O processo sucessório pode ser visto como um dos fatores críticos para garantir a longevidade de muitas organizações, tendo em vista que é pertinente e natural a todas, sejam elas familiares ou não-familiares. O desafio, contudo, é o de atingir a manutenção apropriada das práticas de sucesso na conduta do negócio, bem como os valores morais enraizados pelos membros familiares ao longo do desenvolvimento do negócio, durante o processo sucessório. Em uma outra instância, a gestão dos interesses dos stakeholders pode ser visto como um dos principais pontos de conflitos nas organizações familiares, uma vez que a influência dos membros familiares varia em diferentes âmbitos, exercendo, portanto, considerável presença na determinação dos objetivos da organização. Estas intenções e objetivos enriquecem a importância do processo sucessório e das práticas de Governança Corporativa propiciando maior estabilidade e redução dos riscos face a necessidade da mudança na liderança e gestão da organização familiar. Esta abordagem contribui não só para voltá-las a uma maior vantagem competitiva na escolha do sucessor com maior potencial para exercer determinado cargo, mas para enriquecer a visão das práticas de governança junto às organizações familiares que visam garantir o sucesso já obtido por diversas gerações. A partir deste contexto, este estudo procurou investigar a implementação das práticas de Governança Corporativa presentes nas organizações familiares e sua evolução no processo sucessório. Visando alcançar este objetivo, realizou-se uma pesquisa de caráter qualitativo, por meio do método de estudo de casos múltiplos. Como principais sínteses dos resultados, conclui-se que a implementação destas práticas se tornou marco para a condução das transições nas empresas em foco, seja no âmbito da sucessão da gestão quanto da propriedade, além de garantir a união das gerações em prol do êxito do processo sucessório. / The succession process shall be considered as one of the critical factors to guarantee the longevity of many organizations, given that it is pertinent and natural to all of them, whether they are family-owned business or not. The challenge, however, is to achieve a appropriated maintainability of the successful practices concerning the way that the business is lead, as well as the moral values ingrained by the family members throughout the business development, during the succession process. In another instance, stakeholder\'s interests management shall be considered as one of the primary conflict points in family firms, seen that the family members influence varies in different scopes, exerting, therefore, considerable presence in the determination of the firm\'s objectives. These intentions and objectives enrich the importance of the succession process and Corporate Governance practices promoting a greater stability and risk reduction vis-à-vis its need of changing in the family firm\'s management and leadership. This approach contributes not only to turn them to a more relevant competitive advantage in the choice of a high potential successor to wield certain role, but to augment the view of governance practices along family firms that aim to ensure the success already obtained by other generations. Thereafter, this study seeks investigating Corporate Governance practices implementation existent in family firms and its evolution regarding succession process. Aiming to reach this objective, it is intended to conduct a qualitative research by means of a multiple case study method. As a result of the main findings, it is concluded that the implementation of these practices have become a threshold to the conduct of transitions in the companies in study, either in the succession of the business or ownership, besides guaranteeing the union of generations to achieve the success of the succession process.

Esta pesquisa inova ao investigar a dinâmica do Conselho de Família e sua influência no processo de governança e sucessão nas empresas de controle familiar. Visando responder a questão de pesquisa \"Como a dinâmica do Conselho de Família influencia e é influenciada pelo processo de governança e sucessão nas empresas de controle familiar?\", empreendeu-se umestudo de casos múltiplos aplicado a três empresas de controle familiar e a um grupo de consultores especialistas. Foram realizadas entrevistas semiestruturadas no período de fevereiro a abril de 2017 com membros da família que compõe ou compuseram o Conselho de Família das empresas aqui estudadas e também com os consultores especialistas na temática Governança Corporativa, empresas familiares e Conselho de Família. Além das entrevistas, foi realizada a análise documental dos livros que contém a historia das empresas e da própria família, informações disponibilizadas no web site das empresas, notícias e matérias veiculadas na imprensa e materiais elaborados pelos consultores. O referencial teórico aborda as temáticas de governança corporativa, empresas familiares, Conselho de Administração, Conselho de Família e por fim, sucessão e conflitos nas empresas de controle familiar. Os resultados indicam que a implantação de um Conselho de Família contribui para a preparação e formação dos herdeiros e sucessores, facilitando assim a passagem do bastão, além de atuar na resolução de conflitos incentivando o diálogo entre a família e para com a empresae contribuindo ainda para manutenção e amadurecimento das práticas de governança corporativa. / This research innovates when investigating the dynamics of the Family Council and its influence on the process of governance and succession in family firms. Aiming to answer the research question \"How do Family Council dynamics influence and is influenced by the process of governance and succession in family firms?\", a study of multiple cases has been undertaken and applied to three family firms and to a group of expert consultants. Semi-structured interviews were carried out in the period from February to April 2017, with members of the family who composes or composed the Family Council of the companies studied here, and also with the expert consultants in the thematic Corporate Governance, family firms and Family Council. In addition to the interviews, it was performed a documentary analysis of the books that contain the history of companies and the family itself, information available on the website of the companies, news and materials published in the press and materials prepared by consultants. The theoretical reference addresses the issues of corporate governance, family firms, Board of Directors, Family Council and finally succession and conflicts in family firms. The results indicate that the introduction of a Family Council contributes to the preparation and training of heirs and successors, thus facilitating to pass the baton forward, as well as acting in conflict resolution, encouraging dialog between the family and to the company and also contributing to maintenance and maturity of corporate governance practices.

Este trabalho investiga os impactos provenientes da propriedade familiar em eventos de aquisições. Foram analisados 355 anúncios concluídos de eventos de aquisições, realizados por 122 empresas públicas no período de 2009 a 2013. Os dados foram obtidos do banco de dados da Thomson Reuters SDC Platinum e também da Thomson Reuters Eikon. Foi utilizada a metodologia de estudos de eventos (MacKinlay, 1997; McWilliams & Siegel 1997), para aferir os retornos anormais em aquisições de empresas familiares e não familiares. Para analisar os dados obtidos, foram empregadas análises univariadas, bivariadas e regressões multivariadas reportadas com erros-padrão robustos por Hubber-White Sandwich, e técnica não paramétrica estatística de resampling Bootstrap. Foram empregados, ainda, testes de robustez para a variável explicativa grau de concentração acionária e de benchmark de retorno de mercado. Outrossim, foram adotadas variáveis específicas de empresas familiares, para melhor mensurar o impacto da propriedade familiar sobre os retornos anormais analisados. Como principais achados da dissertação, foram encontrados evidências de que empresas familiares geram valor em aquisições. Encontrou-se, também, que não há evidências de que empresas familiares tenham maiores retornos anormais positivos que empresas não familiares. Reporta-se, ainda, que o retorno anormal está relacionado positivamente à empresa familiar cujo gestor é membro da família controladora. Por outro lado, não se encontraram evidências de que os retornos anormais em aquisições de empresas estejam relacionados positivamente às empresas de primeira e segunda gerações familiares. Por fim, relata-se que não há evidências de que haja relação positiva entre o grau de concentração acionária detida pela família controladora e retornos anormais em aquisições. / This study investigates the impact of family ownership on acquisitions of enterprises. On this purpose, we analyzed 355 acquisitions made by 122 public firms during the sample period 2009 to 2013. The data on acquisitions of enterprises were obtained from Thomson Reuters SDC Platinum and Thomson Reuters Eikon database. This study employs the Methodology of Event Study (MacKinlay, 1997; McWilliams & Siegel 1997) in order to obtain the performance on acquisitions measured by the abnormal return. Furthermore, were employed univariate, bivariate statistical analysis and multivariate regression analysis. Those regressions were reported with robust standard errors by Hubber-White Sandwich. Additionally, as a robustness test, this study reported the non parametric robust statistical test; yclept, Bootstrap. Besides, were applied further robust techniques, due to better measure the impact of the variable family firms on the dependent variable abnormal return. Our findings suggest that there is evidence that family firms generate value on acquisitions of enterprises. Moreover, this study founded that there is no evidence that family firms have higher abnormal returns than non-family firms. This research, withal, sheds lights on the fact that abnormal return it is positively related to family firms which has a family member as a director, vice president or CEO of the company. On the other hand, it is founded on this research that there is no evidence that abnormal returns are associated to the first and second generations. Ultimately, it is reported that there is no evidence that exists positive relation among the variable power concentration (stake owned by the controlling family) and abnormal returns on acquisitions of enterprises.

We compare acquisition activity, method of payment choice, and the long-run value implications of acquisitions by newly public single-class and dual-class US companies. Our results show that dual-class IPO firms make relatively more acquisitions in innovative industries and are less likely to pay with stock as compared to single-class IPO firms. We provide evidence that the reluctance of dual-class firms to pay with stock is not related to the insiders' cash-flow rights but it is significantly positively related to the insiders' voting rights and wedge between the insiders' voting rights and cash-flow rights. We also find that acquiring dual-class IPOs perform better in the long-run than acquiring single-class IPO firms, and the better performance is mainly due to acquisitions in innovative industries. The results suggest that insiders of dual-class IPOs try to retain control during subsequent M&A activities. The governance structure in such firms allows them to make investments in high risk projects that enhance shareholder value in the long-run. Next, we examine the acquisition performance of family and non-family firms in the S&P 500 universe. Using style-adjusted and market-adjusted buy-and-hold returns (BHAR) and controlling for firm and merger characteristics, we find that the post-merger performance of family firms is significantly better than that of non-family firms. In particular, the mean one-year style-adjusted buy-and hold abnormal return is around 18% higher for family acquirers than for non-family acquirers. Further, contrary to the argument that founding family members make value-destroying diversifying acquisitions to minimize the risk of their personal portfolio, we do not find that family firms lose value in diversifying acquisitions. This result is consistent with Stein's model (1997) showing that diversification helps to reduce the cost of capital of the firm.

No description available.

The success of the local development experiences after the 1980s is associated with the non-economic components as well as the economic ones in the contemporary development literature. Most apparently, the literature seems to be intensified on the local institutions and on the local social interaction which creates reciprocal cooperative trust relations. These socially constructed local institutions refer to the local rules, routines and patterns having been directly influencing the relation among the local actors of development. They are also seen to be the organizational actors of development being responsible for the social inheritance of traditional and even tacit local knowledge and facilitating the adaptation of other local actors to the changing supra local networks. In many cases, however, the age groups dominating these successful development experiences have come to the edge of or already exceeded the age limits of active workforce cohorts currently. The coming decade, therefore, indicates a succession period from these generations leading to the emergence of successful development experiences to their successors. This period is identified in this study as the generational transition. This concept represents a newly emerging field of contradiction and this study analyses and conceptualizes the influences of generational transition on the local pathways of development both in terms of the tensions between diverse generations, and in context of tensions between the institutions and successor generations and among the institutions being socially constructed by diverse generations. These tensions are analyzed in this study through the Kayseri experience which has created a successful local development practice after the 1980s by focusing the generational transformation of both the local development path and the socio-spatial patterns of the town. This analysis indicates three vitally important outcomes of generational transition. Firstly, the local socio-spatial institutions have a crucial importance in the social inheritance of the traditional local knowledge and they have been transformed by the influences of generational transition. Secondly, it is found that the economic organizations have been transformed generationally in tune with the generational transition. And finally it is found that the generational transition has directly been influencing the local development path by destroying or changing some institutions and by creating some new ones.

No description available.

Background:           Absorptive capacity concept has its roots dated back around 30 years ago when two seminal papers were published. During the years, more knowledge has been produced about this topic. However, most of the studies have focused on the absorptive capacity from a general point of view without correlating it with the R&D activities of family firms and family involvement.       Purpose:                  This study investigates how one of the distinctive characteristics of family firms (i.e. family involvement) plays a role along with R&D activities carried out either in-house or from external sources, in filing for a patent.   Method:                   To conduct our study we adopted a quantitative approach and used secondary data about 14759 firms located in EU.  Considering the type of selected variables, for our analysis we used logistic regression in order to see if the model we proposed was meaningful or not.   Conclusion:             The findings from our study address the research questions we formulated at the beginning. As for the R&D we conclude that family firms take more advantage from carrying out in-house R&D activities rather than R&D from external sources, matching with what claimed in the existing literature. Furthermore, our study matches with recent studies that challenge the traditional view of family involvement negatively related to innovation.

Family businesses and financial decision making is a growing topic of research. It is of value given the impact family businesses have on many economies. Family businesses are regarded to have it more difficult to attain feasible financing and also being led by another logic compared to non-family businesses. Characteristics attributed to family businesses are that they take non-financial values in to consideration, and aims to preserve the so called Social Emotional Wealth. Therefore this thesis aims to explore financial decision making in the context of family businesses and extend current research by looking at a new financing alternative, crowd equity. The purpose aims to be met by a qualitative study, with the FIBER model as base. Interviewing family business owners and management, and explore their reasoning linking it to crowd equity as a financing form. The findings in this study is in line with much of existing literature, concluding that the reasoning behind financial decisions are to a large extent motivated by non-financial factors, such as ownership and control of the businesses. The risk of losing control over the business by raising capital via equity financing is one argument against that form of financing. If equity financing is an alternative, then crowd equity seems to have characteristics that could be of interest for family businesses.

Este trabalho investiga os impactos provenientes da propriedade familiar em eventos de aquisições. Foram analisados 355 anúncios concluídos de eventos de aquisições, realizados por 122 empresas públicas no período de 2009 a 2013. Os dados foram obtidos do banco de dados da Thomson Reuters SDC Platinum e também da Thomson Reuters Eikon. Foi utilizada a metodologia de estudos de eventos (MacKinlay, 1997; McWilliams & Siegel 1997), para aferir os retornos anormais em aquisições de empresas familiares e não familiares. Para analisar os dados obtidos, foram empregadas análises univariadas, bivariadas e regressões multivariadas reportadas com erros-padrão robustos por Hubber-White Sandwich, e técnica não paramétrica estatística de resampling Bootstrap. Foram empregados, ainda, testes de robustez para a variável explicativa grau de concentração acionária e de benchmark de retorno de mercado. Outrossim, foram adotadas variáveis específicas de empresas familiares, para melhor mensurar o impacto da propriedade familiar sobre os retornos anormais analisados. Como principais achados da dissertação, foram encontrados evidências de que empresas familiares geram valor em aquisições. Encontrou-se, também, que não há evidências de que empresas familiares tenham maiores retornos anormais positivos que empresas não familiares. Reporta-se, ainda, que o retorno anormal está relacionado positivamente à empresa familiar cujo gestor é membro da família controladora. Por outro lado, não se encontraram evidências de que os retornos anormais em aquisições de empresas estejam relacionados positivamente às empresas de primeira e segunda gerações familiares. Por fim, relata-se que não há evidências de que haja relação positiva entre o grau de concentração acionária detida pela família controladora e retornos anormais em aquisições. / This study investigates the impact of family ownership on acquisitions of enterprises. On this purpose, we analyzed 355 acquisitions made by 122 public firms during the sample period 2009 to 2013. The data on acquisitions of enterprises were obtained from Thomson Reuters SDC Platinum and Thomson Reuters Eikon database. This study employs the Methodology of Event Study (MacKinlay, 1997; McWilliams & Siegel 1997) in order to obtain the performance on acquisitions measured by the abnormal return. Furthermore, were employed univariate, bivariate statistical analysis and multivariate regression analysis. Those regressions were reported with robust standard errors by Hubber-White Sandwich. Additionally, as a robustness test, this study reported the non parametric robust statistical test; yclept, Bootstrap. Besides, were applied further robust techniques, due to better measure the impact of the variable family firms on the dependent variable abnormal return. Our findings suggest that there is evidence that family firms generate value on acquisitions of enterprises. Moreover, this study founded that there is no evidence that family firms have higher abnormal returns than non-family firms. This research, withal, sheds lights on the fact that abnormal return it is positively related to family firms which has a family member as a director, vice president or CEO of the company. On the other hand, it is founded on this research that there is no evidence that abnormal returns are associated to the first and second generations. Ultimately, it is reported that there is no evidence that exists positive relation among the variable power concentration (stake owned by the controlling family) and abnormal returns on acquisitions of enterprises.