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Attitudes of family firms toward outside investors : the importance of organizational identification

Jeroen Neckebrouck (UGent) , Sophie Manigart (UGent) and Miguel Meuleman (UGent)
(2017) VENTURE CAPITAL. 19(1-2). p.29-50
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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.
Keywords
succession, governance, organizational identification, equity, Family firms, outside investors

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MLA
Neckebrouck, Jeroen, Sophie Manigart, and Miguel Meuleman. “Attitudes of Family Firms Toward Outside Investors : the Importance of Organizational Identification.” VENTURE CAPITAL 19.1-2 (2017): 29–50. Print.
APA
Neckebrouck, J., Manigart, S., & Meuleman, M. (2017). Attitudes of family firms toward outside investors : the importance of organizational identification. VENTURE CAPITAL, 19(1-2), 29–50.
Chicago author-date
Neckebrouck, Jeroen, Sophie Manigart, and Miguel Meuleman. 2017. “Attitudes of Family Firms Toward Outside Investors : the Importance of Organizational Identification.” Venture Capital 19 (1-2): 29–50.
Chicago author-date (all authors)
Neckebrouck, Jeroen, Sophie Manigart, and Miguel Meuleman. 2017. “Attitudes of Family Firms Toward Outside Investors : the Importance of Organizational Identification.” Venture Capital 19 (1-2): 29–50.
Vancouver
1.
Neckebrouck J, Manigart S, Meuleman M. Attitudes of family firms toward outside investors : the importance of organizational identification. VENTURE CAPITAL. Routledge; 2017;19(1-2):29–50.
IEEE
[1]
J. Neckebrouck, S. Manigart, and M. Meuleman, “Attitudes of family firms toward outside investors : the importance of organizational identification,” VENTURE CAPITAL, vol. 19, no. 1–2, pp. 29–50, 2017.
@article{8164305,
  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.},
  author       = {Neckebrouck, Jeroen and Manigart, Sophie and Meuleman, Miguel},
  issn         = {1369-1066},
  journal      = {VENTURE CAPITAL},
  keywords     = {succession,governance,organizational identification,equity,Family firms,outside investors},
  language     = {eng},
  number       = {1-2},
  pages        = {29--50},
  publisher    = {Routledge},
  title        = {Attitudes of family firms toward outside investors : the importance of organizational identification},
  url          = {http://dx.doi.org/10.1080/13691066.2016.1255414},
  volume       = {19},
  year         = {2017},
}

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