Family business – Junior Management Science

How Do German Family Businesses Change on the Stock Market? A Qualitative Study

Lisa-Maria Riegel, Witten/Herdecke University (Master Thesis)
Junior Management Science 11(2), 2026, 407-445

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German family businesses are increasingly represented on the stock market. In this context, family-business logics such as long-term orientation, family influence and a close connection to the company encounter capital market requirements, including transparency, professionalization and the consideration of external stakeholders. This study examines how German family businesses change as a result of a stock market listing and which of their central characteristics remain despite capital market influence. Methodologically, the study is based on eight semi-structured interviews with executives from listed family businesses, which were analyzed qualitatively. The findings show that a stock market listing changes structures and processes in particular: companies develop capital market-oriented communication and organizational structures, increase transparency, professionalize internal processes and align themselves more strongly with external expectations. At the same time, central characteristics of family businesses remain, especially a long-term strategic orientation, the formative influence of the owning family and a strong entrepreneurial identity. Changes also occur within the owning family, for example through more regulated information flows, clearer decision-making structures and a more conscious approach to operational responsibility. The study contributes to a better understanding of listed family businesses and provides practical recommendations for family businesses considering an initial public offering.

Keywords: family businesses; stock market listing; capital market; organizational change; owning family.

DOI: https://www.doi.org/10.5282/jums/v11i2pp407-445

The Role of Sustainability in Family Firm Branding: An Identity-Based Analysis

Zaw Lynn, Technical University of Munich (Masterarbeit)
Junior Management Science 11(2), 2026, 381-406

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This study examines how large German private family firms integrate sustainability into their corporate brand identities and how familiness shapes these meanings. Using an interpretivist design, it analyzes sustainability-related discourse from the websites of 25 family-controlled firms through the Family Firm Sustainability Brand Identity Matrix (FFSBIM), adapted from the Corporate Brand Identity Matrix (CBIM). The analysis reveals that sustainability is articulated via three overarching logics: Moral Stewardship, Translational Familiness, and Systemic Professionalization. Familiness acts as a flexible legitimacy resource. It is explicit in value-driven brand identity elements, implicit in relational ones, and institutionalized in systemic contexts. Cross-case comparison identifies five ideal types of sustainability–familiness integration, illustrating how firms combine heritage, responsibility, and professionalization to meet stakeholder expectations. The research advances branding, sustainability, and family business literature by showing that familiness and sustainability co-evolve as interdependent brand identity resources. It emphasizes aligning moral narratives with credible practices and provides a framework for assessing the coherence between identity and sustainability.

Keywords: family business; familiness; sustainability; corporate brand identity; legitimacy.

DOI: https://www.doi.org/10.5282/jums/v11i2pp381-406

Between Duty and Drive: Exploring the Role of Tradition in Successor Motivation Within Family Businesses

Yannick Mark Lehmann, EBS Business School (Masterarbeit)
Junior Management Science 11(2), 2026, 363-380

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This paper investigates the role of tradition in shaping successor motivation within family businesses, with a particular focus on the tension between perceived duty and intrinsic personal drive. Succession in family businesses is a critical process that significantly influences the long-term continuity and success of these firms. While previous research has extensively examined structural and strategic aspects of succession, the motivational perspective of successors remains comparatively underexplored. Using a qualitative research approach, semi-structured interviews were conducted with current- and next-generation members from family-owned businesses to gain in-depth insights into their experiences and perceptions. Through my findings, I identified that tradition can act both as a motivating force and as a source of pressure. While some participants perceived tradition as a meaningful foundation that fostered commitment and purpose, others experienced it as an obligation that constrained their autonomy. Through this research, I contribute to a deeper understanding of the emotional and motivational dynamics within succession processes and derive practical implications for family businesses navigating generational transitions.

Keywords: family business; succession; successor motivation; tradition; transgenerational entrepreneurship.

DOI: https://www.doi.org/10.5282/jums/v11i2pp363-380

Alternative Succession Models in Family Farms: Potentials and Limitations of the Betriebsgemeinschaft

Moritz Ferdinand Koch, Vienna University of Economics and Business (Master Thesis)
Junior Management Science 11(2), 2026, 333-362

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The structural succession problem in agricultural family farms highlights the lack of willingness of the succeeding generation to independently continue managing the parental farm. At the same time, however, there is often a strong emotional attachment to the farm, resulting in the desire to preserve the family farm. Traditional succession models do not provide adequate solutions to this succession dilemma, making alternative forms necessary that allow for a separation of ownership and farm management in the course of farm succession. Against this background, the thesis examines in what ways and under which conditions the German cooperative farming concept of the Betriebsgemeinschaft can contribute to the preservation of agricultural family farms. For this purpose, a qualitative research design with semi-structured interviews was chosen, which were analyzed using Mayring’s qualitative content analysis. The results show that Betriebsgemeinschaften can represent a viable model for preserving agricultural family farms by ensuring operational continuity and maintaining ownership within the family, while farm management and farm operations are organized externally. The active involvement, continuous commitment, visible presence, and responsible assumption of the family’s role as co-entrepreneur were identified as key prerequisites. At the same time, the findings indicate that the model places high organizational as well as personal demands on those involved and is susceptible to tensions and conflicts that may endanger long-term stability.

Keywords: family farms; farm succession; alternative succession models; betriebsgemeinschaften.

DOI: https://www.doi.org/10.5282/jums/v11i2pp333-362

Factors Influencing the Succession Intentions of Generation Z in Family Businesses: An Analysis of Person-Related, Family-Internal and Family-External Factors

Christian Matthias Hofmann, Vienna University of Economics and Business (Master Thesis)
Junior Management Science 11(2), 2026, 295-332

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The aim of this master’s thesis is to analyze the succession in family businesses, with a focus on Generation Z. Family businesses account for over 85% of all companies in the DACH region and are therefore a central component of the economy. At the same time, there is a significant decline in the intention of potential Generation Z successors to take over, which jeopardizes the long-term nature of this particular form of company. The aim of this thesis is to analyze family-internal, family-external and personal factors that influence the family business takeover in Generation Z by means of a theoretical justification and a conducted qualitative study. To this end, a systematic literature analysis was first carried out in order to reflect the current state of research. Subsequently, 11 guideline interviews were conducted with successors in various family businesses and analyzed according to Mayring’s summarising content analysis. The three-circle model according to Tagiuri and Davis (1996) and the integrative model of business succession according to Le Breton-Miller/Miller/Steier (2004) were used to gain a better understanding of the results and to facilitate interpretation. The results of the empirical study show that the intention to take over is characterized by an interplay of the three main factors. On a personal level, the desire for self-realization, the relevant training and intrinsic motivations are the main drivers, while a lack of identification with the company and a lack of confidence in one’s own leadership skills have an inhibiting effect. Within the family, other family members play a particularly important role. Supportive behavior and, above all, parental encouragement have a positive effect on the intention to take over, whereas controlling behavior or an unclear distribution of roles have an inhibiting effect. Outside the family, the sector and the labor market in which the family business operates have a major influence. If the future outlook is good, the takeover intention increases. The economic stability of the family business and social expectations also play a role in the development of a takeover intention. By focusing on the perspective of the subsequent Generation Z, the study closes a research gap that has received little attention to date. It thus makes a scientific contribution to succession research as well as practical findings for business families succession planning and consulting contexts.

Keywords: family business; succession; Generation z; personal influencing factors; family-internal influencing factors; family-external influencing factors.

DOI: https://www.doi.org/10.5282/jums/v11i2pp295-332

Succession in Family Businesses: A Qualitative and Resource-Based Analysis

Lilly Haase, Chemnitz University of Technology (Bachelor Thesis)
Junior Management Science 11(2), 2026, 267-294

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Managing succession poses a significant challenge for family businesses. The resource-based view (RBV) is considered a central theory in this context. Familiness refers to the unique set of resources and capabilities derived from the family. However, this concept has rarely been applied to the context of succession. This study develops a model that examines familiness defined by four dimensions of human capital, social capital, process-organizational capital, and financial and physical capital in relation to intra-family succession in family-owned businesses. The results show that familiness has a multifaceted influence on succession, with family relationships constituting a key component. It becomes clear that familiness positively shapes the succession process, particularly through the interplay of all dimensions. However, in addition to familiness, the impact of contextual factors should also be taken into account.

Keywords: familiness; resource-based view; family business; succession; familiness dimensions.

DOI: https://www.doi.org/10.5282/jums/v11i2pp267-294

How Governance, Family and Entrepreneurship Influence Investment Strategies in Single Family Offices

Franz Julius Dethleffsen, WHU – Otto Beisheim School of Management (Masterarbeit)
Junior Management Science 11(2), 2026, 246-266

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Single Family Offices are a growing structure designed to help families manage their wealth. This study aims to shed light on the factors influencing the investment strategies of single family offices. The factors analyzed are the impact of governance, family involvement and entrepreneurship. As families are all very individual, so are their single family offices. The influence of the selected factors varies greatly from case to case. Despite their great heterogeneity, a number of similarities can be identified. Due to the small size of the family, the majority of the families surveyed have no written family governance. Final decision-making power is always in the hands of the family, even when non-family members are CEOs of the SFO. Generational differences in interests and risk preferences have a significant impact on investment strategies. Although research emphasizes the importance of fostering entrepreneurship within the family, most families do not actively promote the entrepreneurial spirit within their families. The study concludes with a discussion in which the newly generated data support existing theories in some cases and contradict them in others.

Keywords: single family office; investment strategy; family governance; family influence; entrepreneurship.

DOI: https://www.doi.org/10.5282/jums/v11i2pp246-266

Growing Up Between Family and Business: Transmission of Values in the Socialization Process of Children in Business Families

Valerie Raiss, Witten/Herdecke University (Bachelor thesis)
Junior Management Science 9(2), 2024, 1567-1590

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Werte sind eine Art Kompass, die unsere Haltung und unser Verhalten leiten. Jene Werte, die während der Kindheit und Jugend im Elternhaus erlernt werden, prägen unsere frühe Identitätsbildung und Berufsorientierung. In Unternehmerfamilien ist die Sozialisation der Nachkommen zusätzlich durch die Präsenz des Familienunternehmens geprägt. Die vorliegende Arbeit erörtert, wie sich die widersprüchlichen Logiken von bindungsorientierter Familie und sachorientiertem Unternehmen auf die Wertevermittlung der potenziellen Unternehmensnachfolger auswirken. Diese Sozialisation zwischen Gefühl und Geschäft wird anhand einer qualitativen Literaturanalyse und einer qualitativen Auswertung von neun narrativen Interviews untersucht. Es kann geschlussfolgert werden, dass insbesondere das Vermögen des Unternehmens und die Nachfolgefrage einen dominanten Einfluss auf die Wertevermittlung der Kinder und Jugendlichen haben. Aus der Doppelverantwortung für Familie und Betrieb ergeben sich die Kernwerte der freien Lebensgestaltung, des familiären Zusammenhalts und der Bescheidenheit. In Unternehmerfamilien bildet folglich die Wertevermittlung der Nachkommen den Rahmen für ihre Haltung gegenüber dem Familienunternehmen und entscheidet somit über den transgenerationalen Erhalt des Betriebs.

Keywords: business family; family business; socialization; succession; values.

DOI: https://doi.org/10.5282/jums/v9i2pp1567-1590

Multiple Case Study Analysis on the Consequences of Mandatory Sustainability Reporting in Private German Family Firms

Ralf Ebner, Technical University of Munich (Master thesis)
Junior Management Science 9(2), 2024, 1540-1566

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This study explores the consequences of the Corporate Social Responsibility Reporting Directive (CSRD) on family firms. The European Commission (EC) extends under the CSRD the number of reporting companies from approximately 12,000 to 50,000, with the greatest increase in Germany. For 2025, around 13,000 German private family firms must disclose a sustainability report for the first time. Preparing a sustainability report that meets the requirements of the CSRD involves its own consequences. Based on a multiple case study of ten private German family firms, I develop a framework that illustrates implementation challenges and provides guidance to unlock business opportunities. Building on family business research, I contribute to the literature by differentiating family firms based on their sustainability strategy and maturity of sustainability reporting. This allows us to derive three archetypes facing varying implementation challenges. The analysis reveals direct and indirect opportunities along a firm’s value chain. After introducing a reporting process, all archetypes can benefit from direct opportunities, whereas a proactive sustainability strategy needs to unlock indirect opportunities.

Keywords: corporate sustainability; corporate sustainability reporting directive; family firms; mandatory sustainability reporting; socioemotional wealth.

DOI: https://doi.org/10.5282/jums/v9i2pp1540-1566

Leveraging Credit Ratings Through Impression Management: An Exploratory Study of German Small and Medium-Sized Family Firms

Ludwig Marrenbach, EBS Business School (Master thesis)
Junior Management Science 9(2), 2024, 1511-1539

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In an era marked by multi-crisis environments, the significance of corporate finance and credit ratings amplifies, especially for German small- and medium-sized family firms, often constrained in accessing capital markets. This thesis investigates how family firms employ impression management strategies within qualitative credit ratings to enhance their creditworthiness. Through exploratory qualitative research involving 17 interviews with German family firms and banks, primarily financing the Mittelstand, three key dimensions of impression management emerge: family-specific, business-specific, and relationshipspecific tactics. Family-specific factors, including values and generational succession, significantly influence qualitative credit rating scores. Moreover, the interplay between firms and banks, orchestrated by the owning family, shapes effective impression management strategies. This research underscores the role of family involvement in shaping qualitative credit ratings, emphasizing the interrelations among family, business, and banking dynamics. The discussion highlights the relevance and adaptability of these impression management dimensions, contributing to a deeper understanding of qualitative credit rating processes within the context of family firms.

Keywords: credit rating; family firm; impression management; leveraging credit ratings; qualitative rating factors.

DOI: https://doi.org/10.5282/jums/v9i2pp1511-1539

Analysing the Sustainability of Procurement in Family Businesses – A Study of Measurable Investments and Practices Based on ESG Principles

Philipp Schmidt, WHU – Otto Beisheim School of Management (Bachelor thesis)
Junior Management Science 9(2), 2024, 1485-1510

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Sustainability has gained considerable prominence in recent decades as the inevitability of change becomes increasingly apparent. Family businesses constitute a significant and influential part of the global economy. Therefore, they are pivotal in addressing the world’s sustainability challenges. Despite extensive research on sustainability in corporations and public firms, there remains a dearth of comparable data concerning sustainability in privately owned family businesses. Through qualitative interviews and cross-case analyses, this thesis investigates the procurement practices within family businesses, deriving comparative insights guided by Environmental, Social, and Governance (ESG) criteria. The findings evaluate family businesses based on the ESG framework, visualising the development and integration of sustainable practices into the procurement processes. The research highlights the indirect impact of sustainability on developing competencies that can confer a competitive advantage. Additionally, it sheds light on the potential financial benefits reported by family businesses that have implemented sustainability measures. Overall, the findings contribute to the existing academic research on sustainability in businesses and family business studies.

Keywords: ESG; family business; performance-based assessment; procurement; qualitative interviews; sustainability.

DOI: https://doi.org/10.5282/jums/v9i2pp1485-1510

Unforeseen Succession – Identity Change Amongst Lateral Entrants in Family Firms

Pia Doris Morrow, EBS Business School (Bachelor thesis)
Junior Management Science 9(2), 2024, 1464-1484

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Due to the increasing globalization of today’s world, descendants of family firms are often drawn to the unlimited opportunities outside their premises and no longer see their future workplace or the core of their identity within the family organization. However, this can lead to a rude awakening if so-called unforeseen events, which can range from death or illness of a family member to intra-family conflicts, changes in the business model and even financial problems, arise. This thesis examines the effects of such unexpected successions on the identity of lateral entrants in family firms and presents a roadmap with practical and theoretical action implications for unplanned successors during the pre-, initial, and post-succession phase. The analysis of qualitative data from interviews with lateral entrants and experts revealed overlaps in identity constructs and experiences. Before the occurrence of an unforeseen event, lateral entrants already displayed entrepreneurial traits and a willingness to take risks but lacked connection to the family firm and interest in succession. During the initial succession phase, they prioritized rationality, efficient teams, and immediate action over emotional processing. After an average of three years, lateral entrants became confident family entrepreneurs. Furthermore, unforeseen successors showed great interest in arranging their own succession at an early stage in order to pass on what they had learned and counteract crisis situations preventively. In general, the interviewed candidates demonstrated a continuous process of developing their own successor identity, which did not develop disruptively but rather steadily and was characterized by specific milestones shown in the successor roadmap of this thesis.

Keywords: crisis management; family firm succession; Gioia methodology; social identity theory; unforeseen succession.

DOI: https://doi.org/10.5282/jums/v9i2pp1464-1484

Impact of CSR on Firm Performance: The Moderating Role of Family Ownership in Individualistic & Collectivistic Countries

Abhishek Omprakash Singh, Technical University of Munich (Master thesis)
Junior Management Science 9(2), 2024, 1445-1463

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The objective of this study is to have a cross-country examination of the moderating role of family ownership on the corporate social responsibility (CSR) – financial performance (FP) relationship, also understanding how the moderating effect is influenced by cultural dimensions of collectivism and individualism. The study thereby incorporates views from both the Stakeholder theory and the Institutional theory. The study employs the one-way fixed effects regression analysis. Firm-year observations for the period of 2013 to 2022 of 439 firms across 35 countries are included. The magnitude of the interaction term is then inspected across the deemed collectivistic and individualistic cultures. The study finds that the degree of family ownership positively moderates the CSR-FP relationship and this moderation effect is stronger for collectivistic countries. The study is a novel approach to taking the CSR-FP subject with the family ownership moderating effect in a cross-country setting and it uniquely measures family ownership, not as the usual binary or subjective construct. The results of the study yield an interesting insight on the appropriate ownership structure for family members, and the status of legitimacy and trust family businesses can leverage with CSR to improve FP.

Keywords: collectivism; corporate social responsibility (CSR); family ownership; financial performance (FP); individualism.

DOI: https://doi.org/10.5282/jums/v9i2pp1445-1463

Comparison of the Preferential Treatment of Retained Earnings with the Option Model for Family Partnerships

Anna Vitten, Bochum University of Applied Sciences (Master thesis)
Junior Management Science 9(2), 2024, 1414-1444

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The different taxation concepts of partnerships and corporations in Germany lead to systematic disparities and sometimes significant differences in tax burdens, particularly in the case of profit retention. However, legislators are increasingly pursuing the goal of harmonization through tax concessions and options for partnerships. In addition to the preferential treatment of retained earnings in accordance with Section 34a EStG, from 2022 a partnership can be taxed in accordance with the provisions for corporations by means of the new Section 1a KStG. This paper examines the benefits of both options for the primary target group – i.e. „family partnerships“. In doing so, the special tax requirements and needs arising from the typical characteristics of family partnerships are defined. It becomes clear that the legislator’s aim of achieving taxation that is neutral in terms of legal form cannot be achieved in its current form.

Keywords: § 1a KStG; § 34a EStG; family business; option model; preferential treatment.

DOI: https://doi.org/10.5282/jums/v9i2pp1414-1444

Innovation Collaboration Between Family Firms and Startups: Insights From the German Construction Industry

Anne Scharmann, WHU – Otto Beisheim School of Management (Master thesis)
Junior Management Science 9(2), 2024, 1384-1413

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Seeking to increase their innovative strength, family firms increasingly collaborate with startups to explore new technologies, act upon trends, and rejuvenate their corporate culture. While family firms usually innovate incrementally, collaborating with startups allows them to take a more radical approach to innovation to explore new business models and enter untapped markets. The present study aims to contribute to the emerging research field around innovation collaboration between family firms and startups by providing insights from the German construction industry. Drawing on the findings of 40 interviews, comprising four exploratory case studies and 24 expert interviews, this study analyzes impediments, mitigation mechanisms, and prospects of family firm startup collaboration in the German construction industry. The findings reveal that impediments emerge before and during collaboration and are influenced by the construction industry’s context. Involved organizations address these impediments by leveraging mitigation mechanisms, including trust-building, financial incentivization, stakeholder involvement, and communication. In this way, innovation collaboration with startups can help strengthen family-owned construction companies’ future viability in an evolving industry.

Keywords: construction industry; family firm (FF); family firm startup collaboration (FSC); innovation collaboration; startup (SU).

DOI: https://doi.org/10.5282/jums/v9i2pp1384-1413

Digital Transformation in Family Businesses

Georg Streicher, Technical University of Munich (Bachelor thesis)
Junior Management Science 8(4), 2023, 865-886

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Nowadays, the impact of digital technologies on all businesses is inescapable for their managers and is receiving a great deal of attention in research and businesses. Digitalization as an ongoing process has just begun and will continue to drive many decision-making processes. So far, much research has been done on technical implementations and digital technologies as such, but there is still a lack of research on the decision-making processes around digitalization, especially in small and medium-sized businesses with limited resources, such as the economically important family businesses (FBs) in Germany. These FBs have a massive impact on value creation in Germany and include many global market leaders. Based on eleven interviews with family and non-family member Chief Executive Officers (CEOs) and employees, the thesis shows which drivers and barriers exist in the digitalization process in FBs and how they influence the process. Moreover, their influence on the digitalization of the business model is examined. The results of the thesis provide implications for how FBs can successfully master digitalization and use it to their advantage. Finally, the thesis suggests opportunities for future research in digitalization in FBs and on identified correlations in the cases.

Keywords: Digital transformation; Family business; Digitalization.

DOI: https://doi.org/10.5282/jums/v8i4pp865-886

Ethical Problems in Family Firms

Elena Kowalik, WHU – Otto Beisheim School of Management (Bachelorarbeit)
Junior Management Science 8(2), 2023, 431-452

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Various articles suggest that particular ethical problems occur in family firms, but until now, no attempt has been made to collect and structure available information on them. Based on the systematic review of 110 articles from peer-reviewed academic journals, we show that family firms face a set of unique ethical dilemmas and define those. They can either be family-based or business-based and we uncover the antecedents and outcomes of the processes that family firms employ to solve them. When family firms manage to deal with ethical problems appropriately, they will be rewarded for that in various ways, including improved financial performance and the preservation of potentially all SEW dimensions.

Keywords: Family firms; Business ethics; Socioemotional wealth.

DOI: https://doi.org/10.5282/jums/v8i2pp431-452

Innovation Performance of Family and Founder Firms: Empirical Evidence from German Listed Companies

Simon Mueller, Goethe-Universität Frankfurt am Main (Masterarbeit)
Junior Management Science 8(2), 2023, 333-357

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Based on the agency perspective and the resource-based view of the firm, this study explores the impact of lone founder and family influence on innovation input and innovation output. By separating the lone founder and family effect into ownership, management, and governance influence dimensions, we analyze a panel data set of 165 German listed companies from 2013 through 2017. We first investigate R&D intensity in lone founder and family firms versus other firms by using investments in research and development as a measure for innovation input. Secondly, we apply a negative binomial regression model to analyze R&D productivity within the three types of firms by proxying innovation output with the filed number of granted patents within a certain year. According to the results, we mainly find that founder firms superiorly invest in innovation and strengthen their competitive position in the market through their entrepreneurial orientation. Family firms, on the other hand, might weaken future growth potential as they invest less in R&D and are not able to convert this lower input in superior innovation output.

Keywords: Lone founder firms; Family firms; Innovation performance; R&D intensity; R&D productivity.

DOI: https://doi.org/10.5282/jums/v8i2pp333-357

Performance of German Family Firms During the Global Financial Crisis

Thilo Wenig, WHU – Otto Beisheim School of Management (Masterarbeit)
Junior Management Science 6(2), 2021, 237-278

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Research on family firm performance has led to inconclusive results which is why scholars called for a differentiated consideration of family firms during exogenous shocks, where costs and benefits of the inherent ownership structure are assumed to be magnified. Following these calls, I use the Global Financial Crisis of 2007 – 2009 as a unique natural experiment where firms have been moved out of their equilibrium while ownership structure maintained constant in the near term. I differentiate between true family firms and lone founder firms and hypothesize that the firm performance of both ownership structures during the Global Financial Crisis is higher than for non-family firms. In a study of 178 firms listed in the German Prime Standard, I found that lone founder ownership was significantly associated with higher firm performance during the GFC, while showing no differences in performance during the period of stable economic conditions prior to the crisis. For true family ownership, in contrast, the results suggest a general tendency of superior performance during the steady-state pre-crisis period, but it could not be established that these firms outperformed other firms during the GFC. Analogously, I found that the presence of a family CEO in true family firms is beneficial for firm performance during stable economic conditions, but the advantageousness seems to vanish in times of severe financial distress.

Keywords: Family firm; ownership; governance; performance; crisis.

The M&A Behavior of Family Firms

Jinhao Shu, WHU – Otto Beisheim School of Management (Bachelorarbeit)
Junior Management Science 6(4), 2021, 673-699

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The present study aims to identify the driving acquisition goals of family firms’ acquisitions and analyse the role of innovation
in these acquisitions. Therefore, the study deploys a qualitative approach investigating 15 German family firms to derive
patterns within the qualitative data. As a result, the study proposes 14 propositions, which mainly suggest a co-existence of
multiple goals in acquisitions. Similarly, the propositions argue that the goals related to the categories of expansion, market
competitiveness and innovation are decisively driving the acquisitions undertaken by family firms. The study further proposes
that the acquisition of innovation is a critical key to the success of family firms and a means to an end for achieving other
related goals such as the survival of family firms. Beyond getting a broader understanding of the acquisitions made by family
firms, the study shows further avenues for research in the field of family firms’ M&A activities.

Keywords: Family Firm; Innovation; Mergers & Acquisitions; Drivers of Mergers & Acquisitions; Acquisitions Motives; Acquisition Goals; Innovation in Mergers & Acquisitions.

The Impact of Management, Family and Employee Ownership Concentration on Firm Performance

Michael Amroudi, Technische Universität München (Bachelorarbeit)
Junior Management Science 6(1), 2021, 81-99

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This thesis investigates the relation between ownership structure and firm performance using a sample of 2,120 publicly traded European companies. The question of whether this relation should be positive or negative has been the subject of a wide-ranging discussion and was addressed by many researchers. Of particular interest have been management, family, and employee owners. Nevertheless, there is no consensus in the literature, and empirical studies on European companies are scarce. Utilising data from the European Federation of Employee Share Ownership (EFES) and the Bureau Van Dijk Orbis database, this relation is analysed using multiple linear regression with continuous and categorical predictors. The results show that firms having a management owner concentration up to strategic levels report a significantly higher Tobin’s Q than firms having a no or no significant management concentration. The same effect holds true for family owners and employee owners. Measuring the ownership structure as the fraction of shares of the largest shareholder does not yield a significant effect and highlights the value of management, family, and employee owners.

Keywords: Ownership concentration; family ownership; management ownership; employee ownership; firm performance.

Erfolgsrelevante Kompetenzen von Führungskräften in Change-Management-Prozessen in Familienunternehmen

Lena Hinkelmann, WHU – Otto Beisheim School of Management (Bachelorarbeit)
Junior Management Science 5(2), 2020, 176-196

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Viele Organisationen und Unternehmen befinden sich derzeit in einem radikalen Wandel – insbesondere ausgelöst durch die digitale Transformation und die zunehmende Internationalisierung. Für das Gelingen der Change-Management-Prozesse sind maßgeblich Führungskräfte verantwortlich, wodurch deren Kompetenzen für erfolgreiches Transformationsmanagement verstärkt in den Fokus der Forschung rücken. Diese Fähigkeiten werden im Rahmen der folgenden Publikation mithilfe eines qualitativen, auf semi-strukturierten Leitfadeninterviews basierenden Ansatz erforscht. Als Fazit sind zwei zentrale Erkenntnisse hervorzuheben: Erstens wurden zehn erfolgsrelevante Fähigkeiten einer Führungskraft im Change von Familienunternehmen identifiziert, welche sich in drei Metaebenen – die mitarbeiter-, persönlichkeits- und die ressourcenorientierten Kompetenzen – unterteilen lassen. Zweitens kam die Arbeit zu dem Ergebnis, dass die erfolgsrelevanten Change-Kompetenzen einer Führungskraft im Familienunternehmen stark vom Kontext – insbesondere von der Mitarbeiteranzahl, dem Reifegrad der Mitarbeitenden und dem Fortschritt im Change – abhängen.

Keywords: Change Management; Familienunternehmen; Leadership; Change Management Kompetenzen; Transformationsprozesse.

Recruiting Generation Y for the Backbone of Economy: Organizational Attractiveness of Small, Family Owned, and Rural Firms

Johannes Caprano, Technische Universität München (Masterarbeit)
Junior Management Science 4(4), 2019, 493-523

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Despite their outstanding economic importance, small, family owned, and rural firms find it hard to attract talent. Upon initial contact with recruiting organizations, job seekers use any of their observable characteristics, such as size, ownership, or location to infer attributes of the employment offering. Based on this assessment, they may feel attracted to an organization and develop intentions to pursue the employment opportunity. Following behavioral psychology, the consistency between organizational attractiveness and job pursuit intentions is affected by the amount of job seekers’ direct experience with the firm type. For small, family owned, and rural firms, direct experience may be lower due to their relative anonymousness. The strength and direction of inferences made based on organizational characteristics as well as metacognitive assessments were tested using a vignette experiment. A sample of 200 Generation Y students and professionals rated fictitious firms based on their size, ownership, and location. The results show support of the indirect influence of these organizational characteristics on job pursuit intentions, mediated by employment attributes and organizational attractiveness. Family ownership led to positive evaluations while small size and rural location had a negative impact on job pursuit intentions. Another important contribution of this study is a validated two-stage implementation of firm location as a predictor of organizational attractiveness.

Keywords: Organizational attractiveness; family firm; SME; rural firm; hidden champion.

Economic- and Non-Economic Goals of Family Firms

Markus Probst, Otto Beisheim School of Management (Bachelorarbeit)
Junior Management Science 3(4), 2018, 30-47

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Motivated by a lack in the current literature, this thesis reviews academic research on the economic and noneconomic goals of family firms. Heretofore, no detailed overview of different goals embedded in the goal setting-, outcome-, and alignment process has been provided. Using a systematic literature search and review process, I identify 117 relevant studies in the fields of management, economics, and affiliated domains between 1963 and 2018. Beyond a more detailed overview of the current state of research, I outline goal setting, outcomes, alignment, and four different family firm goal classes. Lastly, I show avenues for future research in the family firm–goal field.

Keywords: Family firms, economic goals, non-economic goals, socioemotional wealth

When Family Businesses Sell

Christopher Khoury, Otto Beisheim School of Management (Bachelorarbeit)
Junior Management Science 3(2), 2018, 151-169

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Family businesses favor the transition of ownership taking place within the family. However, the internal succession often fails, leading families to sell their businesses. Thus, in this thesis I aim to investigate the reasons of families for selling their businesses. I compare the perspectives of family owners and their potential successors to reveal their motives for selling the business to an external buyer. I put forward the proposition that the feasibility of a sale option is dependent on the potential sale scenario and the possible survival of the business to increase the sale inclination. My research is based on eight individual interviews with family owners and the next generation. Provided that those family businesses do not have specific internal succession thoughts, I exposed six different scenarios that have a positive or negative inclination towards selling the family business. Once the family owner or the next generation has established a sale intention a sale process is triggered. In my thesis I explore the sale terms that influence the negotiations during the sale process. My findings indicate that the survival of the firm has certain significance in the sale process. Families carefully examine the buyer, the acquisition price, and the anticipated durability in order to decide whether they complete a deal or discontinue the sale process with the particular buyer. With the discontinuance of the sale process, the intention to sell is still present, and the businesses reenter the sale process.

Keywords: Family Business, Mergers and Acquisitions, Management Buy-out/in, Succession, Sales Process