dEjournals Nyitóoldal
Competitio
Online megjelent Aktuális Legtöbbet olvasott Archívum Keresés
Regisztráció Bejelentkezés

Competitio

Évf. 21 szám 1-2 (2022)
Tanulmányok

Exit strategies of family businesses in Hungary

Megjelent:
December 2, 2022
DOI Linkhttps://doi.org/10.21845/comp/2022/1-2/4
Szerzők
Mosolygó-Kiss Ágnes,
Kucséber László,
Szennay Áron
Megtekintés
en
Kulcsszavak
family firm exit strategy acquisition
Licenc

Copyright (c) 2022 Ágnes Mosolygó-Kiss, László Kucséber, Áron Szennay

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How To Cite
Kiválasztott formátum: APA
Mosolygó-Kiss, Ágnes, Kucséber, L., & Szennay, Áron. (2022). Exit strategies of family businesses in Hungary. Competitio, 21(1-2), 43-63. https://doi.org/10.21845/comp/2022/1-2/4
Beküldött 2021-10-07
Elfogadott 2022-01-07
Publikált 2022-12-02
Absztrakt

The study aims to examine the ownership transmission strategies in the context of family firm succession in Hungary. The successful transfer of ownership, management and acquired experience at a family firm represents one of its greatest challenges; however, there is still a lack of understanding of the unique future strategies and succession outcomes of Hungarian family businesses. As a significant proportion of the founders of those family businesses established after the regime change (post-1989) are now reaching retirement age, a study of how such business organisations plan to survive the generational transition is highly relevant. This study applies a mixed methodology of quantitative and a qualitative analysis (e.g.,
in the case of IPOs). The results show that the average age of the examined family firm CEOs is higher than the global average and the majority of them plans to keep ownership and management within the family. Other exit strategies (i.e. initial public offerings, mergers and acquisitions) are not typical of the examined sample.

Hivatkozások
  1. Basco, R., Calabró, A. and Campopianoc, G. (2019): Transgenerational entrepreneurship around the world: Implications for family business research and practice. Journal of Family Business Strategy https://doi.org/10.1016/j.jfbs.2018.03.004
  2. Berrone, P., Cruz, C.and Gómez-Mejía, L. R. (2012): Socioemotional wealth in family firms: theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25(3), 258–279. https://doi.org/10.1177/0894486511435355
  3. Copeland, Thomas E. and Weston, John F. (1992): Financial Theory and Corporate Policy. Addison-Wesley Publishing Company, Hoboken, 946. European Council Regulation (EC) No 139/2004 https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32004R0139&from=EN Accessed:01.27.2020.
  4. Csákné Filep, J. (2012) Family Businesses – Focusing on Succession. Doctoral Dissertation. Corvinus University of Budapest, Budapest.
  5. Csákné Filep, J. and Karmazin, Gy. (2016): Financial characteristics of family businesses and financial aspects of succession, Budapest Management Review, Vol. XLVII, No. 11, pp. 46-58. https://doi.org/10.14267/VEZTUD.2016.11.06
  6. Damodaran, Aswath (2006): Investment valuation (Hungarian Edition). Panem Kiadó, Budapest, 1066.
  7. Davis, P. S. – Harveston, P. D. (2001): The phenomenon of substantive conflict in the family firm: a cross generational study, Journal of Small Business Management, 39[1], 14-30.
  8. Denzin, N.K., Lincoln Y. S. (2011): The SAGE Handbook of Qualitative Research, Sage Publications, Thousand Oaks, California, p.98-115.
  9. Drótos, G., Wieszt, A., Meretei, B., Vajda, É., 2019. Családi vállalkozások Magyarországon – Kutatási jelentés a 2017–18-as magyar családi vállalkozási felmérésről (Kutatási jelentés). Corvinus – Center of Family Business.
  10. GVH decision (2018) http://www.gvh.hu//data/cms1039867/Vj023_2018_m.pdf Accessed: 02.22.2020.
  11. Habbershon, T. G., Nordqvist, M., and Zellweger, T. M. (2010). Transgenerational entrepreneurship. In M. Nordqvist, & T. M. Zellweger (Eds.). Transgenerational Entrepreneurship. Exploring growth and performance in family firms across generations (pp. 1–38). UK: Edward Elgar Publishing.
  12. Hungarian Competition Law (English language version): http://www.gvh.hu/en//data/cms1040138/jogihatter_tpvt_hataly_20190101_a.pdf Accessed: 02.23.2020.
  13. Hungarian Civil Law (English language version) http://www.ilo.org/dyn/natlex/docs/ELECTRONIC/96512/114273/F720272867/Civil_Code.pdf Accessed: 2020.02.24.
  14. Kása, R., Radácsi, L. & Csákné Filep, J. (2019) Családi vállalkozások definíciós operacionalizálása és hazai arányuk becslése a kkv-szektoron belül. Statisztikai Szemle, 97 (2):146-174 https://doi.org/10.20311/stat2019.2.hu0146
  15. Kása R., Radácsi L., Bakai A., Balogh P. (2017): „Családi vállalkozások Magyarországon” kutatási program. Műhelytanulmány a feltáró kérdőíves kutatásról. BGE Budapest LAB Vállalkozásfejlesztési Központ.
  16. KPMG (2015): Family Business Succession. Managing the All-Important Family Component.
  17. https://assets.kpmg/content/dam/kpmg/pdf/2015/07/3468-succession.pdf Accessed: 2020.01.23.
  18. KSH (2019): Statisztikai tükör – Vállalkozások demográfiája, 2017. https://www.ksh.hu/docs/hun/xftp/idoszaki/valldemog/valldemog17.pdf Accessed: 02.01.2020.
  19. KSH (2019b): A kis- és középvállalkozások jellemzői, 2018. https://www.ksh.hu/docs/hun/xftp/idoszaki/pdf/kkv18.pdf Accessed: 02.01.2020.20.
  20. Kucséber, L. (2017): A cégfelvásárlások a tulajdonosi érték generálói vagy rombolói? A magyarországi ügyletek pénzügyi vizsgálata. Doctoral dissertation. Széchenyi István Egyetem. Győr. https://doi.org/10.15477/SZE.RGDI.2018.003
  21. Leach, P.(2009): Family Businesses: The Essentials Paperback. Profile Books.
  22. Makó, Cs. – Csizmadia, P. – Heidrich, B. (2016): Succession in the family business: need to transfer the socio-emotional wealth (SEW). Budapest Management Review. Vol. XLVII. No. 11., pp.16-28. https://doi.org/10.20311/stat2019.1.hu0005
  23. Mascheroni, M. – Bisello, M. (2015): Youth Entrepreneurship in Europe: Values, Attitudes, Policies, Eurofound, Luxemburg: Publication Office of the European Union, https://www.eurofound.europa.eu/sites/default/files/ef_publication/field_ef_document/ef1507en.pdf Accessed: 2020.02.03.
  24. Miller, D. – Steier, L. – Le Breton Miller (2003): Lost in time: Patterns of Intergenerational Succession in Family Business, Journal of Business Venturing, 18:4, pp. 513-531. https://doi.org/10.1016/S0883-9026(03)00058-2
  25. Mosolygó-Kiss., Á. – Csákné Filep, J. – Heidrich, B. (2018): Do first swallows make a summer? On the readiness and maturity of successors of family businesses in Hungary. Budapest LAB working paper series. https://budapestlab.hu/wp-content/uploads/2019/02/WP-6-2018-1_zart.pdf Accessed: 09. 03.2019.
  26. Mosolygó-Kiss, Á. – Heidrich, B. – Chandler, N. (2019) Ready or not here I come! A study of the knowledge element of human capital in family business to gauge successors’ readiness for intrafamily takeover (manuscript)
  27. Mosolygó-Kiss, Á. – Szennay, Á. (2019a): STEP országjelentés – Magyarország 2018/19 https://www.researchgate.net/publication/339017033_STEP_National_Report_201819_-_Hungary Accessed: 03.09.2020.
  28. Mosolygó-Kiss, Á. – Szennay, Á. (2019b): Családi vállalatok utódlása. Utódlási stratégia váratlan utódlási helyzetben. Oázis Kertészet esettanulmány, p. 11, Budapesti Gazdasági Egyetem Pénzügyi és Számviteli Kar. Budapest.
  29. Naldi, L.; Nordquist, M.; Sjöberg, K., Wicklund, J. (2007): Entrepreneurial Orientation, Risk Taking, and Performance in Family Firms. Family Business Review. 20:1, p. 33-47. https://doi.org/10.1111/j.1741-6248.2007.00082.x
  30. Németh, K. (2017): Családi vállalkozások teljesítményének endogén tényezői. Doctoral dissertation. Széchenyi István Egyetem. Győr.
  31. Pénzcentrum (2016): Papa, mama, gyerekek: kemény bizniszbe fogtak a magyar családok. https://www.penzcentrum.hu/vallalkozas/papa-mama-gyerekek-kemeny-bizniszbe-fogtak-a-magyar-csaladok.1051493.html
  32. Accessed: 02.01.2020.
  33. Poutziouris, P. (2001). The views of family companies on venture capital: Empirical evidence from the UK small to medium-size enterprising economy. Family Business Review, 14(3), 277–291. https://doi.org/10.1111/j.1741-6248.2001.00277.x
  34. PWC Global Family Business Survey (2016): The ’missing middle’: Bridging the strategy gap in family firms. Forrás: www.pwc.com/fambizsurvey2016 Accessed: 08.17.2019.
  35. Rechnitzer,J. (1998): A privatizáció regionális összefüggései. Kulturtrade Publisher, Budapest
  36. Sharma, P., Sharma, S. (2011): Drivers of proactive environmental strategy in family firms. Business Ethics Quarterly, 21(2), 309-334. https://doi.org/10.5840/beq201121218
  37. Van Der Vliet, D. (2021): Measuring the financial impact of family businesses on the us economy. Entrepreneur & Innovation Exchange. Retrieved March 17, 2022, from https://familybusiness.org/content/measuring-the-financial-impact-of-family-businesses-on-the-US-ec Accessed: 03.18.2022.
  38. Varamäki, E.T. Pihkala and V. Routamaa (2003), ‘Knowledge transfer in small family businesses’, paper presented during the 2003 FBN in: Handbook of Research on Family Business
  39. Wang, Y., Poutziouris, P. (2010): Entrepreneurial risk taking: empirical evidence from UK family firms. International Journal of Entrepreneurial Behaviour & Research. Emerald Group Publishing. 16:5, p. 370-388 https://doi.org/10.1108/1355255101107184139.
  40. Ward, J. (2004). Perpetuating the family business: 50 lessons learned from long lasting, successful families in business. New York: Palgrave Macmillan.
  41. Wieszt, A. , Martos, T., Sallay, V., Varga, Sz., Vékés, P. (2021): Magyar családi vállalatok utódlása. Kutatási jelentés. Budapesti Corvinus Egyetem, Budapest.
  42. Zahra Shaker A. (2005): Entrepreneurial Risk Taking in Family Firms. Family Business Review. 18:1, p. 23-40 https://doi.org/10.1111/j.1741-6248.2005.00028.x
  43. Zahra, Shaker A. (2018): Entrepreneurial Risk Taking in Family Firms: The Wellspring of the Regenerative Capability. Family business Review. 31:2, p. 216-226 https://doi.org/10.1177/0894486518776871