Joint ownership between family and steward private equity investors: an ownership-competence view
研究管家型私募股权投资者与家族企业联合所有权中的动态过程，揭示PE如何评估和提升所有权能力，对家族企业主和PE从业者有参考价值。
The study sheds light on the dynamics that arise during joint ownership between family firm owners and (steward) private equity investors. Our embedded single-case study centers on one steward PE investor who acquired the majority shares of three family firms, with the family keeping a minority share and managerial duties. We provide a novel perspective on PE investments in family firms by focusing on a steward PE—an important type of PE that differs from “classical” PE in its time frame and in its value-creation approach. We unveil a three-step process of how the steward PE evaluates the potential ownership competence potential, reduces control hazards and increases the family’s ownership competence, and ultimately takes action to increase the joint ownership competence. Moreover, we identify specific mechanisms conducted by the PE to increase ownership competence. Our research contributes to research on PE and family firms and on ownership competence.