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dc.contributor.authorHoworth, Carole
dc.contributor.authorWright, M.
dc.contributor.authorWesthead, P.
dc.contributor.authorAllcock, D.
dc.date.accessioned2019-06-14T11:28:29Z
dc.date.accessioned2019-07-02T13:43:48Z
dc.date.available2019-06-14T11:28:29Z
dc.date.available2019-07-02T13:43:48Z
dc.date.issued2015-11
dc.identifier.citationHoworth C, Wright M, Westhead P et al (2015) Waves of Professionalization Before, During and After Management Buyouts and Buy-ins of Private Family Firms. Enterprise Research Centre. Research paper 37.en_US
dc.identifier.urihttp://hdl.handle.net/10454/17156
dc.descriptionYes
dc.description.abstractWe explore the process of professionalization pre- and post- buyout (MBO) or buyin (MBI) of former private family firms using longitudinal evidence from six UK family firms undergoing an MBO/I in 1998. Professionalization behaviour was monitored up to 2014. Previous studies have conceptualized professionalization as a threshold to be attained. We demonstrate that professionalization is a complex process occurring in waves, triggered by changes in firm ownership and management. Waves of professionalization converge during the MBO/I process. Buyouts provide a funnelling mechanism enabling diverse control systems to be standardized. Post-MBO/I, divergence in the professionalization process reoccurs contingent on firm-specific contexts. Professionalization focuses on operations when stewardship relationships predominate, but on agency control mechanisms when there is increased potential for agency costs. Buyout organizational form is an important transitory phase facilitating the professionalization process. Professionalization is not a once for all development stage.en_US
dc.description.sponsorshipThe Enterprise Research Centre is an independent research centre which focusses on SME growth and productivity. ERC is a partnership between Warwick Business School, Aston Business School, Imperial College Business School, Strathclyde Business School and Birmingham Business School. The Centre is funded by the Economic and Social Research Council (ESRC); the Department for Business, Innovation & Skills (BIS); Innovate UK; and, through the British Bankers Association (BBA), by the Royal Bank of Scotland PLC; HSBC Bank PLC; Barclays Bank PLC and Lloyds Bank PLC. The support of the funders is acknowledged. The views expressed in this report are those of the authors and do not necessarily represent those of the funders.en_US
dc.language.isoenen_US
dc.publisherEnterprise Research Centre
dc.rights© 2015 Enterprise Research Centre. Reproduced in accordance with the publisher's self-archiving policy.
dc.subjectFamily firms
dc.subjectProfessionalization
dc.subjectManagement buyout
dc.subjectStewardship
dc.subjectAgency
dc.titleWaves of Professionalization Before, During and After Management Buyouts and Buy-ins of Private Family Firmsen_US
dc.status.refereedNo
dc.typeReport
dc.type.versionPublished version
dc.date.updated2019-06-14T10:28:31Z
refterms.dateFOA2019-07-02T13:45:30Z
dc.relation.urlhttps://www.enterpriseresearch.ac.uk/publications/waves-of-professionalization-before-during-and-after-management-buyouts-and-buy-ins-of-private-family-firms-research-paper-no-37/
dc.openaccess.statusopenAccess


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