New PDF release: Crisis and Turnaround in German Medium-Sized Enterprises: An

German 16

By Thomas Wittig

Thomas Wittig goals at gaining extra insights into the challenge and turnaround technique of SMEs, investigating either, the turnaround luck and the effect of turnaround at the kinfolk function in family members companies. in accordance with a in particular built built-in conceptual turnaround version, the writer accrued a pattern of 209 turnaround instances of German medium-sized businesses from restructuring specialists operating for German banks. utilising numerous rigorously chosen statistical analyses he identifies key components for turnaround good fortune and unearths particular archetypes of crises and turnaround. The learn concludes with an research of the influence of a winning turnaround at the kin companies inside his pattern. in response to the study’s insights he offers either, strategies for destiny learn and a suite of functional implications for all appropriate stakeholders of a turnaround situation.

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2005). The ‘components of involvement’ is based on actual measurable metrics which define the level of interaction between family and company. , 2005). 38 Overview of literature and applicable theories The ‘essence’ approach is based upon the assumption that mere involvement of the family is not sufficient. , 2005). ). I focus on the aspects of ownership and management, thus roughly following the approach of Block (2010) in his study about family firms and downsizing. , 2007). Thereby I do not set a strict ownership limit, above which a firm is defined as family firm.

The result dimension is a binary variable for turnaround success, based on the zscore (Altman, 1968), which is a combined indicator for the proximity to bankruptcy. Using the z-score, the distress measurement of the company is done, defining both the beginning and end of distress. The model analyzes three time periods – the first year of distress and the two years after that. 24 Overview of literature and applicable theories Turnaround management • • • • • • • • Operational restructuring Asset sales Acquisitions Capital expenditure Managerial restructuring Dividend change Equity issue Debt restructuring Crisis Turnaround result • Internal cause of distress • Severity of distress Turnaround yes/no Internal and external context Internal context • Firm size External context • Economic condition • Industry condition Figure 6: Model design used in the study of Sudarsanam and Lai (2001).

Stage 2: Descendants and managed by the family.  Stage 3: Descendants and managed by external managers. , size, technology, and gross national product. Empirical data The empirical data covers 1,237 firms during a 54-year period. , for the gross national product). , joining a co-op) with the described data set. Results The authors were able to show that family-run oil mills are less willing to join a co-op, thus accepting higher risks and less profit in exchange for family control. At the same time, the authors also show that with increasing family stages (explained in ‘model design’) this family-specific effect is reduced.

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