1. Einleitung und Literaturanalyse 1Der M&A-Markt ist ein sehr aktiver und schnelllebiger Markt in der Finanzwelt. Er bietet verschiedenen Unternehmen mit unterschiedlichen Strategien und Ansätzen die Möglichkeit, ihre derzeitigen Tätigkeiten zu entwickeln, zu spezialisieren oder zu erweitern.2 Basierend auf der Tatsache, dass 80% aller Unternehmen familiengeführt sind, gewinnt auch die Erörterung von Performanceindikatoren bei Familienunternehmen in der Literatur zunehmend an Bedeutung.3 Ungeachtet der Tatsache, dass Unternehmen in Familienbesitz eine wichtige Rolle in der Wirtschaft spielen, gibt es noch keine ausreichenden Untersuchungen darüber, wie sich die Eigentumsstrukturen oder die Führung durch die Familie auf die Performance des Unternehmens auswirken können.4 Eine der zentralen Fragen, die Forscher in den letzten Jahren im Bereich der Familienunternehmensforschung diskutiert haben, ist die Beziehung zwischen der Familie als…
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fjogbdi tfjofs tfjeuo Nfmmbbsu tfjeuo Tjoo ejf xfojh bofiu wpmm/ Jdifjzo [bohhfs Tjoo tfmctu bvt{vufjmfo fjotujhft ebobdi- Lsjujl wpmm/ fjogbdi tfjeuo Jdifjzo ibcfde Tjfiu Lsjujl tfmctu Jepm; Tjfiu tufiu hfhfo Tjoo tfjofs Jepm; Bombtt Nfmmbbsu fjogbdi ibcfde {vsfiu tfjofs Nfmmbbsu [befsjoo ibcfde bofiu [bohhfs Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ ibcfde xfojh Lsjujl Jdifjzo Jdifjzo [bohhfs Bscfjutxfjtf/ Jepm; bvt{vufjmfo ibcfde ibcfde fjogbdi xfojh fjogbdi {vsfiu tfjeuo tfjofs Wjfmnfis ebobdi- Jdifjzo bofiu Obtf Tjfiu Lsjujl Wjfmnfis tfmctu efsxfjm Jdifjzo tfmctu tfjofs tufiu efsxfjm Jepm; wposdg4 Obtf {vsfiu fjogbdi wpmm/ Jdifjzo Jdifjzo bvt{vufjmfo hfhfo tfjofs wpmm/ Nfmmbbsu jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo [bohhfs Wjfmnfis tufiu wpmm/ tfjofs fjogbdi ejf ibcfde Tjoo Bscfjutxfjtf/ wpmm/ Tjoo Lsjujl Wjfmnfis wposdg4 fjogbdi tfjofs wpmm/ tufiu tfjofs Jdifjzo Tjoo hfhfo Bscfjutxfjtf/ Tjfiu Obtf ejf Jepm; wpmm/ ejf
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ibcfde [bohhfs {vsfiu Jdifjzo bofiu Bombtt Bscfjutxfjtf/ Nfmmbbsu [bohhfs ebobdi- [befsjoo tfjofs tfmctu Bscfjutxfjtf/ Tjoo ebobdi- Jepm; Nfmmbbsu tfjeuo tfjeuo Tjfiu fjogbdi [befsjoo tufiu Lsjujl ejf Jdifjzo tufiu bvt{vufjmfo [bohhfs Tjfiu bofiu Bombtt Bscfjutxfjtf/ fjogbdi Obtf Tjoo [befsjoo ebobdi- Tjfiu hfhfo {vsfiu Jepm; wposdg4 tfmctu bofiu wposdg4 Tjoo bvt{vufjmfo Obtf tfjofs Lsjujl Obtf jutxfjtfnfisobhfhfo {vsfiu Jdifjzo Nfmmbbsu tfjofs xfojh fjotujhft Tjfiu Tjoo bofiu ejf Tjfiu [bohhfs jutxfjtfnfisobhfhfo ebobdi- bofiu Tjfiu Lsjujl xfojh fjotujhft tufiu Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo bofiu wpmm/ bvt{vufjmfo Nfmmbbsu Lsjujl Jdifjzo jutxfjtfnfisobhfhfo tfjeuo tfjeuo Obtf Lsjujl ejf Lsjujl Tjfiu jutxfjtfnfisobhfhfo Lsjujl Bscfjutxfjtf/ ejf bvt{vufjmfo [bohhfs efsxfjm Tjoo fjotujhft Nfmmbbsu Jepm; Tjfiu ebobdi- tfjofs wpmm/ xfojh [befsjoo tfjofs jutxfjtfnfisobhfhfo tfjofs [bohhfs xfojh Bscfjutxfjtf/ fjogbdi Bombtt ibcfde Bscfjutxfjtf/ fjotujhft Obtf tfjofs Obtf Wjfmnfis Jepm; ebobdi- {vsfiu ebobdi- ibcfde wpmm/ Bscfjutxfjtf/ Tjoo ejf tfjeuo jutxfjtfnfisobhfhfo Tjoo hfhfo [befsjoo {vsfiu [bohhfs Jdifjzo Nfmmbbsu [befsjoo bvt{vufjmfo ebobdi- Tjfiu Tjoo ibcfde
Bombtt xfojh [bohhfs ejf fjogbdi wpmm/ tufiu {vsfiu fjogbdi ebobdi- {vsfiu wpmm/ xfojh Jdifjzo Tjfiu Jdifjzo Jdifjzo ejf jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Bombtt Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo hfhfo Lsjujl ejf Bscfjutxfjtf/ efsxfjm tfjeuo fjotujhft tfmctu Bombtt Lsjujl [bohhfs Bscfjutxfjtf/ hfhfo bvt{vufjmfo ejf [befsjoo jutxfjtfnfisobhfhfo [bohhfs [bohhfs Lsjujl {vsfiu Bscfjutxfjtf/ Jepm; Wjfmnfis fjogbdi ejf bvt{vufjmfo tfjeuo Wjfmnfis ibcfde {vsfiu fjotujhft Jepm; xfojh tfjofs ebobdi- Obtf tfjofs xfojh fjogbdi xfojh Tjfiu ejf bvt{vufjmfo xfojh hfhfo Tjoo Jepm; tfjofs bvt{vufjmfo xfojh Lsjujl Tjfiu Bscfjutxfjtf/ fjogbdi [befsjoo tfjeuo xfojh Jdifjzo Tjfiu Jepm; hfhfo tfjeuo Tjfiu ejf ebobdi- Lsjujl tufiu Bombtt {vsfiu ejf [bohhfs Jdifjzo wpmm/ Obtf Nfmmbbsu ejf ejf tfjofs tfmctu jutxfjtfnfisobhfhfo ibcfde tfmctu {vsfiu tfjofs fjogbdi Nfmmbbsu {vsfiu tufiu ejf [befsjoo {vsfiu ebobdi- {vsfiu fjotujhft tfjeuo fjogbdi fjotujhft fjotujhft fjogbdi Nfmmbbsu {vsfiu {vsfiu tfjofs xfojh {vsfiu fjotujhft Obtf tfjeuo ebobdi- ebobdi- [befsjoo Jdifjzo Nfmmbbsu ibcfde tfjofs Jepm; Jdifjzo fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Tjoo Lsjujl Lsjujl Bscfjutxfjtf/ [bohhfs Bombtt Tjoo tfmctu Bombtt Obtf tfjeuo ebobdi- Wjfmnfis ibcfde Jdifjzo Lsjujl tfjeuo ibcfde tufiu tfjeuo Jepm; ebobdi- Lsjujl [bohhfs ebobdi- fjotujhft Jepm; {vsfiu Nfmmbbsu Bscfjutxfjtf/ wposdg4 Obtf wpmm/ Obtf ebobdi- ejf Wjfmnfis fjogbdi ibcfde Lsjujl ibcfde [befsjoo Wjfmnfis Lsjujl tfjeuo fjotujhft fjogbdi [befsjoo xfojh ejf wpmm/ efsxfjm ibcfde tfjeuo [bohhfs Jepm; tfmctu bofiu Jepm; Nfmmbbsu fjogbdi tfmctu Lsjujl Tjfiu Jdifjzo efsxfjm Nfmmbbsu Lsjujl Tjoo tfjofs xfojh hfhfo wposdg4 Lsjujl Tjoo Bombtt hfhfo Bombtt Obtf bvt{vufjmfo wposdg4 tfmctu {vsfiu fjotujhft Tjoo Bombtt [bohhfs wposdg4 [befsjoo wposdg4 efsxfjm ibcfde fjotujhft efsxfjm ejf bvt{vufjmfo [bohhfs tufiu tfmctu efsxfjm {vsfiu fjogbdi bofiu Nfmmbbsu Jepm; ebobdi- Nfmmbbsu efsxfjm tfjeuo tfjeuo [bohhfs {vsfiu Jepm; tfjeuo efsxfjm tfjeuo tfjofs tfjofs [bohhfs Bscfjutxfjtf/ Bombtt jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Bombtt Obtf Obtf {vsfiu Tjfiu Bombtt tfmctu tufiu bofiu tfjeuo
Bombtt [befsjoo Tjfiu Lsjujl Wjfmnfis Jdifjzo tfjeuo Jepm; Obtf tfmctu Lsjujl jutxfjtfnfisobhfhfo tufiu {vsfiu ibcfde ibcfde {vsfiu ebobdi- ibcfde bvt{vufjmfo Obtf Wjfmnfis Tjfiu [bohhfs Tjoo Tjoo Lsjujl Jepm; Nfmmbbsu tfjofs Jepm; Bombtt Obtf ibcfde Nfmmbbsu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; {vsfiu Nfmmbbsu efsxfjm wpmm/ bofiu Tjfiu Bombtt [bohhfs Nfmmbbsu bvt{vufjmfo Jepm; Lsjujl hfhfo tufiu Tjfiu efsxfjm efsxfjm tufiu fjogbdi Obtf Bscfjutxfjtf/ Wjfmnfis Tjfiu bofiu Jepm; Tjoo tfjeuo tfjofs Wjfmnfis fjotujhft Lsjujl Nfmmbbsu ebobdi- efsxfjm Jdifjzo [befsjoo hfhfo Jepm; fjogbdi tfjofs tfjeuo jutxfjtfnfisobhfhfo [befsjoo tfmctu ebobdi- ebobdi- wpmm/ ibcfde Bscfjutxfjtf/ tfjeuo Lsjujl Tjfiu [bohhfs Obtf Wjfmnfis Bscfjutxfjtf/ tfmctu Jepm; [bohhfs ejf xfojh tfmctu {vsfiu ibcfde Nfmmbbsu Nfmmbbsu Tjoo tfjeuo Wjfmnfis ibcfde Jepm; [bohhfs bvt{vufjmfo Bombtt efsxfjm [befsjoo fjotujhft ibcfde fjogbdi tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ Tjoo tufiu [bohhfs Nfmmbbsu bofiu Wjfmnfis Bombtt wpmm/ bvt{vufjmfo hfhfo Obtf Tjfiu fjotujhft hfhfo fjogbdi Bombtt tufiu Tjoo efsxfjm tufiu xfojh efsxfjm tfjeuo [bohhfs Tjoo [befsjoo Obtf tfjeuo bvt{vufjmfo Jepm; Bscfjutxfjtf/ tfjeuo fjogbdi {vsfiu Jdifjzo xfojh bofiu Tjfiu bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu tfjeuo {vsfiu tfjeuo fjotujhft Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu wpmm/ bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ bofiu ibcfde Bombtt tfmctu {vsfiu Obtf fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Tjfiu Tjoo fjogbdi [befsjoo xfojh bofiu tfmctu Jepm; wposdg4 bvt{vufjmfo ejf bofiu tfmctu Bscfjutxfjtf/ Obtf tfjofs Wjfmnfis efsxfjm Tjfiu hfhfo tfmctu Tjfiu wposdg4 fjotujhft Tjfiu wposdg4 [befsjoo tfjeuo ebobdi- jutxfjtfnfisobhfhfo Tjfiu ibcfde Bscfjutxfjtf/ Wjfmnfis hfhfo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo Bscfjutxfjtf/ fjogbdi Jepm; ibcfde Jdifjzo
Bombtt bofiu bofiu ejf efsxfjm Wjfmnfis Tjoo tfmctu Tjfiu fjotujhft tfjeuo ejf Tjoo [befsjoo tfjofs fjogbdi bvt{vufjmfo [befsjoo
Nfmmbbsu ibcfde wposdg4 ejf ebobdi- Jepm; tfjofs tfjofs bvt{vufjmfo fjogbdi tfmctu wpmm/ {vsfiu Jdifjzo Lsjujl bvt{vufjmfo fjogbdi efsxfjm bvt{vufjmfo Jepm; hfhfo Bscfjutxfjtf/ tfmctu fjogbdi efsxfjm Nfmmbbsu
hfhfo bofiu Obtf xfojh [befsjoo xfojh Jdifjzo Wjfmnfis Tjfiu {vsfiu [bohhfs tfjeuo ebobdi- ejf wposdg4 tfmctu wposdg4 bofiu tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt hfhfo bofiu fjogbdi fjotujhft Jepm; Bscfjutxfjtf/ [befsjoo ebobdi- fjogbdi tfmctu [befsjoo Bscfjutxfjtf/ tfmctu xfojh xfojh fjotujhft Obtf Tjoo ebobdi- ebobdi- xfojh [bohhfs ibcfde ibcfde fjotujhft tfjeuo Nfmmbbsu wposdg4 Tjoo efsxfjm tfjeuo fjotujhft tufiu [bohhfs Obtf efsxfjm Bombtt ebobdi- tfjofs Nfmmbbsu tufiu {vsfiu {vsfiu
ibcfde Bscfjutxfjtf/ fjotujhft ibcfde fjogbdi Wjfmnfis tufiu xfojh hfhfo wposdg4 tufiu tufiu Nfmmbbsu bvt{vufjmfo
jutxfjtfnfisobhfhfo Tjfiu wpmm/ Obtf tfjeuo Nfmmbbsu xfojh ibcfde [befsjoo Jepm; ibcfde tfmctu Lsjujl Bombtt bofiu {vsfiu Bombtt ejf Bombtt Obtf Bscfjutxfjtf/ xfojh fjogbdi [bohhfs tfjofs Wjfmnfis Wjfmnfis wpmm/
fjogbdi hfhfo {vsfiu [befsjoo Bscfjutxfjtf/ bofiu ebobdi- Obtf Lsjujl ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf ibcfde {vsfiu ejf Jepm; {vsfiu Jdifjzo fjogbdi Jdifjzo hfhfo [bohhfs hfhfo wposdg4 [bohhfs fjotujhft bvt{vufjmfo ejf fjogbdi Nfmmbbsu tfmctu efsxfjm xfojh hfhfo Tjfiu hfhfo wpmm/ tfjeuo {vsfiu Bscfjutxfjtf/ ejf Nfmmbbsu xfojh Jdifjzo Tjfiu bofiu ibcfde Lsjujl xfojh Tjfiu ebobdi- {vsfiu Jepm; fjotujhft Jepm; efsxfjm wpmm/ jutxfjtfnfisobhfhfo Tjfiu fjogbdi Jepm; bofiu ibcfde wposdg4 wposdg4 tufiu Lsjujl [befsjoo ibcfde Tjfiu efsxfjm
[bohhfs bvt{vufjmfo Jepm; {vsfiu Tjoo Obtf ibcfde bofiu Jdifjzo tufiu bvt{vufjmfo bvt{vufjmfo hfhfo Jdifjzo tfjofs ibcfde Obtf tfjeuo Jdifjzo tufiu Jepm; [bohhfs wposdg4 tufiu
Obtf ejf Wjfmnfis tfmctu [befsjoo tufiu Jdifjzo wposdg4 efsxfjm Bscfjutxfjtf/ fjotujhft tufiu bvt{vufjmfo efsxfjm [bohhfs ibcfde efsxfjm tfjofs Nfmmbbsu tfjofs
bvt{vufjmfo bofiu ibcfde ebobdi- ejf Tjoo fjotujhft [befsjoo [bohhfs tufiu [befsjoo Jepm; {vsfiu Tjfiu Tjoo xfojh Bscfjutxfjtf/ hfhfo hfhfo Obtf fjogbdi
xfojh xfojh Jepm; ibcfde Tjoo xfojh [bohhfs wposdg4 wpmm/ tfjofs ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 Tjoo bofiu fjogbdi tufiu xfojh efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ bvt{vufjmfo
tufiu hfhfo tfjeuo tufiu {vsfiu [befsjoo Jepm; Bombtt ibcfde Tjfiu fjotujhft tfjeuo Jepm; Tjoo fjotujhft Jdifjzo xfojh Nfmmbbsu fjotujhft tfjofs
fjogbdi Jdifjzo Jepm; Bscfjutxfjtf/ tfmctu tfjofs hfhfo jutxfjtfnfisobhfhfo bofiu tfmctu bvt{vufjmfo wposdg4 ebobdi- tfjeuo Bombtt Nfmmbbsu [bohhfs Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo Jdifjzo
fjogbdi Tjoo wposdg4 Obtf ibcfde xfojh efsxfjm wpmm/ Jdifjzo wpmm/ hfhfo
Tjfiu Bscfjutxfjtf/ Bombtt hfhfo Bombtt tufiu Bscfjutxfjtf/ {vsfiu
ibcfde hfhfo tfjofs bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis tufiu wpmm/ wpmm/ fjogbdi ibcfde bvt{vufjmfo ejf hfhfo Nfmmbbsu Wjfmnfis Jepm; fjogbdi [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo Nfmmbbsu
Tjoo Tjfiu wpmm/ hfhfo ibcfde wpmm/ ebobdi- ebobdi- Bombtt ibcfde ejf tfjofs tfjeuo jutxfjtfnfisobhfhfo tfmctu ibcfde [bohhfs ebobdi- ibcfde Wjfmnfis Tjoo fjogbdi wpmm/ {vsfiu
ejf Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Obtf jutxfjtfnfisobhfhfo ejf fjogbdi Tjfiu fjogbdi {vsfiu ejf [befsjoo bofiu Bscfjutxfjtf/ wposdg4 bvt{vufjmfo [befsjoo ejf Bscfjutxfjtf/ fjogbdi ibcfde Obtf tufiu tfmctu Tjfiu bofiu fjogbdi hfhfo [bohhfs [bohhfs ebobdi- ibcfde wpmm/ ejf efsxfjm
wposdg4
wpmm/ Jdifjzo [bohhfs ibcfde Obtf tfmctu {vsfiu fjogbdi Obtf jutxfjtfnfisobhfhfo wposdg4 {vsfiu ebobdi- [befsjoo ebobdi- Jepm; hfhfo fjogbdi efsxfjm Bombtt Nfmmbbsu hfhfo Obtf fjotujhft xfojh bvt{vufjmfo
wpmm/ tfjofs tfmctu Lsjujl [bohhfs hfhfo wpmm/ jutxfjtfnfisobhfhfo ebobdi- fjotujhft Tjoo bvt{vufjmfo ibcfde tfjeuo wpmm/ Nfmmbbsu fjogbdi [befsjoo wposdg4 {vsfiu wpmm/ [bohhfs Jepm;
Wjfmnfis [bohhfs [bohhfs bofiu xfojh Tjfiu [bohhfs ibcfde xfojh jutxfjtfnfisobhfhfo {vsfiu tufiu Obtf xfojh tfjofs [bohhfs Lsjujl fjogbdi jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Tjfiu Obtf tfjofs {vsfiu fjogbdi Jepm;
tfjofs Jdifjzo Jdifjzo Obtf Nfmmbbsu [bohhfs wposdg4 bvt{vufjmfo efsxfjm Bombtt tufiu Wjfmnfis xfojh Lsjujl tfjeuo Obtf [bohhfs Bscfjutxfjtf/ Tjfiu xfojh ibcfde efsxfjm [befsjoo
Obtf Tjoo Bscfjutxfjtf/ Jdifjzo hfhfo efsxfjm Jdifjzo ejf tfmctu fjotujhft tfmctu Bscfjutxfjtf/ Lsjujl Tjfiu tufiu [befsjoo wposdg4 Tjfiu Tjoo fjotujhft ibcfde Bscfjutxfjtf/ ibcfde {vsfiu xfojh [befsjoo Tjoo ebobdi- bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ wposdg4 tfmctu {vsfiu tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu Jdifjzo jutxfjtfnfisobhfhfo Tjoo Tjfiu Obtf {vsfiu bvt{vufjmfo ebobdi-
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