The Primacy of Financial Objectives

Transcription

1 Reihe: Family Business Band 3 Herausgegeben von Prof. Dr. Sabine B. Klein, Wiesbaden, Prof. Dr. Peter Jaskiewicz, Edmonton (Kanada), Prof. Dr. Peter May, Vallendar, und Prof. Dr. Arist von Schlippe, Witten/Herdecke Dr. Stefan Kemp The Primacy of Financial Objectives How Family Businesses make a Difference With a Preface by Prof. Dr. Sabine Klein, European-Business School (EBS), Wiesbaden

2 Contents CHAPTER 1: INTRODUCTION 1.1 Overview and research aims Financial organisational objectives and organisational stakeholders Plan of the thesis 5 CHAPTER 2: FACTORS THAT INFLUENCE ORGANISATIONAL OBJECTIVES 2.1 Introduction Financials Profit maximisation The managerial role Non-financials The rationality concept The human element Systems thinking Exchange relationships Rewards and costs Comparison levels 22 CHAPTER 3: FUNCTIONS AND CHARACTERISTICS OF FAMILY BUSINESSES 3.1 Introduction Family Definition Functions and characteristics Goal orientation Family businesses Definition Macroeconomic relevance Current thinking 45 IX

3 3.4 Research propositions on orientations of family business objectives Financial orientation Non-financial orientation Structural orientation Change orientation Stakeholders 61 CHAPTER 4: METHODOLOGY AND RESEARCH DESIGN 4.1 Introduction Methodology Ontology Epistemology Research design Sample Research setting Research objects Sampling External validity Social desirability Research instrument Postal questionnaire Measurement and scaling Content of the questionnaire Organisational objectives Operationalisation of research propositions Overview of research variables Family business definition Share ownership Supervisory board involvement Management board involvement Collection of demographic data Questionnaire evaluation ' Pre-testing Issues with the design of the research Statistical techniques Factor analysis Correlation Data analysis Kaiser Guttmann Criterion Scree test Variance explanation 100 X

4 4.7.4 Cross-loadings of factors Internal consistency reliability of factors Factor labeling Generalisibility of factors Separation of family businesses from non-family businesses Share ownership Management board involvement Supervisory board involvement Separation of family businesses and non-family businesses 114 CHAPTER 5: FINDINGS 5.1 Response rate Questionnaire evaluation Missing values Characteristics of respondents Size of organisations Findings about organisational objectives in public limited companies Relation between organisational objectives and stakeholders Correlations Factor correlations 130 CHAPTER 6: COMPARISON OF FAMILY BUSINESSES AND NON-FAMILY BUSINESSES 6.1 Introduction Comparison of structural differences Evaluation of research propositions on the organisational objective orientation of family businesses Organisational objective factors Organisational objectives Financial orientation Non-financial orientation Structural orientation Change orientation. 160 XI

5 6.4 Comparison of family and non-family businesses Unexpected outcome: Evaluation of the family business definition Correspondence between results and the family business definition Alternative approach to the definition of family business 171 CHAPTER 7: DRAWING CONCLUSIONS 7.1 Introduction Financial organisational objectives in the operation of pics Differences between family business pics and non-family business pics in terms of financial organsiational objectives Factors that influence organisational objectives Contribution of the study Management research Policy Practice Limitations of the study and scope for further research Final conclusions Reflection 189 References 193 XII