Interest in the study of family business has increased significantly over the last decade. The research on this subject - and the related subject of entrepreneurship - has developed in parallel within a number of different disciplines, making it the perfect candidate for an annotated...

Family firms without able and willing family successors are frequently sold to non-family managers through management buy-outs (MBOs). Whether MBOs create value is thought to be dependent upon the ability to reduce owner–manager agency costs. In this article we examine the agency costs of MBOs...