Die Kapitalmarktfähigkeit von Familienunternehmen - Unternehmensfinanzierung über Schuldschein, Anleihe und Börsengang (Capital Market Financing of Family Firms)

Achleitner, Ann‐Kristin; Kaserer, Christoph; Günther, Nina; Volk, Sarah

doi:10.2139/ssrn.1791526

Cited by 5 publications

(4 citation statements)

References 59 publications

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“…Recent statistics suggest that family-owned firms constitute over 90 percent of all German firms, generate more than half of the business revenues, and employ about half of the workforce of the German private sector (Broer et al, 2008;Gottschalk et al, 2011). Germany provides an ideal setting for this study since the German economic landscape comprises not only small and medium-sized family firms but a significant number of large listed and private family firms (Achleitner et al, 2011).…”

Section: Maj 295mentioning

confidence: 99%

Auditor-provided non-audit services in listed and private family firms

Dobler

2014

Managerial Auditing Journal

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Purpose – The aim of this paper is to provide evidence on the extent and the consequences of the provision of non-audit services (NAS) by statutory auditors to German family firms. Design/methodology/approach – The study analyzes hand collected fee data of 368 listed and private family firms in Germany. It employs univariate tests, ordinary least squares and two-stage least squares regressions to investigate potential threats to perceived auditor independence and knowledge spillovers between jointly provided NAS and audit services. Findings – Incumbent auditors are shown to be a significant source of various types of NAS to family firms. There is weak evidence on threats to perceived auditor independence and support for reciprocal knowledge spillovers between the services. While listed and private family firms do not differ in regard to the proportion of NAS fees, comparative findings suggest that key threats and benefits of jointly provided services are more prevalent among private than among listed family firms. Research limitations/implications – The study suffers from limited data availability and is restricted to the initial year of mandatory audit fee disclosure of private firms in Germany. Particularities of family firms and the German setting, as well as differential results for listed and private family firms, suggest fruitful avenues for future research. Practical implications – The study addresses the current issues in audit regulation. Regulatory bodies should consider that key threats and benefits of auditor-provided NAS decrease with stronger exogenous restrictions. Attempts to restrict jointly provided services in the EU suggest family firms to reconsider their reliance on auditors as a trusted source of NAS. Originality/value – This study is the first to provide evidence on the extent and consequences of auditor-provided NAS in family firms based on fee disclosure. It is also among the few studies that investigate private firms in a code law country and complements prior evidence from Germany that is restricted to listed firms. More generally, it contributes to limited evidence at the intersection of audit and family business research.

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Section: Maj 295mentioning

confidence: 99%

Auditor-provided non-audit services in listed and private family firms

Dobler

2014

Managerial Auditing Journal

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“…Mezzanine financing applies to small and medium-sized enterprises, as well as family businesses and the implementation of strategic goals of these companies (Węcławski, 2015;Achleitner et al, 2011).…”

Section: Literature Reviewmentioning

confidence: 99%

Mezzanine Capital Analysis and Financing Results for Companies

Kurylek,

Porebski

2022

ERSJ

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Purpose:The article presents mezzanine capital analysis and the results of mezzanine capital acquisition by companies have been indicated on the basis of the financial analysis measures. Design/methodology/approach: The financial analysis measures should be made comparable, which is achieved through normalisation. The normalisation procedure is a condition for aggregating diagnostic features with a synthetic description of the financial situation of the entities studied. Findings: On the basis of the financial analysis measures, Aggregate Index (AI) has been determined as well as its performance in the companies that acquired mezzanine financing. Practical Implications: Mezzanine capital is adapted to enterprises, taking into account many variables determining the functioning of the enterprises in a given industry. Originality value: The analysis of mezzanine capital. The integrated AI indicator has been estimated for companies using mezzanine financing to show the effects of this kind of financing.

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“…Thus, this cannot be the typical source of funding for family business. In Germany, despite the fact that 85% of family enterprises declare being familiar with venture capital, its share in the structure of financing sources is at the level of 7-8% (Achleitner et al, 2008).…”

Section: Cooperation Of Family Business With Venture Capital Investorsmentioning

confidence: 99%

“…This is due to a relatively weak provision of small and medium-sized enterprises with equity, as well as insufficient transparency from the point of view of potential investors . As a result, these enterprises have a low capacity for financing on the capital markets (Achleitner et al, 2011). Stricter capital requirements and enhanced prudential standards for banks, as a result of the adoption of further Capital Accords (Basel II and III) and EU directives (CARD II and IV), led to the limitation of the scope and freedom of credit activities.…”

Section: Introductionmentioning

confidence: 99%