How does a succession influence investment decisions, credit financing and business performance in small and medium-sized family firms?

被引：3

作者：

Werner, Arndt ^{[1
]}

Schell, Sabrina ^{[2
]}

Haunschild, Ljuba ^{[3
]}

机构：

[1] Univ Siegen, Management & Entrepreneurship, Unteres Schloss 3, D-57072 Siegen, Germany

[2] Univ Bern, Inst Org & Human Resource Management, Engehaldenstr 4, CH-3012 Bern, Switzerland

[3] Inst Mittelstandsforsch Bonn IfM, Maximilianstr 20, D-53111 Bonn, Germany

来源：

INTERNATIONAL ENTREPRENEURSHIP AND MANAGEMENT JOURNAL | 2021年 / 17卷 / 01期

关键词：

Family business; SME; Succession event; Investments; Performance; Financial constraints; INTERGENERATIONAL SUCCESSION; ENTREPRENEURIAL EXIT; INTRA-FAMILY; CHOICE; AGENCY; PERSPECTIVE; COMMITMENT; GOVERNANCE;

D O I：

10.1007/s11365-019-00613-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the influence of succession in small and medium-sized family businesses by focusing on investment decisions, credit financing, and business performance. Using data on German SMEs, we find that the succession event affects investment behaviornegativelybefore butpositivelyafter the transfer takes place when compared to firms without any succession intentions. With respect to performance, we show that firms' growth rates increase after succession has taken place. Although hypothesized, we find no empirical evidence to suggest that banks tend to reject successors more often than they reject other business owners when deciding to extend credit to firms for investment purposes.

引用

页码：423 / 446

页数：24

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