Now showing 1 - 10 of 11
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The Role of Information Asymmetry in the Choice of Entrepreneurial Exit Routes

2014-11-08 , Dehlen, Tobias , Zellweger, Thomas , Kammerlander, Nadine , Halter, Frank

Our quantitative study investigates the determinants of internal versus external exit routes in family firms. Building on information asymmetry theory, we examine how an owner's inferior knowledge about the abilities of potential external entrants (in contrast to family internal successors) renders a family internal transfer more likely. This information asymmetry, however, can be mitigated by activities such as owners' screening and transfer candidates' signaling efforts to reveal the candidates' abilities. Our data exhibits a positive effect of signaling and an inverted U-shaped effect of screening on the probability of external exit routes. Firm age, as a driver of emotional attachment, weakens these effects.

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Beratung ungleich Beratung : Wann macht welche Beratung Sinn

2014 , Halter, Frank , Kammerlander, Nadine , Kissling Streuli, Sonja

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Fattori di successo per PMI svizzere : La successione aziendale nell'esperienza pratica

2013 , Christen, Andreas , Halter, Frank , Kammerlander, Nadine , Künzi, Damian , Merki, Manuela , Zellweger, Thomas

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KMU Nachfolge - Quo Vadis? : Unsichere Zeiten - ist jetzt der falsche Moment?

2012 , Halter, Frank , Kammerlander, Nadine

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The Role of Information Asymmetry for the Choice between Family External and Internal Exit Routes

2012-06-26 , Dehlen, Tobias , Zellweger, Thomas , Halter, Frank , Kammerlander, Nadine , Durst, Susanne

In our quantitative study we investigate the antecedents of two distinct exit routes. Building on information asymmetry theory, we discuss that the owner's inferior knowledge about the ability of potential family external (in contrast to family internal) successors renders a family internal transition more likely. However, this information asymmetry can be mitigated by activities such as owners' screening and successors' signaling efforts to unveil the successor's ability. Our data exhibits a positive effect of signaling and an inverted u-shaped effect of screening on the probability of an external succession. Socioemotional wealth, generated by long ownership duration, moderates these effects.

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Erfolgsfaktoren für Schweizer KMU : Unternehmensnachfolge in der Praxis

2013 , Christen, Andreas , Halter, Frank , Kammerlander, Nadine , Künzi, Damian , Merki, Manuela , Zellweger, Thomas

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Success Factors for Swiss SMEs : Company Succession in Practice

2013 , Christen, Andreas , Halter, Frank , Kammerlander, Nadine , Künzi, Damian , Merki, Manuela , Zellweger, Thomas

Achieving success and competitiveness requires constant effort - on the part of individual companies as well as the Swiss economy as a whole. This study, which is based on a representative survey of more than 2,000 Swiss SMEs, contributes to the debate on Switzerland's sustainable success as an economic center and examines the current political direction from an SME perspective. As part of this year's focal theme of company succession, we additionally examine how SMEs pass on their businesses and successful formulas to the upcoming generation of entrepreneurs and look at which factors play an important role in ensuring that the handover goes as smoothly as possible in practice.

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Nachfolge als Prozess : Herausforderungen und Gestaltung im Zeitraum

2014 , Halter, Frank , Kammerlander, Nadine

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Facteurs de succès pour PME suisses : La succession d'entreprise dans la pratique

2013 , Christen, Andreas , Halter, Frank , Kammerlander, Nadine , Künzi, Damian , Merki, Manuela , Zellweger, Thomas

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Resultate statt Derivate : Die Übernahme als unternehmerische Herausforderung

2013 , Halter, Frank , Kammerlander, Nadine , Kissling Streuli, Sonja