The main purpose of this thesis is to investigate the differences between family and non-family businesses that are listed on the stock exchange, more specifically which factors that is being used in the valuation process and why family businesses as a rule seem to be undervalued. We also look at if family ownership is a factor in this process. By conducting interviews with analysts and journalists working with valuation we hope to be able to not only find out what factors differ but also why family busi-nesses are undervalued. Our conclusion is that while the two forms of ownership has several negative factors that differ between them that are more common among family businesses, such as conservative dividend policy, this is not connected to the family business as a form but is rather an individual factor differing from company to company. Family ownership as such was however not in any way a factor in the valuation since the valuations instead looks at the individual company and does not generalize.

<p>The main purpose of this thesis is to investigate the differences between family and non-family businesses that are listed on the stock exchange, more specifically which factors that is being used in the valuation process and why family businesses as a rule seem to be undervalued. We also look at if family ownership is a factor in this process.</p><p>By conducting interviews with analysts and journalists working with valuation we hope to be able to not only find out what factors differ but also why family busi-nesses are undervalued.</p><p>Our conclusion is that while the two forms of ownership has several negative factors that differ between them that are more common among family businesses, such as conservative dividend policy, this is not connected to the family business as a form but is rather an individual factor differing from company to company. Family ownership as such was however not in any way a factor in the valuation since the valuations instead looks at the individual company and does not generalize.</p>

p. 1 - 112 / Submitted by Santiago Fabio (fabio.ssantiago@hotmail.com) on 2013-01-24T20:42:41Z No. of bitstreams: 1 EEEEEEEEEEEEEEEEE.pdf: 924893 bytes, checksum: 27568541ec39d122da8905c84c9c34e0 (MD5) / Made available in DSpace on 2013-01-24T20:42:41Z (GMT). No. of bitstreams: 1 EEEEEEEEEEEEEEEEE.pdf: 924893 bytes, checksum: 27568541ec39d122da8905c84c9c34e0 (MD5) Previous issue date: 2006 / As diversas organizações sofreram com as constantes mudanças nesses últimos tempos, isso fez com que buscassem novas formas de, não só se adaptarem, mas principalmente tornarem-se competitivas. Estruturadas nesse novo modelo – mais enxuto e ágil – viram-se à procura de orientação. Aqueles indivíduos que, através de um mapeamento detalhado do ambiente organizacional e contando com a colaboração dos que a compõem, conseguiram redefinir prioridades e crescer, foram percebidos como líderes. Nesse trabalho, buscar-se-á entender como uma organização familiar paulista conseguiu, através de um determinado estilo de liderança, destacar-se dentro de um setor de intensa competição e inúmeros concorrentes. Abordará, não somente a figura central da organização, mas também a história e a maneira como se delineia tal estilo na cultura interna da empresa, analisando como essa trajetória de inovação e crescimento através dos anos, foi influenciada por esse importante fator organizacional, que é a liderança. / Salvador

Made available in DSpace on 2015-03-05T19:12:37Z (GMT). No. of bitstreams: 0 Previous issue date: 4 / Nenhuma / O presente estudo procura demonstrar os reflexos econômicos e financeiros observados em uma empresa, ocorridos após a transferência da sua gestão da primeira para a segunda geração. A investigação dos procedimentos empregados em uma sucessão familiar foi desenvolvida na empresa Calçados Andreza S.A, organização familiar do ramo de exportação de artigos de couro, localizada no município de Santa Clara do Sul, RS, que se viu obrigada a transmitir o poder ao segundo herdeiro da ordem cronológica, por questões alheias à sucessão natural. A pesquisa foi classificada como de abordagem qualitativa e quantitativa, através de um estudo de caso, transcorrida por observações e questionários de entrevistas realizadas com onze gestores da empresa (entre os quais o sucedido e o sucessor), nove funcionários em exercício e dois ex-funcionários, no propósito de verificar as principais características da gestão de uma empresa familiar. O exame dos documentos contábeis contribuiu para a verificação do comportamento da empresa a / The present study tries to demonstrate the economical and financial reflexes that took place in a company after the transference of its administration from the first to the second generation. The investigation of the employed procedures in a family succession was developed in the company Calçados Andreza S. A. This is a family organization of the branch of export of leather goods, located in the municipal district of Santa Clara do Sul, RS, which was forced to transmit the control to the second heir in the chronological order, for subjects strange to the natural succession. The research was classified as of qualitative and quantitative approach, through a case study, accomplished through observations and questionnaires of interviews with eleven managers of the company (among them the ancient owner and the successor) nine employees in exercise and two former-employees. The purpose was to verify the main characteristics of the administration of a family company. The exam of the accounting documents contributed

Made available in DSpace on 2016-04-25T16:44:56Z (GMT). No. of bitstreams: 1 Ivani Tristan.pdf: 849746 bytes, checksum: d4f8c9f6ed173544079cde82f5130672 (MD5) Previous issue date: 2007-05-08 / Economic interdependence between countries, together with increased international flows of goods and services, leads companies to compete in a globalized market. There has been an increased need for investment in other countries, to maintain competitiveness. The point of reference has shifted from the domestic to international markets. Brazil, irrespective of the relevant privatization processes of the 1990s, still has a timid participation in this scenario, and faces the challenge of becoming a country of transnational companies. At the same time, family businesses have a relevant weight in the national economy, and lead the economy of the western market, where entrepreneurial initiatives are strongly encouraged. The research that originated this dissertation had, as its main goal, the understanding of the interference of specific aspects of family businesses in the process of internationalization. The hypothesis raised was that they would have more difficulty in initiating the process of internationalization due to family conflicts, which interfere in the company: issues of succession or professionalization. Therefore, it has analyzed the interdependencies between the evolving cycle of the family business and the process of internationalization. This research project initiated with a conceptual inquiry into the themes that support this study: family business and internationalization. The theoretical principles related to the concept of family business and the particularities of its evolving cycle were tackled, considering the dimensions of the family, the company and ownership. In relation to internationalization, the following issues were explored: the different theoretical currents about internationalization, the process of internationalization in the Brazilian context, and in family businesses. With this exploratory research as a starting point, a case study was then carried out, with the objective of investigating the phenomenon of internationalization of a family business, considering its external and internal factors. In its conclusion, this study maintains that prioritizing questions related to the business in the process of strategic decision-making, considering external factors, resources and internal capacities, as well as addressing aspects related to ownership and the type of family involvement in the business, are fundamental elements for the insertion and success of a family company in a foreign market. The support of external agents is also shown as an important element in defining an international culture / A interdependência econômica dos países, com o crescimento dos fluxos internacionais de bens e serviços, leva as empresas a concorrerem num mercado globalizado. É crescente a necessidade de investimento em outros países, para manter a competitividade. O ponto de referência do mercado doméstico deslocou-se para os mercados internacionais. O Brasil, a despeito do expressivo processo de desnacionalização dos anos 1990 ainda apresenta uma participação tímida nesse cenário e enfrenta o desafio de se tornar um país de empresas transnacionais. Paralelamente, as empresas familiares têm um peso relevante na economia nacional e lideram a economia do mercado ocidental, onde as iniciativas empreendedoras são fortemente encorajadas. A pesquisa que deu origem a este trabalho teve por objetivo compreender a interferência de aspectos específicos das empresas familiares no processo de internacionalização. A hipótese levantada foi a de que elas teriam maior dificuldade de iniciar o processo de internacionalização em função dos conflitos familiares que intervêm na empresa: questões de sucessão ou profissionalização. Assim, buscou-se analisar as interdependências entre o ciclo evolutivo da empresa familiar e o processo de internacionalização. Este trabalho de pesquisa partiu de um levantamento conceitual sobre os temas que dão sustentação ao estudo: empresa familiar e internacionalização. Foram abordados os princípios teóricos a respeito do conceito de empresa familiar e as particularidades do seu ciclo evolutivo, considerando o universo da família, da empresa e da propriedade. Com relação à internacionalização, foram explorados: as diferentes correntes teóricas de internacionalização, o processo de internacionalização no contexto brasileiro e nas empresas familiares. A partir dessa pesquisa exploratória, foi realizado um estudo de caso visando investigar o fenômeno da internacionalização de uma empresa familiar, considerando os seus fatores externos e internos. Como conclusão, este estudo expõe que priorizar as questões relacionadas ao negócio no processo de decisão estratégica, considerando os fatores externos, os recursos e as capacidades internas, assim como endereçar os aspectos relacionados à propriedade e ao tipo de envolvimento da família com o negócio são elementos fundamentais para o envolvimento e o êxito de uma empresa familiar com o mercado estrangeiro. O apoio de agentes externos é também apontado como um elemento de grande valia para imprimir uma cultura internacional

Les repreneurs non familiaux deviennent de plus en plus importants pour diverses raisons.Tout d’abord, les estimations indiquent qu’un nombre croissant de fondateurs de petites et moyennes entreprises sont en voie de quitter leurs entreprises. Ensuite, et de façon concommitante, un nombre croissant de repreneurs familiaux se désintéressent ou ne disposent pas de l’aptitude nécessaire pour reprendre l’entreprise familiale. En conséquence, il se développe un marché de l’investisseur constitué des repreneurs non familiaux potentiels, en situation de sélectionner l’entreprise qui rencontre le mieux leurs attentes. D’autre part, la nature de la composition des actifs de la firme a changé et les actifs immatériels représentent à présent l’un des aspects les plus déterminants dans le succès de la majorité des entreprises. Il est communément accepté que ces actifs sont principalement responsables de la valeur de l’entreprise et de sa croissance dans de nombreuses industries. Cependant, l’étude du lien entre ces actifs et la transmission de PME hors du cercle familiale a été négligée jusqu’à présent.L’objectif de cette étude est d’apporter un éclairage sur la pertinence perçue des actifs immatériels dans le cadre du processus de transmission de PME, et ce de la perspective du repreneur n’appartenant pas au cercle familial. Au sein de ce processus, l’accent est mis sur la phase de préparation, lors de laquelle les repreneurs non familiaux potentiels recherchent et analysent les firmes cibles prometteuses.Sur base d’une démarche scientifique reposant sur des approches mixtes, déployées de façon séquentielle, la présente recherche consiste en une enquête quantitative, administrée en ligne, et impliquant des associations de commerce allemandes ainsi qu’une série d’entretiens qualitatifs menés avec des repreneurs non familiaux de PME allemandes.Les résultats apportent une nouvelle perspective sur la transmission d’entreprise, plus spécifiquement au regard des processus de sélection utilisés par les repreneurs non familiaux. Ainsi, cette étude contribue au développement de la littérature de plusieurs manières. Tout d’abord, une approche alternative de traiter de la transmission de PME en adoptant la perspective des repreneurs non familiaux est proposée, en tenant compte de leur modusoperandi. Ensuite, la vue traditionnelle de la transmission d’entreprise est élargie en considérant les actifs immatériels comme étant des éléments décisifs dans la phase de préparation. Enfin, ces résultats sont résumés dans un cadre qui fournit un aperçu sur les actifs immatériels dans le cadre de la sélection d’entreprise.Au regard du nombre croissant de PME en attente de transmission vers de nouveaux propriétaires, il est fondamental de comprendre la pertinence des actifs immatériels dans la dynamique de la transmission d’entreprise (et en particulier, dans la transmission non familiale). Ceci peut ainsi supporter les professionnels (par exemple, propriétaires, repreneurs potentiels, conseillers) et faciliter le développement de mesures adéquates pour améliorer la qualité de la transmission d’entreprise. / Non-family successors are becoming more and more important because of different reasons. Firstly, forecasts show that an increasing number of founders of small and medium-sized enterprises (SMEs) are waiting to leave their firms. Secondly, at the same time an increasing number of family successors are uninterested in or ill-suited to company succession. Consequently, it can be talked about as an investor market bringing prospective non-family successors in a position to select the company that best matches their expectations.On the other hand, the nature of a firm's asset composition has changed and intangible assets are now seen to represent one of the crucial aspects determining company success in most companies. It is generally acknowledged that these assets are chiefly responsible for company value and growth in most industries. However, the link between them and non-family succession in SMEs has so far been neglected.The aim of this study is to shed light on the perceived relevance of intangible assets in the SME succession process from the non-family successor perspective. In the process, the focus is on the preparation stage where prospective non-family successors seek and analyse promising target firms.Acquired on the basis of a sequential mixed methods approach, the present body of research material consists of a quantitative web-survey involving German trade associations and a series of qualitative interviews conducted with non-family successors of German SMEs.The findings provide a new perspective on company succession, specifically in regard to selection processes used by non-family successors, and thus this study contributes to the literature in several ways. Firstly, an alternative approach to dealing with company succession in SMEs by adopting the perspective of non-family successors is proposed, taking their modus operandi into account. Secondly, the traditional view of company succession is enlarged by considering intangible assets as being the decisive elements in the preparation stage. Finally, the findings are summarised by proposing a framework which provides insights into critical intangible assets in terms of company selection.Given the increasing number of SMEs waiting to be transferred to new owners, an understanding of the relevance of intangible assets is fundamental to our understanding of the dynamics of company succession (and non-family succession in particular). This in turn may also help practitioners (e.g., incumbents, prospective successors and advisors) to facilitate the proposal of suitable measures to improve the quality of company succession.

La tesi ha ad oggetto il passaggio generazionale nelle imprese di famiglia costituite in forma di società a responsabilità limitata, valutandone l’impatto sulla disciplina dell’amministrazione. Si rileva che i meccanismi tradizionali fondati esclusivamente sul trasferimento delle quote sociali non riescono a conciliare le esigenze di continuità dell’impresa e le norme di diritto successorio. Si individuano, allora, regole in grado di assicurare la stabilità dell'amministrazione anche dopo le modifiche alla compagine sociale conseguenti all’ingresso degli eredi. Lo studio si riferisce, da una parte, a regole convenzionali che garantiscono la permanenza dell’amministratore nella carica; dall’altra, a clausole con lo scopo di arginare l’interferenza dei nuovi soci sulle scelte di governance. Si dimostra, infine, la legittimità di una previsione statutaria che impone la successione automatica di un beneficiario nella carica di amministratore. / The thesis deals with the generational shift in family enterprises constituted as a limited liability company, assessing the impact on the discipline of the administration. It notes that traditional mechanisms based solely on the transfer of shares can not reconcile the needs of business continuity and the rules of inheritance law. Then, are identified rules that ensure the stability of the administration even after the changes to the shareholding structure resulting from the entrance of the heirs. The study refers, on the one hand, in the conventional rules which ensure the permanence of the administrator in charge; on the other, to clauses in order to curb the interference of new members on the choices of governance. It shows, finally, the legitimacy of a statutory provision requiring the automatic succession of a beneficiary in the position of director.

The thesis is focused on work-life harmonisation in the view of state, employers and parents. It is divided from chronological and thematic aspect: past focused on analysis of historical needs for reconciliation of work and family life, present role of the state, employers and employees and future visions of today's university students, prospective parents. Three surveys were realized to support the theses. The first one applies to occupancy of kindergartens. The second one in form of interviews with representatives of prominent companies is aimed at flexible work and company kindergarten. The third research takes interest in university student's views of parental leave and role division inside the family. In the end of the thesis, improvement of conditions for work and family interplay are suggested.

The main objective of this case study is to understand how organizational values of a family business are influenced – or are the outcome of – the interactions between the controlling family, their employees, and the social context by which they are surrounded. To investigate this topic a case study research design was applied and a family-owned and -managed Aquatic Center was selected as the company in focus. First, the organizational values were determined through the application of semi-structured interviews and observations. The units of analysis for the case study were the Top Management Team (TMT) and the employees of the organization. The former is composed by three members of the controlling family and the latter by the employees who are in most contact with the TMT and the clients of the Aquatic Center. After the Thematic Analysis of the empirical data eight organizational values were identified. These organizational values, along with excerpts from the interview, were analyzed from a Neo-Institutionalist lens and three meaning systems were identified to be influencing the organization and its structures. These three meaning systems were labeled as (1) Swimming the Sport; (2) Health Club Business; and (3) The Owning Family. The set of rules, enforcement mechanisms, and effects that these three meaning systems have on the overall organization were also defined.