/amp.2017.0204
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