Percorrer por autor "Leimer, Felix Oliver"
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- Private equity in family firms : performance effects and the role of professionalization : myth or reality?Publication . Leimer, Felix Oliver; Dinis, LilianaThis thesis examines the influence of private equity (PE) investments on the profitability of family businesses (FB) in Portugal. Against the background of inconsistent findings in previous research, it combines quantitative measures of profitability with proxies of professionalization in a mediator analysis. I examine (1) whether PE investments lead to sustainable performance improvements and (2) define the role of professionalization of family firms in PE interventions through the lens of upper echelons theory. Various difference-in-difference models are estimated based on a panel dataset of 56 companies over a period of 11 years. The results show that PE acquisitions are not associated with an increase but with a decrease in profitability, especially in the case of majority shareholdings. There are signs of a professionalization paradox, as PE leads to professionalization, but professionalization does not lead to an improvement in profitability. The study makes an important contribution to family business research by taking a novel approach to the return on PE investments through professionalization and the upper echelons perspective. For practitioners, it provides important information on which measures are effective in PE takeovers and where they fail to have an impact.