Ma enbach, Ludwig
A icle
Le e aging c edi a ings h ough imp ession
managemen : An explo a o y s udy o Ge man small and
medium-sized amily i ms
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Sugges ed Ci a ion: Ma enbach, Ludwig (2024) : Le e aging c edi a ings h ough imp ession
managemen : An explo a o y s udy o Ge man small and medium-sized amily i ms, Junio
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JUNIOR
MANAGEMENT
SCIENCE
Anne Scha mann,Inno a ion Collabo a ion Be ween
Family Fi ms and S a ups: Insigh s om he
Ge man Cons uc ion Indus y
Anna Vi en, Compa ison o he P e e en ial T ea men
o Re ained Ea nings wi h he Op ion Model o
Family Pa ne ships
Abhishek Omp akash Singh, Impac o CSR on Fi m
Pe o mance: The Mode a ing Role o Family
Owne ship in Indi idualis ic & Collec i is ic
Coun ies
Pia Do is Mo ow, Un o eseen Succession -Iden i y
Change Amongs La e al En an s in Family Fi ms
Philipp Schmid , Analysing he Sus ainabili y o
P ocu emen in Family Businesses -A S udy o
Measu able In es men s and P ac ices Based on
ESG P inciples
Ludwig Ma enbach, Le e aging C edi Ra ings Th ough
Imp ession Managemen : An Explo a o y S udy
o Ge man Small and Medium-Sized Family Fi ms
Ral Ebne , Mul iple Case S udy Analysis on he
Consequences o Manda o y Sus ainabili y
Repo ing in P i a e Ge man Family Fi ms
Vale ie Raiss, G owing Up Be ween Family and Business:
T ansmission o Values in he Socializa ion
P ocess o Child en in Business Families
1384
1414
1445
1464
1485
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Published by Junio Managemen Science e.V.
This is an Open Access a icle dis ibu ed unde he e ms o he CC-BY-4.0
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ISSN: 2942-1861
WIFU-Special-Issue: Family Businesses and Business Families
Volume 9, Issue 2, June 2024
Le e aging C edi Ra ings Th ough Imp ession Managemen : An Explo a o y S udy o
Ge man Small and Medium-Sized Family Fi ms
Ludwig Ma enbach
EBS Business School
Abs ac
In an e a ma ked by mul i-c isis en i onmen s, he signi icance o co po a e inance and c edi a ings ampli ies, especially o
Ge man small- and medium-sized amily i ms, o en cons ained in accessing capi al ma ke s. This hesis in es iga es how
amily i ms employ imp ession managemen s a egies wi hin quali a i e c edi a ings o enhance hei c edi wo hiness.
Th ough explo a o y quali a i e esea ch in ol ing 17 in e iews wi h Ge man amily i ms and banks, p ima ily inancing
he Mi els and, h ee key dimensions o imp ession managemen eme ge: amily-speci ic, business-speci ic, and ela ionship-
speci ic ac ics. Family-speci ic ac o s, including alues and gene a ional succession, signi ican ly in luence quali a i e c edi
a ing sco es. Mo eo e , he in e play be ween i ms and banks, o ches a ed by he owning amily, shapes e ec i e imp es-
sion managemen s a egies. This esea ch unde sco es he ole o amily in ol emen in shaping quali a i e c edi a ings,
emphasizing he in e ela ions among amily, business, and banking dynamics. The discussion highligh s he ele ance and
adap abili y o hese imp ession managemen dimensions, con ibu ing o a deepe unde s anding o quali a i e c edi a ing
p ocesses wi hin he con ex o amily i ms.
Keywo ds: c edi a ing; amily i m; imp ession managemen ; le e aging c edi a ings; quali a i e a ing ac o s
1. In oduc ion
Family i ms (FFs) which a e p edomina ely associa ed
wi h he Ge man Mi els and o m he backbone o he Ge -
man economy and accoun o o e hal o he Ge man g oss
domes ic p oduc (GDP) (Pahnke & Wel e , 2019). In imes
o ad ancing globalisa ion, inc easing go e nmen al egula-
ion and digi alisa ion, FFs a e inc easingly becoming he o-
cus o esea ch, being he engine o he Ge man economy.
FFs, which a e gene ally cha ac e ised by a long- e m i-
sion (Co in & Lumpkin, 2011), s ong alues (Sal a o e al.,
2019), and close ies wi h socie y (Ya es e al., 2023), mus
ace hese challenges and posi ion hemsel es acco dingly.
The cha ac e is ic o he coupling o wo di e en sys ems,
namely he amily and he i m (Habbe shon & Williams,
1999), likewise p esen s FFs wi h a double challenge (Neu-
ians, 2011). Despi e he coupling, he need o posi ion he
business success ully and shape he amily ela ionships o
achie e maximum success o he i m is e iden . Pe e May,
who specialises in ad ising Ge man FFs, sums up he o e -
all impo ance o he amily o he i m by s a ing: “Family
businesses ha e one e y big ad an age and one e y big dis-
ad an age, and bo h a e he amily. A amily a peace is he
bes hing he e can be o a business, a amily a odds is he
wo s hing.” (May, 2001).
The challenges o economic change a e mos e iden in
he Ge man Mi els and, whe e FFs a e p edominan ly lo-
ca ed. The challenges ange om supply chain di icul ies
o sus ainabili y and a sho age o skilled wo ke s. In addi-
ion, howe e , mos Ge man medium-sized i ms ace a sig-
ni ican challenge. Since he inancial c isis o 2008, he
business en i onmen has changed signi ican ly conce ning
deb inancing equi emen s and egula ions. This change is
mainly caused by he Basel III egula ion adop ed by he Eu-
opean Union (EU) o p o ec he banking sys em. Basel III
is a join e o by he EU membe s a es o impose s ic e
ules on banks o limi hei eedom in c edi a ings (Ma ek
e al., 2022). This banking sys em egula ion p esen s FFs
wi h he di icul y o compe ing o loans and in es o s in ex-
DOI: h ps://doi.o g/10.5282/jums/ 9i2pp1511-1539
© The Au ho (s) 2024. Published by Junio Managemen Science.
This is an Open Access a icle dis ibu ed unde he e ms o he CC-BY-4.0
(A ibu ion 4.0 In e na ional). Open Access unding p o ided by WIFU and ZBW.
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391512
e nal inancing. As FFs a e usually adi ionally g own com-
panies, hey a e simila ily cha ac e ised by adi ion and con-
inui y conce ning supplie s, cus ome s, and business pa -
ne s (Becke & Ul ich, 2015; Rose, 2018). Despi e mod-
e n inancing ins umen s, he mos c i ical pa ne o FFs
in e ms o inancing emains he bank and, wi h i , inanc-
ing ia bank loans. D i en by he house bank p inciple an-
cho ed in Ge many, many FFs ind hemsel es dependen on
he banking sys em and mus posi ion hemsel es in his sys-
em in he bes possible way (Becke & Ul ich, 2015). Wi hin
bank inancing, he ocus is on he equen ly examined p in-
ciple o c edi a ings. When eques ing inancing, compa-
nies a e con on ed wi h a c edi a ing, which is he decisi e
ac o in deciding whe he o g an inancing and i s con-
di ions. P e ious esea ch has, he e o e, o en add essed
he opic o c edi a ings, ocusing on he quan i iable as-
pec s ela ed o capi al s uc u es. Rega ding FFs, s udies ex-
amining inancing o ms and capi al s uc u e cha ac e is ics
a e widely s udied (Ko opp e al., 2014; Michiels & Molly,
2017; Wiene -Fe e ho e , 2017). Acco dingly, much is al-
eady known abou he mechanisms o c edi a ings, he e-
qui emen s o bo owe s and he necessa y inancial aspec s
(Ma hies, 2013). To a lesse ex en , p e ious esea ch has
deal wi h he quali a i e, non-measu able aspec s o a c edi
a ing. The need o mo e comp ehensi e and e ocused e-
sea ch is becoming appa en in ligh o he economic chal-
lenges desc ibed. Thus, we know li le abou how he chang-
ing ex e nal ci cums ances a ec he equi emen s o c edi
a ings in e ms o quali a i e ac o s and o wha ex en
FFs posi ion hemsel es in he compe i ion o loans and in-
es o s. Since he applica ion o bank loans in ol es demon-
s a ing and p esen ing he coupled sys ems o he amily and
he i m o he lende , his pape sheds ligh on he p ocess o
quali a i e c edi a ings when applying o bank loans. This
p ocess is explici ly illumina ed h ough an imp ession man-
agemen lens elabo a ing on i s adequacy. Since imp ession
managemen deals wi h he c ea ed image o indi iduals o
o ganisa ions is-à- is hi d pa ies, he imp ession manage-
men heo y o ms he amewo k o his s udy (Bolino e al.,
2016). Fu he mo e, p e ious esea ch has shown ha pe -
cep ion and image can in luence a ious pa ame e s in many
con ex s.
On his basis, his hesis examined whe he and o wha
ex en imp ession managemen applied by indi iduals o o -
ganisa ions is adequa e in he con ex o quali a i e c edi
a ings. Hence, his hesis ies o answe he esea ch ques-
ions: “Wha a e ele an quali a i e c edi a ing ac o s o
amily i ms?” and “How do amily i ms use imp ession man-
agemen o le e age hei quali a i e c edi a ing, and which
amily i m-speci ic cha ac e is ics d i e his s a egy?”. The
esea ch objec i es a e o (1) unde s and which ac o s a e
ele an in a quali a i e c edi a ing, (2) examine po en ial
asymme ies in he pe cep ion o FFs and banks on hese ac-
o s and, (3) iden i y s a egies and echniques used by FFs
o manage hei image in bank nego ia ions. My esea ch,
he e o e, con ibu es o b oadening he unde s anding o
wo essen ial aspec s. Fi s ly, he classi ica ion and iden i-
ica ion o equi emen s o quali a i e c edi a ing ac o s
and, secondly, he in es iga ion o he e ec o an imp ession
and he o ms o ep esen a ion h ough imp ession manage-
men . To gain new insigh s in o hese a eas and o answe
my esea ch ques ions, Chap e 2 gi es a bundled o e iew
o he heo e ical backg ound o imp ession managemen ,
c edi a ings and FFs. This se es o highligh ele an he-
o e ical aspec s ega ding c edi a ings and o inco po a e
concep s o imp ession managemen . In Chap e 3, I will ex-
plain my choice o esea ch me hod and he me hodological
app oach. As my hesis is based on in e iews wi h Ge man
banks and FFs, chap e 4 comp ehensi ely p esen s my ind-
ings, which I discuss in Chap e 5 and summa ise in he con-
clusion.
2. Theo e ical Backg ound and Rele an Li e a u e
2.1. Imp ession Managemen
2.1.1. In oduc ion o Imp ession Managemen
Imp ession managemen (IM) is a concep ha e e s o
he p ocess by which indi iduals and o ganisa ions a emp
o con ol o in luence he pe cep ion ha o he s ha e o
hem (Bolino & Tu nley, 1999; Bolino e al., 2008,2016;
Nagy e al., 2012; Pa hankangas & Eh lich, 2014). The o i-
gins o IM can be aced back o he sociological wo k o E -
ing Go man in he la e 1950s, who de ined i as a p ocess
by which indi iduals p esen hemsel es in a way ha aligns
wi h hei desi ed image o iden i y (Go man, 1959).
Since hen, he concep o IM has been widely s udied
in a ious disciplines, including sociology, psychology, and
business. Bolino e al. (2008) syn hesised in a mul i-le el
e iew he exis ing esea ch on IM. The au ho s ound ha
i is a complex, mul i-le el phenomenon ha can occu a
he indi idual, g oup, and o ganisa ional le els (Bolino e al.,
2008). The use o IM on an indi idual le el ocuses on he
ype o IM ac ics ha can suppo o hinde indi iduals om
achie ing and main aining hei image om he pe spec i e
o o he s (Bolino e al., 2014). His o ically, esea che s seek
o unde s and which beha iou s o employees a ec he as-
sessmen by, e.g., supe iso s o o he au ho i ies. Mo eo e ,
he esea ch ied o iden i y when employees use IM ac ics
o imp o e hei image. Due o he i al ole o indi idu-
als in c ea ing, p o ec ing, and main aining he igh image
o succeed a wo k, he indi idual le el o e ed many ields
o s udy (Bolino e al., 2008,2016). On an indi idual le el
and gi en he na u e o IM, esea ch has o en ocused on
IM ac ics used in job in e iews, ca ee success and pe o -
mance app aisals (Bolino e al., 2014,2016). No ably, while
e iewing IM on an indi idual le el, one needs o men ion
he wo causes IM can ha e. As no ed by many esea che s,
IM gene ally e e s o main aining and con olling he pe -
cep ion o he s ha e o hem. Following IM is o en used in-
e changeably wi h he e m sel -p esen a ion (Bolino e al.,
2008; Nagy e al., 2012).
Lea y and Kowalski (1986) a gued ha due o he co e-
la ion o IM and he sel -p esen a ion o indi iduals, a sepa-
a ion conce ning he audience o IM needs o be made as i
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-1539 1513
does no only accoun o con ol o how “o he s” see and pe -
cei e an indi idual bu , simila ly, he indi idual i sel . I has
been a gued o de ine his o m as “sel -p esen a ion o he
sel ” (Lea y & Kowalski, 1986, p.34). E en i his aspec co-
incides wi h he b oade de ini ion o IM, and mos esea ch
deal wi h IM conce ning o he s’ pe cep ions; he e ms will
be used in e changeably. The esea ch on his opic in he
con ex o o ganisa ional le els occu ed much la e in he
1980s; howe e , i has become an essen ial o ganisa ional
phenomenon due o i s impo ance o bo h indi iduals and
o ganisa ions (Bolino e al., 2008,2016).
Appendix A shows he by Bolino e al. (2008) syn hesised
31 equen ly used IM ac ics, which can be used o obse e
he beha iou s o indi iduals and o ganisa ions. E en i he
indi idual le el p esen s mos esea ch, IM and ela ed ac-
ics ha e also been adop ed on an o ganisa ional le el. A
b oad ield o applica ion has been iden i ied by shi ing he
ocus owa ds con ex s such as eedback seeking, leade ship
and managemen , and o ganisa ional ci izenship beha iou
(Bolino e al., 2008). Despi e less in ense esea ch on o gan-
isa ional le els, s udies sugges ha also on an o ganisa ional
le el, IM ac ics can be used o c ea e an o ganisa ional im-
age. To u he di e en ia e and classi y IM in he con ex o
o ganisa ions, Bolino e al. (2008) de ine o ganisa ional im-
p ession managemen (OIM) as any ac ion in en ionally de-
signed and ca ied ou o in luence an audience´s pe cep ion
o he o ganisa ion. In con as o IM ca ied ou by indi id-
uals, OIM aims o c ea e, p o ec , and main ain he image o
an o ganisa ion h ough a spokespe son and o ganisa ional
ep esen a i es (Bolino e al., 2008; Elsbach e al., 1998).
Ano he signi icance o OIM compa ed o IM on an indi id-
ual le el lies, acco ding o Lea y and Kowalski (1986), in he
app oach o “o he s-as-audience”, di e ing om pu e sel -
p esen a ion in he p ocess o showing onesel as a pa icu-
la ype o being, ep esen ing “sel -as-audience”. The e o e,
OIM ocuses on sel -p esen a ion o “o he s” (Lea y & Kowal-
ski, 1986). Due o he con ex and esea ch objec i e o his
hesis, bo h IM and OIM, as well as hei in luence on “o h-
e s”, is o p ima y conce n as his ype o beha iou may be
mos pe inen in he s udied wo k con ex o c edi a ings
gi en he coupled sys em o he amily (indi idual) and i m
(o ganisa ion).
2.1.2. Dimensions o Imp ession Managemen
IM being a well- esea ched ield in business, se e al di-
mensions o IM and OIM ha e been iden i ied. Mohamed
e al. (1999) s a ed ha IM and OIM ac ics may be di e -
en ia ed. I mus be men ioned ha esea ch does no en-
i ely classi y IM ac ics as ei he indi idual o o ganisa ional-
ela ed. Bolino e al. (2008) acknowledged he di e en i-
a ion by Mohamed e al. (1999), howe e , sees he p ob-
lem in he sca e ed esea ch on OIM speci ically. Because
OIM is, as men ioned, conduc ed by spokespe sons and o -
ganisa ional ep esen a i es (indi iduals as such), IM ac ics
migh be assigned on bo h le els simul aneously. In hei
mul i-le el e iew, Bolino e al. (2008) iden i ied a link be-
ween indi idual-le el an eceden s and o ganisa ional ou -
comes, b inging IM and OIM esea ch close oge he . In
spi e, one can dis inguish be ween di ec and indi ec ac ics
o allow classi ica ion. Di ec ac ics in ol e p oac i ely p e-
sen ing own ai s, accomplishmen s, and abili ies, whe eas
indi ec ac ics a e de ined is unde s ood as managing in o -
ma ion abou whom and wha an indi idual o o ganisa ion
is associa ed wi h (Mohamed e al., 1999). Fu he mo e,
he con ex in which IM is used highly in luences he ap-
plied ype. Tedeschi and Melbu g (1984) poin ed ou ha
IM u he needs o be subdi ided in o asse i e and de en-
si e ac ics. Asse i e ac ics a e used in si ua ions o boos
an image ac i ely, and de ensi e ac ics a e used o espond
o issues a ilia ed wi h an indi idual o o ganisa ion. Some
o he 31 syn hesised IM ac ics by Bolino e al. (2008) we e
classi ied o be pu ely OIM ac ics. They we e he e o e al-
loca ed in Table 12×2 me ics, which comp ise di ec -
asse i e, indi ec -asse i e, di ec -de ensi e, and indi ec -
de ensi e ac ics (Mohamed e al., 1999; Tedeschi & Mel-
bu g, 1984).
The di e en ia ion and classi ica ion howe e emain
ambiguous. Addi ionally, esea ch has ound ha he ac ics
and ela ed p ocesses can be o conscious and unconscious
na u e. Indi iduals o o ganisa ions can s a egically and
pu posely y o cul i a e a dis inc image o hemsel es o
as an o ganisa ion. Opposingly, unconscious IM being ha-
bi ual desc ibes indi iduals o o ganisa ions ha ing e lexi e
endencies (Bolino e al., 2016; Lea y & Kowalski, 1986).
Ne e heless, he my iad ac ics, p ocesses, and di e en i-
a ions be ween indi idual and o ganisa ional le els can be
educed by e iewing he componen s o IM.
Imp ession mo i a ion and imp ession cons uc ion a e
he mos undamen al aspec s which in luence and a ec all
ac ics on an indi idual o o ganisa ional le el. Mos esea ch
ocuses on conscious IM, o which goal ele ance, goal alue
and he disc epancy be ween desi ed and cu en image con-
s i u e he imp ession mo i a ion. The componen o imp es-
sion cons uc ion comes in place once he imp ession mo i-
a ion is ul illed, in ol ing choosing which IM ac ic o use
and, mo e p ecisely, how o use he ac ic (Bolino e al., 2016;
Lea y & Kowalski, 1986). The esul ing measu emen o IM
ac ics p o es di icul due o many a iables, such as who is
in ol ed, unde which condi ions he beha iou happens and
o whom he ac ic is a ge ed (Bolino e al., 2016).
2.1.3. P e ious S udies on Imp ession Managemen
P e ious s udies on IM ha e ocused on a ious subjec s,
including ac ics used by indi iduals and o ganisa ions, ac-
o s in luencing he ac ics’ e ec i eness, and he esul ing
consequences and impac IM can ha e on indi iduals and
o ganisa ions (Bolino e al., 2008,2014,2016). Simila o
he di e en le els o IM, he exis en li e a u e analysed he
e ec s o IM, p ima ily ocusing on pe sonal in luence and
e e ed concep s in di e en in a-o ganisa ional phenom-
ena (Pa hankangas & Eh lich, 2014). On h ee le els: indi-
idual, wi hin o ganisa ions, and be ween o ganisa ions and
s akeholde s, s udies iden i ied goal ele ance, bene i s, and
di e se audience and ac o - ela ed a iables (Bolino e al.,
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391514
Table 1: Me ics O ganisa ional IM Tac ics (adap ed om Mohamed e al. (1999))
Dimensions Di ec Indi ec
Asse i e
Ing a ia ion Boas ing
In imida ion Bla ing
O g. P omo ion Bu nishing
Exempli ica ion Blas ing
Supplica ion
De ensi e
Accoun s Bu ying
Disclaime s Blu ing
O g.Handicapping Boos ing
Apologies Beli ling
Res i u ion
P osocial Beha iou
2008). The ocus, howe e , has emained o esea ch IM
in he con ex o pe o mance app aisals, job in e iews, ca-
ee success, eedback-seeking, leade ship, and whis leblow-
ing (Gundlach e al., 2003; Pa hankangas & Eh lich, 2014;
Robe s, 2005).
The s udies and esea ch ields men ioned so a ha e
looked a IM om an inwa d pe spec i e. This way, co e-
la ions be ween IM beha iou and i s esul s could be iden-
i ied. Howe e , much less a en ion has been paid o he
bene i s o IM o o ganisa ions ega ding ex e nal e alua-
ion. Mos s udies ha e been conduc ed a he o ganisa ional
le el on he e ec s o IM on he legi imacy o an o ganisa-
ion a e ce ain e en s o poo pe o mance (Nagy e al.,
2012), inc easing accep ance o decisions (Da idson III e
al., 2004), and ec ui ing mino i y job applican s (A e y &
McKay, 2006). Schola s, howe e , ha e called o conside
he “bigge pic u e” o IM (Bolino e al., 2008, p. 1099). A
mo e ocused app oach o IM ou side he p edominan ly con-
ex s, such as eedback-seeking and job app aisals, is o in e -
es o deepen he unde s anding o business phenomena IM
can ind i s use (Bolino e al., 2008).
Pa hankangas and Eh lich (2014), in hei quan i a i e
s udy on he impac o IM o en ep eneu s in aising cap-
i al, se he s age o examining IM in an ex e nal con ex .
They in es iga ed o wha ex en and which IM ac ics en-
ep eneu s use o seduce business angels and secu e in es -
men s in he ea ly unding s ages (Pa hankangas & Eh lich,
2014). The esea ch ound ha en ep eneu s use a ious
ac ics o p esen hemsel es in he bes ligh , such as hei
expe ience, he uniqueness o hei ideas, and es imoni-
als om pas pa ne s. Addi ionally, he s udy ound ha
en ep eneu s wi h high sel -con idence, en husiasm, and
passion o hei p ojec s we e mo e likely o success ully
a ac in es men om business angels (Pa hankangas &
Eh lich, 2014). They con ibu ed o he exis ing li e a u e
by analysing he ole o asse i e IM ac ics as posi i e lan-
guage, p omo ion o inno a i eness, opinion con o mi y,
exempli ica ion, supplica ion, in imida ion and blas ing o
compe i ion (Pa hankangas & Eh lich, 2014). The in en ion
esol es non- e i iable claims an en ep eneu makes be o e
eliable in o ma ion is a ailable. Thei esul s sugges ha
IM i used app op ia ely, can inc ease he chances o en-
ep eneu s o aise business angel unding. Thei s udy has
shown ha besides de ined IM ac ics, di e en app oaches
by o ganisa ions can be used o c ea e an image and imp ess
o he s, widening he pe spec i es IM can be looked a .
This hesis will ollow a simila app oach as Pa hankangas
and Eh lich (2014) in iden i ying i IM is used in he business
con ex o business unding. Howe e , i will no be speci-
ied which ac ics can be expec ed o be ound in ad ance.
Ins ead, an explo a o y app oach is used as no p e ious e-
sea ch exis s, which would educe he numbe o IM ac ics.
None heless, his hesis adds o he knowledge o Pa hankan-
gas and Eh lich by changing he business con ex o co po a e
c edi a ings, wi h ac o s being FFs and a ge s ep esen ed
by banks.
2.2. Co po a e C edi Ra ing
2.2.1. O e iew C edi Ra ing
Ra ings a e used o a ious en i ies, such as coun ies,
co po a ions, and inancial p oduc s. A undamen al di -
e ence in c edi a ings can be made by ha ing in e nal
and ex e nal a ings. Ex e nal a ings a e conduc ed by spe-
cialised a ing agencies, whe eas in e nal a ings, known
as “shadow a ings”, a e conduc ed by banks (Becke & Ul-
ich, 2015; Ma hies, 2013). Co po a e c edi a ings (he e-
ina e : c edi a ing) a e mean o condense he quali y o
a deb o and quan i y he expec ed p obabili y o de aul
(POD). I allows banks o measu e c edi isk, align a bank’s
c edi po olio and is he basis o loan app o als, moni-
o ing, and p icing (Claessens e al., 2018; G une e al.,
2005; Ma hies, 2013). A co po a e c edi a ing is c ucial in
in luencing lending p ac ices and he economy. C edi ins i-
u ions a e esponsible o e iewing and e alua ing c edi
applica ions o assess he deb o ’s POD. Bo h quan i a i e
and quali a i e ac o s play a ole in his p ocess (Boo e
al., 2006). Nume ous s udies in he li e a u e deal wi h
c edi a ing me hods and hei s eng hs and weaknesses.
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-1539 1515
A s udy by Al man (2005) examined he p edic i e powe
o c edi a ings o co po a e insol ency isk. The esul s
show ha c edi a ings a e a good indica o o insol ency
isk, bu he e a e some limi a ions o he accu acy o he
p edic ion (Al man, 2005). The au ho concludes ha p e-
dic ions a e less eliable, especially in smalle companies o
in imes o economic ins abili y. Ano he s udy by Be ge
and Udell (2006) examined he ela ionship be ween c edi
a ings and he c edi e ms companies ecei e om banks.
Thei esul s show ha companies wi h highe c edi a ings
ecei e be e c edi e ms, including lowe in e es a es.
The au ho s conclude ha c edi wo hiness is essen ial in
de e mining whe he and on wha e ms a bank will lend o
a company, highligh ing he impo ance o co po a e c edi
a ings (Be ge & Udell, 2006). Fu he , Ongena e al. (2013)
examined he impac o c edi a ings on lending du ing he
2008 inancial c isis. The esul s show ha banks ended
o ejec loan applica ions om companies wi h low c edi
a ings du ing he inancial c isis. This led o a decline in
o e all lending, especially o small and medium-sized en e -
p ises (SMEs) (Ongena e al., 2013).
Ano he i al aspec in assessing a company’s c edi wo -
hiness a e egula o y equi emen s, especially unde Basel
III. Basel III is an in e na ional se o ules egula ing banks
and hei capi al and liquidi y equi emen s (Basel Com-
mi ee on Banking Supe ision, 2013). Basel III aims o
imp o e banks’ isk managemen and inc ease he s abil-
i y o he banking sec o and inancial ma ke s. The ules
a e based on h ee pilla s: enhanced minimum capi al e-
qui emen s, isk posi ion moni o ing, and bank disclosu e
and anspa ency. The in oduc ion o Basel III has helped
o ha monise banking egula ion wo ldwide and make he
banking sec o mo e esilien o c ises. Howe e , some c i ics
a gue ha Basel III is oo s ic and could hampe g ow h and
lending p ac ices (Basel Commi ee on Banking Supe ision,
2013). The e ec s o Basel III on c edi a ings esul ed in
s ic e and uni o m quan i a i e ac o s. Howe e , quali a-
i e ac o s emain un-uni o med and a e chosen by banks
indi idually. As c edi a ings a e a majo conce n o s ake-
holde s (e.g., banks), iden i ying c edi a ing ac o s has
gained signi icance in p io li e a u e. Ne e heless, he di -
e ences be ween companies’ quan i a i e and quali a i e
assessmen s a e p esen ed in he ollowing. Bank in e nal
a ings a e simila ly composed as a ings by ex e nal agen-
cies. Ra ing agencies such as S&P and Moody’s p esen he
la ges on he ma ke (Camanho e al., 2022) and a e mos
e e ed o in e ms o quan i a i e and quali a i e ac o s.
Appendix B comp ises key aspec s, simila i ies and di e -
ences be ween common a ing ac o s used by he leading
a ing agencies and comme cial banks. The quan i a i e
assessmen is mainly accomplished by inancial s a emen s
being essen ial de e minan s (Ma hies, 2013). Analyses
o inancial a ios om a company’s balance shee and in-
come s a emen ep esen easily accessible and quan i iable
company in o ma ion.
Reasonable a ios used in c edi a ings a e he deb - o-
equi y a io, equi y a io, liquidi y, and he company’s p o -
i abili y (Ma hies, 2013). These a ios assess he c edi isk
and can be used o de e mine a company’s c edi wo hiness.
Du ing Basel III, he equi emen s o c edi isk assessmen
ha e become mo e s ingen and mo ed he e alua ion cen-
e o quan i a i e aspec s (Gama & Ge aldes, 2012; Ma ek
e al., 2022). Banks mus now ha e be e equi y capi alisa-
ion o p o ec hemsel es agains he isk o a loan de aul
(Ma ek e al., 2022). Ne e heless, Basel III equi es banks
o conside quan i a i e and quali a i e ac o s when assess-
ing c edi isk and conduc ing c edi a ings. Quali a i e a -
ings, in con as , e e o non- inancial ac o s such as he
company’s indus y, managemen ’s quali y, succession, com-
pany’s compe i i eness and he indus y’s p ospec s (C ouhy
e al., 2001; K ahnen & Webe , 1999; Ma hies, 2013). How-
e e , assessing quali a i e ac o s is mo e complex han as-
sessing quan i a i e ac o s, as hey a e o en subjec i e and
may be less quan i iable. The e o e, banks e alua e compa-
nies using a combina ion o quan i a i e and quali a i e ac-
o s (G une e al., 2005). This combina ion allows o a
mo e comp ehensi e assessmen o a company’s c edi isk
and c edi wo hiness. Howe e , he ole o non- inancial ac-
o s emains ambiguous (G une e al., 2005). Fu he mo e,
ans o ming he abo e-men ioned ac o s in o a ings is es-
sen ial in de e mining c edi isk.
2.2.2. C edi Ra ings o Family Fi ms
The s a ed quan i a i e and quali a i e ac o s a e usu-
ally con e ed in o a ings wi h he help o a a ing model.
These models a e based on s a is ical me hods and can be
weigh ed and combined o p oduce an o e all a ing sco e
ha a ies be ween banks (Claessens e al., 2018; K ahnen
& Webe , 1999). Bo h quan i a i e and quali a i e ac o s a e
usually conside ed o p o ide a comp ehensi e c edi isk as-
sessmen . An example o a a ing model is he a ing me hod-
ology o S anda d & Poo ’s, which is explici ly used o co -
po a e loans. Di e en ac o s (see Appendix B) a e clas-
si ied and weigh ed in o ca ego ies. Ca ego ies include, o
example, he company’s inancial s eng h, compe i i e posi-
ion, managemen , and co po a e s a egy (S&P, 2023). The
weigh ing o he indi idual ca ego ies a ies depending on
he used model and bank. Ra ings a e usually exp essed as
le e s o numbe s, wi h highe a ings indica ing be e c ed-
i wo hiness. Fo example, S anda d & Poo ’s conside s AAA-
a ed companies e y c edi wo hy, while C- a ed companies
a e specula i e and ha e a high POD (S&P, 2023). Ano he
sugges ed a ing model is he use o he so-called z-sco e.
Fi s p esen ed by Al man and Saunde s (1997), his o ical
de aul a es a e eg essed o de e mine an op imal unc ion
be ween de aul ed and “su i ed” deb o s. These es ima es
a e used o p edic he u u e POD o i ms called he z-sco e
(Al man & Saunde s, 1997). The calcula ed z-sco e can hus
be ansla ed in o a a ing o de e mine a inal sco e. Be-
sides, mo e accu a e models eme ged, which include my iad
o ms o a iables. Despi e i s age, he p oposed model by
Al man and Saunde s (1997) and he esul ing z-sco e a e
s ill used o calcula e a bo owe ’s c edi isk (Al man e al.,
2017; Gama & Ge aldes, 2012). No ably, he e a e no uni-
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391516
o m a ing schemes and models used by banks. Di e en ap-
p oaches o measu ing c edi isk and o mula ing c edi a -
ings can be applied. Many s udies ha e analysed he changes
in c edi a ings and he e ec s o new egula ions. P ima -
ily he li e a u e ocuses on a ing agencies and, o a much
lesse ex en , on in e nal a ings by banks.
None heless, simila app oaches in conduc ing a ings
migh be assumed h ough shown simila i ies in he ac o s
a ing agencies and banks use o de elop a c edi a ing
(Ma ek e al., 2022). Ye we know li le abou he weigh ing
and mo e de ailed quali a i e ac o s used in c edi a ings.
As equen ly s a ed in he li e a u e, managemen quali y,
compe i i eness, and indus y p ospec s a e some b oade
quali a i e ca ego ies banks conside in hei a ings. Mo e-
o e , quali a i e a ings migh be impac ed by indus y sec-
o s and owne ship s uc u e. Wiene -Fe e ho e (2017)
analysed whe he amily and non- amily i ms’ c edi sco e
di e ences exis . The au ho examined whe he FFs a e
a ed di e en ly han non- amily i ms (NFFs) in c edi a -
ings. The au ho a gues ha c edi a ing di e ences could
be due o cha ac e is ics o FFs such as less anspa ency,
highe le e age, and mo e conse a i e inancial policies
(Wiene -Fe e ho e , 2017). Howe e , he au ho poin s ou
ha a ing FFs in he c edi assessmen p ocess is mo e com-
plex han a ing NFFs. To conduc a ings o amily-owned
i ms, banks o o he en i ies mus o en conside amily e-
la ionships and go e nance s uc u es (Wiene -Fe e ho e ,
2017). The e o e, he au ho sugges ed ha a ing agen-
cies and banks mus adap hei a ing me hodologies o
be e e lec he unique cha ac e is ics o FFs. O e all, he
au ho emphasised ha be e di e en ia ion o amily and
NFFs in he c edi a ing p ocess will help FFs be a ed mo e
ai ly and access mo e a ou able inancing oppo uni ies
(Wiene -Fe e ho e , 2017). Ne e heless, he lack o uni-
o m egula ions ega ding quali a i e ac o s inc eases he
di icul y in assessing he ole o hese ac o s. Mo eo e , he
i ms’ in luence on quali a i e c edi a ings has no ye been
s udied.
2.3. Family Fi ms
2.3.1. Dis inc i eness o Family Fi ms
In he las decade, FFs comp ised many ields o esea ch
ha gained inc easing a en ion. This inc easing in e es in
FFs may esul om being he p edominan o ganisa ional
s uc u e wo ldwide. Fu he , he c ucial economic ole o
FFs, wi hin he Ge man economy has cons an ly been e iden
(Founda ion o Family Businesses, 2023; Klein, 2000; Wal-
lau e al., 2007). The b oad a ie y o subjec s examined in
he con ex o FFs c ea ed he p oblem o which cons i uen s
a e ele an and de ining aspec s o FFs (Ba nes & He shon,
1994; Klein, 2000). Acco ding o Klein (2000), a FF “is a
company ha is in luenced by one o mo e amilies in a sub-
s an ial way. A amily is de ined as a g oup o people who a e
descendan s o one couple and hei in-laws, as well as he cou-
ple i sel . In luence, in a subs an ial way, is conside ed i he
amily ei he owns he comple e s ock o , (. ..) h ough co -
po a e go e nance o in luence is h ough managemen . Fo
a business o be a amily business, some sha es mus be held
wi hin he amily.” (Klein, 2000, p.158).
Acco ding o Ba nes and He shon (1994), he amily busi-
ness includes amily-owned, amily-managed, and amily-
con olled businesses. Howe e , amily con ol and owne -
ship a e he decisi e aspec s o iden i ying and dis inguishing
FFs om NFFs.
Figu e 1illus a es he ypology o he Ge man SME sec-
o and highligh s he di e ence be ween FFs and o he busi-
ness o ms. Fo a i m o be classi ied as a FF, mos sha es
o capi al needs o be held by he ounde o descendan s
o he ounding amily (Bauwe ae s & Colo , 2012; Du én-
dez Gómez-Guillamón e al., 2016; Klein, 2000; Wiene -
Fe e ho e , 2017).
To a leas be de ined as a amily-o ien a ed i m, Du én-
dez Gómez-Guillamón e al. (2016) s a ed ha he amily
needs o hold a minimum o hal he capi al. Besides he
c i e ion o owne ship, e e ing o he sha eholde si ua-
ion, FFs a e ypically cha ac e ised o be in amily con ol,
wi h amily membe s co e ing ele an posi ions in op man-
agemen and aiming o main ain his con ol beyond cu en
gene a ions (Ande son & Reeb, 2003; Bauwe ae s & Colo ,
2012; Gómez-Mejía e al., 2016; Sha ma & Sha ma, 2011;
Wiene -Fe e ho e , 2017). The long- e m o ien a ion o FFs
cons i u es one o he main cha ac e is ics as FFs ha e he
“in en ion o shape and pu sue he ision o he business
(...)” (Chua e al., 1999, p.25). The c oss-gene a ional as-
pec o FFs has been simila ly men ioned by Kelle manns e
al. (2012), s a ing ha FFs a e cha ac e ised by he in en-
ion o achie ing and shaping isions o succeeding amily
membe s. A mo e con as ing aspec o de ining and dis in-
guishing FFs om NFFs is, acco ding o Habbe shon e al.
(2003), he compe i i e edge o amiliness de ined “as he
unique bundle o esou ces a pa icula i m has because o
he sys ems in e ac ions be ween he amily, i s indi idual
membe s, and he business” (Habbe shon & Williams, 1999,
p.11).
Fu he mo e he capi al s uc u e o FFs simila ly shows
speci ics and is inc easingly he subjec o schola s. Capi-
al s uc u e decisions a e in luenced by s a egic alues and
goals o co po a e managemen as well as a complex in e -
play o exogenous and endogenous ac o s (Ba on & Go -
don, 1988; Becke & Ul ich, 2015; Mye s, 1984). The capi al
s uc u e o companies elies on h ee undamen al sou ces
o unds: in e nal unds, deb , and new equi y. In spi e, li -
le is known abou how companies decide which unds o
choose as a p e e ed base sou ce o capi al. The e ec i e
managemen and choice o inancial sou ces a e i al o he
inancial wel a e and he i m’s su i al and de e mine he
capi al s uc u e (Ko opp e al., 2014). S a ed quali a i e as-
pec s o owne ship and con ol cha ac e ising FFs can se e
as indica o s o o mula e a p e e ed o de o unds. C oss-
gene a ional wel a e and he con ex o main aining con ol
by amily membe s di ec ly in luence ex e nal unding poli-
cies (Michiels & Molly, 2017).
Sa e and con inuous ope a ions a e a he cen e o FFs,
jus i ied by he in en ion o main aining he company o e
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-1539 1517
Figu e 1: Typology o he SME Sec o (Adap ed om Becke and Ul ich (2015, p.7))
he long e m (Chua e al., 1999). Mo eo e , main aining
con ol wi hin he amily leads o p ima ily inancing ope a-
ions and g ow h by e aining and ein es ing p o i s (Ro ke
& Thiele, 2018). The e o e, issuing new equi y by ex e nal
unding would limi o impac he amily’s con ol wi hin he
i m. Acco ding o Jansen e al. (2022), FFs ollow a mo e
hesi an app oach o unds, po en ially limi ing hei abili y
o ac . Re e ing o he h ee p ima y o ms o unds and he
pe cei ed hesi ance o FFs, in e nal unds would be he mos
a ou able unding sou ce. I , howe e , he sha eholde s o a
FF ely on he company’s cu en income o ea n hei li ing,
in e nal unds can be non-su icien . On he condi ion ha
a FF seeks ex e nal unding despi e he conse a i e unding
policy, Mye s (1984) s a ed o issue deb a he han equi y
secu i ies. Mye s (1984) p oposed he ule o “Issue sa e se-
cu i ies be o e isky ones.” (Mye s, 1984, p.11), which co e-
la es wi h he aspec o FFs a ou ing sa e and con inuous op-
e a ions o e a long- e m and emphasising he endogenous
non-economic ac o s as isk- aking and amily goals (Becke
& Ul ich, 2015; Be one e al., 2012; Jansen e al., 2022).
Besides, he equi y ma ke appea s o be less de eloped o
mos FFs, which leads inexpe ienced FFs in he ield o eq-
ui y unding o cos ly and ine icien equi y- aising p ocesses
(Blumbe g & Le e ie, 2008).
2.3.2. Rele ance o C edi Ra ings o Family Fi ms
The schola Go don Donaldson p oposed one o he i s
heo ies ela ed o how a company should choose i s unding
sou ces in 1961. His esea ch was closely linked o iden i y-
ing he op imal amoun o deb a company should ha e and
de e mining i ms’ deb capaci y ela ed o i m alue (Don-
aldson, 1961). The pecking-o de heo y by Mye s (1984)
links o he h ee p ima y o ms o unds and elucida es on a
pa icula o de . Mye s obse ed ha in e nal unding should
be he i s choice be o e issuing ex e nal secu i ies in deb o
equi y. Mye s’s (1984) ule o issue deb as he sa es o m o
secu i ies builds on he pecking-o de heo y, lea ing equi y
as a las eso . E en i he pecking-o de heo y could be
ejec ed while ying o explain all co po a e inance- ela ed
issues and empi ical esea ch is disco dan abou he p es-
ence o he heo y, FFs’ s ong eliance on in e nal unding
and deb is e iden and in line wi h he pecking-o de heo y
(Jansen e al., 2022; Mye s, 1984). Fu he mo e Jansen e
al. (2022) in es iga ed o e a housand inancing decisions
o 277 p i a ely held Belgian FFs o de elop a heo e ical and
empi ical amily pecking o de while a guing ha FF-speci ic
inancing ypes as amily capi al is needed o make a mo e
ine-g ained dis inc ion. Thei esul s p o ed he p esence
o a pecking o de showing a modi ied hie a chy o he i-
nancing sou ces o in e nal unding, ollowed by deb , am-
ily capi al and ex e nal equi y (Jansen e al., 2022).
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391518
Assuming he indings on Belgian i ms a e simila
p esen in Ge many, deb unding in he o m o loans is
he p ima y ex e nal unding ins umen o FFs. Financing
h ough bank loans can gene ally be di ided in o long- e m
and sho - e m loans. I such inancing is used o in es -
men s and ope a ional business ac i i ies, FFs mainly eso
o house banks (Gama & Ge aldes, 2012). The house bank
p inciple desc ibes a ela ionship be ween companies and
egional banks his o ically ancho ed in Ge many. SMEs in-
c easingly main ain long-las ing business ela ionships wi h
one o a ew banks (Becke & Ul ich, 2015). A s udy con-
duc ed by he Ge man Recons uc ion Loan Co po a ion
(K edi ans al ü Wiede au bau, K W) in 2019 shows ha
a ound 93% o Ge man SMEs ollow he house bank p inci-
ple and show an appa en loyal y o hei house bank (K W,
2019). The house bank p inciple o Ge man SMEs, which
include FFs, shows ha ex e nal inancing con inues o be
p ima ily p o ided by banks and ha he e is ha dly any
demand o al e na i e o ms o inancing among Ge man
SMEs. Gama and Ge aldes (2012) see he ad an age o an
exclusi e ela ionship wi h banks, such as a house bank, in
ewe in o ma ion asymme ies, and ha banks a e mo e
commi ed o inancing companies. The house bank p in-
ciple and loans as he p ima y sou ce o ex e nal inancing
o Ge man SMEs ep esen a link and ele ance o Mye s’
pecking-o de heo y (Becke & Ul ich, 2015; Mye s, 1984).
The s ong ancho ing o adi ional loans in Ge man FFs
desc ibes a business phenomenon in which IM can ha e an
in luence o p esence. So a , he e a e no s udies o e-
sea ch on he conc e e applica ion o IM conce ning i s use in
c edi a ings. The heo y o IM has called o unde s anding
IM ac ics in o he business con ex s han p e iously s ud-
ied. A bank’s lending p ocess, including e alua ing quali a-
i e ac o s, is ele an o FFs in Ge many, and addi ionally,
he quali a i e c edi a ing shows possible IM applicabili y
o FFs. As IM ep esen s he p ocess o c ea ing an image
o pe cep ion owa ds o he s Bolino e al. (2016), he busi-
ness con ex o c edi a ings o FFs ep esen s his esea ch
ield. Fu he mo e, he assessmen o quali a i e ac o s is,
as s a ed, highly subjec i e, c ea ing he possibili y o FFs
o in luence he pe cep ion o banks in c edi a ings o po-
en ially le e age he conduc ed quali a i e c edi a ing and
esul ing c edi sco e.
3. Resea ch Me hodology
In his chap e , I will go in o mo e de ail and desc ibe
which quali a i e me hods I used o he da a collec ion on
he one hand and o da a analysis o answe he esea ch
ques ions. To ha e anspa ency and igo in my quali a i e
esea ch, he pa h o da a collec ion, e alua ion, and heo y
building mus be comp ehensible (Gioia e al., 2013). The e-
o e, his chap e is in ended o desc ibe he me hods I used
o he esea ch and make my me hodological s eps comp e-
hensible.
3.1. Resea ch Design
To answe my esea ch ques ions and iden i y i he phe-
nomenon o IM inds e idence in he con ex o c edi a ings
among FFs, and since li le esea ch has been done on how
IM is used in c edi a ings, his esea ch is conduc ed on
an induc i e quali a i e esea ch app oach aligned o Gioia
e al. (2013). Mo eo e , Ma shall and Rossman (1995) a -
gued ha quali a i e s udies a e easible o s udying poo ly
unde s ood phenomena. My choice o quali a i e esea ch
is consis en wi h IM li e a u e calling o mo e s udies in
di e en business con ex s while seeing IM in a bigge pic-
u e (Bolino e al., 2008). In addi ion, unlike quan i a i e e-
sea ch, quali a i e esea ch does no equi e ixed and p ede-
ined esea ch subjec s, which sui s my explo a o y esea ch
(Thomas, 2006). The quali a i e esea ch design has been
chosen as i is ins umen al in heo y de elopmen as i can
desc ibe a phenomenon occu ing in speci ic con ex s. Be-
sides de eloping new heo ies, Nowell and Alb ech (2019)
a gued ha quali a i e esea ch using an induc i e app oach
allows o he eme gence o ou unde s anding based on o -
ganisa ions and people who expe ienced i . As his hesis
builds on he exis ing heo y o IM in o he con ex s while in-
ending o build a new heo y in a di e en business con ex ,
he scien i ic app oach o quali a i e and induc i e esea ch
applies. As men ioned, p e ious esea ch has ocused on he
applicabili y o IM in o he business con ex s and p ima ily
in a-o ganisa ionally, ollowing which I used induc i e e-
sea ch o add o he exis ing knowledge while explo ing a
new con ex . As he p ima y pu pose o induc i e esea ch is
o enable “ esea ch indings o eme ge om equen , dom-
inan , o signi ican hemes inhe en in aw da a” (Thomas,
2006, p. 238) wi hou es ain s om me hodologies, he
induc i e app oach is cohe en wi h my hesis objec i es. I
allows IM o be examined o ele ance in a new con ex and
o ind answe s o my esea ch ques ions.
Besides, I acknowledged P a e al. (2022) c i icism
ha quali a i e esea ch had been dominan ly conduc ed
using empla es such as Gioia e al. (2013) o Eisenha d
and G aebne (2007), po en ially wo ying abou he e ec
on he quali y o esea ch. To be cohe en wi h calls om
quali a i e esea ch o be mo e igo ous, I decided o use,
besides he esea ch design by Gioia e al. (2013), he ac i e
ca ego isa ion amewo k by G odal e al. (2020) o p ecisely
desc ibe how my collec ion, coding, and da a analysis lead o
heo y building. The e o e, I ensu ed by using an addi ional
me hodology o main ain quali y and igo h oughou my e-
sea ch. I ha e used semi-s uc u ed in e iews o explo e he
co e o he hesis, ep esen ed by obse ing he beha iou s
o o ganisa ions and indi iduals wi hin c edi a ings. Fo
my hesis, semi-s uc u ed in e iews a e he mos sui able
me hod o ga he ing da a as i allows me o ocus on he
opinions and expe iences o in e iewees while aiming o
gain ich and in-dep h da a (B yman, 2016). Fu he mo e,
Sil e man (2009) s a ed ha in e iews in explo a o y s ud-
ies need o be less s uc u ed han in con i ma o y s udies
and a e equen ly used o gene a e gene alisable da a.
Ne e heless, he use o semi-s uc u ed in e iews made
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-1539 1525
image ha FFs con ey o he ex e nal audience. Thus, in
addi ion o he ac ual beha iou , I ound ha he amily’s
appea ance in public o bank nego ia ions is an aspec o he
assessmen in c edi nego ia ions. As wi h amily dynam-
ics, his has a limi ed connec ion wi h he ac ual quali a i e
c edi a ing bu is mi o ed in he pe cep ion o he bank
ad iso s, who pe o m subjec i e e alua ions in quali a i e
c edi a ings. The image o he amily p esen ed o ex e nal
pa ies, and i s e ec is exempli ied in he in e iew esponse:
“many amilies consciously choose ca sizes ha ha e a kind o
modes y (..) hey a e awa e ha hey a e con eying a pic u e
o supplie s o banks” (Company 6, Fo me CEO).
Using he example o ca choice and s a ing “consciously”
and “modes y” unde mined he awa eness o amilies being in
he ocal poin and hei ep esen a i e ole o he i m i sel .
This aligns wi h he be o emen ioned closeness be ween he
owne amily and he i m. Fu he , an associa ed esponse
highligh ing leade ship and li es yle o be pe cei ed by o he s
emphasised he in e play be ween FF ep esen a i es’ p i a e
and p o essional li es (Company 5, CEO /Owne ). In addi-
ion o he public appea ance ha shapes he amily’s image,
he leade ship s yle also in luences he pe cep ion o banks.
This opinion is e lec ed in a esponse om a banke ha ex-
p essed: “So we look e y closely a whe e he con e sa ion
akes place, is he con ac be ween he owne and he assis an
o sec e a y espec ul and so on (.. .) and a ce ain unde s a e-
men is no w ong” (Bank 5, Di ec o Co po a e Clien s). The
de ailed obse a ions o he bank manage s in he con e sa-
ions wi h he amily p esen ed abo e showed ha a ious
aspec s a e ecognisable ha enable he banke s o judge he
amily be e . Fu he , s a ing ha “unde s a emen ” is pe -
cei ed as posi i e by banks ega ding he appea ance ela es
o he desc ibed modes y amilies should p esen in public.
The indings in he in e iew s a emen s showed a di e en-
ia ion be ween gene al possession beha iou s, such as he
choice o he ca , and beha iou -dependen image c i e ia.
These di e ences show he impo ance o amily image in
c edi nego ia ions and subs an ia e ha hese a e p ima y
ac o s induced by amily ac i i ies. The speci ici y o hese
aspec s o FFs is subjec o he associa ion and ancho ing be-
ween he amily and he i m. This connec ion is in luenced,
among o he hings, by he s ong pe cep ion o FFs in he
egion, as exp essed by he CFO o Company 9: “When you
a e in he public eye, also socially, (...) especially i you a e a
egionally posi ioned company, i is all seen.”.
Howe e , he e is also a con a y iew, which emphasised
ha owne amilies should no gene ally im hei appea -
ance o be g ounded in o de o po ay a ce ain image. As
an in e iew pa ne exp essed:
“So appea ance always has an e ec , whe he you
wan i o o no , and I y o judge neu ally (...)
and i he p o essionalism and pe o mance o he
en ep eneu is gua an eed, I don’ ca e i he comes
e y sma ly in a sui and whe he he ides up on a
bicycle o in an expensi e ca , I hones ly don’ ca e
a all” (Bank 3, Financial Enginee ing Specialis )
4.1.2. Pe cei ed Family Commi men
In addi ion o he pe inence o he amily and he iden-
i ied a eas in which he amily gains impo ance in quali a-
i e a ings, i was possible o elabo a e he amily’s com-
mi men o he i m h ough he analysis o he in e iew
esponses. This is ela ed o he p e iously desc ibed am-
ily associa ion wi h he i m bu ep esen s a ca ego y on i s
own. The amily’s commi men o he company could be di-
ided in o wo main a eas. These can be di e en ia ed in o
inancial and pe sonal commi men and desc ibe u he yp-
ical amily cha ac e is ics o be conside ed in he con ex o
quali a i e c edi a ings.
Gene a ional Change Demons a ion
In he in e iews wi h ep esen a i es o FFs and banks,
succession in he i m was a ecu ing heme. The impo ance
o succession in FFs, i espec i e o he ecu ing men ioning
in he in e iews, is e lec ed in he ac ha i is a desig-
na ed ques ion in quali a i e c edi a ings. All in e iewees
emphasised he ele ance o he nex gene a ion (Nex Gen).
This was explici ly desc ibed as essen ial by he in e iewees
on he banking side and epo ed ha i is asked abou as
a “so ” ac o in quali a i e c edi a ings (Bank 1, Senio
Ad iso ). The e o e, he impo ance o gene a ional change
in FFs and ela ed ac o s a e examined in mo e de ail. I
should be no ed ha he aspec o succession has a ce ain
signi icance in e e y ype o o ganisa ion bu is explici ly a
p edominan opic in FFs, e en ou side o he con ex o a -
ings, so he esul s ound can be classi ied as amily-speci ic.
Succession a angemen s se e o s abilise he business and
ensu e i s long- e m o ien a ion. The aspec o s abili y is
ound, o ins ance, in he ollowing commen :
“Ano he e y impo an hing is he issue o suc-
cession planning. I would say, ul ima ely, [i is]a
opic o amily businesses and less o la ge g oup
s uc u es whe e i is no so ele an . Because I
would say ha when he managing di ec o e i es,
a new manage is ad e ised, and hen ul ima ely,
his succession egula ion is no as ele an as in
he amily sec o . And ha is also a e y impo -
an aspec o us, i he en ep eneu has egula ed
his succession, as on he one hand in he sense o
i some hing happens, he company is s ill able o
ac , and on he o he hand, i is jus so ha i he
e i es due o age, ha he company can hen also
con inue o exis ” (Bank 1, Senio Ad iso )
E en i his s a emen is based on a placa i e o mula ion,
he impo ance o succession planning, and he succeeding
gene a ion becomes signi ican . In he con ex o he suc-
cession, I epea edly obse ed in he in e iews ha i is no
only a ma e o es ablishing a succession a angemen , bu
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391526
also a ma e o communica ing i o he bank and signalling
ou he successo wi h ega d o he in eg a ion in o he com-
pany and he clea change o managemen . The i s aspec
o communica ing he gene a ional changes in FFs is closely
linked o he con e sa ions wi h banks. The communica ion
o gene a ional change allows o gi e o ien a ion o business
pa ne s a gued by he CEO/Owne o Company 5: “is he e
a plan o he hando e , and o communica e (. .. ) o he wise
pa ne s ou side ha e no o ien a ion”. Fu he , p oac i e com-
munica ion imp o es he comp ehension o he cu en and
planned go e nance si ua ion in FFs. E en i he c edi a -
ing is a “ inancial, ma hema ical ool o de e mine he one-yea
p obabili y o de aul ” (Bank 1, Senio Ad iso ), and whe he
an app op ia e succession is es ablished wi hin he amily is
answe ed wi hou “a con inuous ex bu a he yes, o no”
(Bank 1, Senio Ad iso ), g an ing insigh s is s ill a ou able.
The ep esen a ion o he Nex Gen, i espec i e o whe he i
is a amily-in e nal succession, is add essed in he exchange
wi h banks. As one in e iew pa ne no ed:
“I would always y o le i low in, e en i he
child en ha e decided agains an ope a ional suc-
cession. Then you can le i low in ha , o exam-
ple, we a e cu en ly de eloping employees in o he
nex ex e nal managing di ec o . You can disclose
he al e na i e in he sense ha we a e p epa ed
o all ypes o succession” (Company 6, Fo me
CEO)
By saying o be “p epa ed o all ypes o succession”,
I could see he impo ance o demons a ing gene a ional
change in my esul s. P omo ing he Nex Gen enables plac-
ing he successo s and assuming managemen esponsibili y
(Company 8, CFO). Besides he communica ion, he in eg a-
ion o he successo s in o he business in an ea ly s age was
highligh ed in an in e iew esponse which di ec ly ela ed
o bank mee ings. The head o acquisi ion o Company 5
epo ed ha : “Banks ha e also eally made i clea ha i
is impo an o hem o cla i y he new gene a ion and he
succession a an ea ly s age and hen also o ac i ely in ol e
hem in he bank mee ings”, aligning bo h communica ion
and in eg a ion o Nex Gens o demons a e how he FF is
planning i s gene a ional change. Al hough he inding o he
in e iew wi h he banke shows a pola ques ion ega ding
succession planning, he s a emen : “Bu in pa icula , hese
a e, o cou se so ac o s whe e we ha e a ce ain deg ee o
leeway in he sense ha we can make up ou own minds abou
hem” (Bank 1, Senio Ad iso ), poin s ou o possible le e s
FFs can use ega ding he demons a ion o he Nex Gen.
Nex , he in e iews wi h bo h pa ies men ioned he im-
po ance o clea leade ship hando e s in FFs. This was al-
eady indica ed in he s a emen quo ed abo e abou com-
munica ing he hando e . Howe e , a o mula ed hando e
be ween gene a ions was explained u he in he in e iew
s a emen s. Fo example, one o he bank’s in e iewees ex-
plained he necessi y o his clea hando e as ollows: “and
hen i is also impo an ha you can make a ha d cu , in my
opinion, and ha he senio does no s ill hink he can b ing in
all his ideas; well, o cou se, he can b ing in ideas, bu clea ly,
someone has o wea he ha ” (Bank 3, Specialis Financial En-
ginee ing). Mo eo e , he implied gene a ional change and
he p ecise o mula ion o who has con ol a e a gene a-
ional change a e also e lec ed in ano he s a emen . “Be-
cause i you s a o in e cede oo much o alk in be ween, you
ha e los he us in he new gene a ion”, s a es he CFO o
Company 9 and equa es he clea hando e wi h a jus i ica-
ion o he chosen successo and he ep esen a ion o us
in he Nex Gen. He addi ionally emphasised he us in he
successo s by s a ing: “I will pu he Ma shall’s ba on in you
knapsack, bu you will ha e o unpack i you sel ”, an adap-
ion o “ he ba on in he knapsack” quo e ancho ed in he
Napoleonic e a meaning o aspi e o ul il he highes ank.
The anecdo e illus a ed, howe e , ha he Nex Gen mus be
us ed o ake o e he managemen o he amily business
independen ly and ha a ba on hando e is aking place. The
ba on’s hando e and he successo ’s in eg a ion a e closely
linked. The in e nal coo dina ion o who should ake on he
ole o successo and he hando e ha hen akes place we e
add essed in he in e iew s a emen s. The imely in eg a-
ion and “le ing go” o he olde gene a ion we e cla i ied
by a sui able example o an in e iewee who spoke abou
his expe ience wi h an en ep eneu ’s son, whe eby in e nal
disad an ages due o un esol ed hando e egula ions wi h
e ec s on he amily also became appa en .
“I once had a businessman’s son wi h us who spoke
o himsel as P ince Cha les, and ha shows he
analogy. In p inciple, he has al eady gi en up on
himsel , and hen, o cou se, i becomes highly isky
o a company.” (Company 5, CEO/Owne )
An ex eme case in which he impo ance o he amily’s
commi men o succession o he bank, came up in an ex-
ample when a loan was g an ed on he p emises ha he son
joined he i m o his pa en s. This u he exempli ied he
impo ance o a anging succession a an ea ly s age. In addi-
ion, he in e iewee poin ed ou possible ensions in connec-
ion wi h an unplanned succession a angemen by adding:
“and ha was no unny o he son and o he pa en s” (Com-
pany 6, Fo me CEO). So by app op ia e gene a ional change
demons a ion, being a e ie ed IM ac ic, FFs can imp o e
he pe cep ions o banks in e ms o s abili y.
Family Weal h Asse ion
Nex o amily commi men , he quali a i e c edi a ing
inc easingly conside ed he amily’s inancial commi men o
i s i m. This esul di e en ia es FFs once again om o he
ypes o companies. Fo example, an in e iewee om a bank
con i med he ac ual ques ion asked in he quali a i e a ing
abou he amily’s inancial si ua ion.
“Some ques ions only apply o amily businesses.
The ques ion ha is p obably o pa icula in e es
is: how is he weal h si ua ion o he sha eholde s
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-1539 1527
assessed? And ha is, o example, he pa icula
issue o amily businesses.” (Bank 1, Senio Ad-
iso )
In addi ion o he alua ion o amily weal h, howe e ,
he amily’s inancial suppo o he business gene ally plays
a ole. Ve y speci ically o FFs, an in e iew esponden om
a bank pe spec i e said he ollowing: “Some say abou amily
en ep eneu s ha hey a e p epa ed o in es e e y hing pos-
sible o keep hei li e’s wo k ali e, so o speak” (Bank 3, Spe-
cialis Financial Enginee ing). This esul and he banke s’
opinion also e lec he amilies’ commi men o hei busi-
nesses. Howe e , while he p e iously men ioned ac o s o
he quali a i e a ing a e based on obse a ions o he amily
in he bank in e iews and on he posi ioning o he company
i sel , ano he esul becomes angible h ough he inclusion
o amily weal h. E en hough he amily’s p i a e weal h
s ands sepa a e om he alue and asse s o he business, a
a ing eme ges in he in e iew esul s conce ning he FFs’
willingness o ake isks. Fo example, one banke desc ibed
ha i is impo an o keep in mind ha he e a e po en ial
amily asse s ha can be b ough in o he business (Bank 4,
Head o Co po a e Banking). Ano he s a emen in a simi-
la ein indica ed ha i can posi i ely a ec he quali a i e
c edi a ing i he e is a amily wi h co esponding asse s be-
hind he i m (Bank 1, Senio Ad iso ). In con as , a banke
s a ed ha i is pa icula ly impo an o he amily o be
ac i ely p epa ed o accep isk sha ing. He illus a ed his
as ollows: “i is impo an ha he amily is also p epa ed o
say: “Man, in some way, I sha e in he isk”. Tha is also an im-
po an poin o show ha I s and behind wha I do” (Bank 5,
Di ec o Co po a e Clien s). The dis ibu ion o isk ound in
he s a emen , which is pa o he e alua ion o FFs in e ms
o amily in ol emen , could also be ound in a desc ip ion
o a nego ia ion by one en ep eneu : “And hen, in he e y
nex sen ence, hey wan o know i you a e p epa ed o ake
a isk like a bank.” (Company 7, CEO/Owne ). Rega ding
he willingness o amily en ep eneu s o ake isks and he
exp essed p epa edness o amily en ep eneu s o also be li-
able wi h hei p i a e asse s is seen in a con a y manne by
a banke . He made explici , o example, ha he mus pay
a en ion o a balance be ween isk and managemen in he
c edi assessmen ’s weigh ing amily weal h. He adds o his
wi h he ema k: “I would no see ha he amily en ep eneu
is becoming mo e cou ageous and, o example, pu ing his own
weal h a isk” (Bank 3, Fo me Membe o he Boa d). Ne -
e heless, he aspec o amily weal h is mainly ound in he
banke s’ s a emen s.
To a lesse ex en , hese esul s we e ound in he s a e-
men s o FFs, which ne e heless indica ed he meaning ul-
ness and signi icance o his “so ” ac o in he quali a i e
c edi a ing. Thus, in he esul s, I iden i ied he asse ion o
amily weal h based on he s a emen s o he in e iew pa -
ne s as a easonable app oach o IM used by FFs in quali a-
i e c edi a ings.
4.2. Business-Speci ic Imp ession Managemen
Du ing he e alua ion o he in e iews, he accen ua ion
o s abili y h ough app oaches as he exempli ica ion o he
managemen quali y, go e nance s abili y and he business
egional impac we e ound in addi ion o he amily- ela ed
ac o s ha po en ially ind IM applicabili y o le e age qual-
i a i e c edi a ings. The subdi ision in o business-speci ic
IM app oaches in c edi a ings is since hese a e a ibu ed
o he i m i sel . E en hough FFs di e om o he busi-
ness o ms p ima ily in hei con ol and owne ship cha ac-
e is ics, hey a e uni e sally a ed like o he businesses apa
om he amily-speci ic ac o s. Highligh ed in he esponse:
“Bu I wouldn’ sepa a e he equi emen s o app oaches ha
much, excep o he cha ac e is ics o amily businesses” (Bank
2, Head o Co po a e Accoun s). The e o e, he ollowing
co e s a emen s we e elabo a ed on in he in e iews, ep-
esen ing u he app oaches ega ding IM in c edi a ings.
E en hough he esponses explici ly e e o FFs, hey e lec
mo e gene alisable and uni e sally alid indings.
4.2.1. Accen ua ion o S abili y
The c edi a ing e lec s he POD o companies and
se es o assess he likelihood ha companies will no be able
o mee hei inancial obliga ions o he bank. One indica o
o his POD is he s abili y o he company i sel . I iden i-
ied h ee pilla s, which ep esen aspec s a bank e iews o
assess he i ms s abili y. Fi ms can accen ua e s abili y by
means o exempli ica ion o hei managemen , s abili y in
hei go e nance and illus a ing hei he egional ancho ing
o he company. Those IM ac ics a e elabo a ed sepa a ely
in he ollowing sec ions.
Managemen and Successo Exempli ica ion
The quali y o managemen was one o he mos e-
quen ly men ioned quali a i e ac o s om bo h he bank
and he i ms. Highligh ing he quali y and p o essionalism
o managemen is hus he i s aspec men ioned in connec-
ion wi h non- amily speci ic ac o s. This “so ” ac o in
quali a i e c edi a ings is people- ela ed and is conside ed
e y impo an by he banks o assess he company’s s abili y
be e . Fo example, one bank ad iso a i med: “Pe son-
ally, I ind he quali y o he managemen o be he decisi e
assessmen because ha is he mos impo an hing om my
poin o iew” (Bank 1, Senio Ad iso ). In he esul s o he
in e iews wi h he FFs, he quali y o he managemen was
men ioned se e al imes as an assumed ac o in he a ing
(Company 2, Company 4, Company 8). Fo example, he
CEO and Co-Owne o Company 1 s a ed: “So i s and o e-
mos ce ainly he quali y o he people hey do business wi h.
Tha is, how success ul ha e we been? How did we also imple-
men ou p omises and success ully manage pas ac i i ies?”.
The quali y o managemen can be assessed based on p e i-
ous successes, quali ica ions, and expe ience: “How was he
managemen in he pas ? How did i manage c ises in he pas ?
Some kind o ack eco d o look a ” (Bank 3, Fo me Membe
o he Boa d). Bu also, in he case o successo s, inc easing
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391528
a en ion is being paid o he quali ica ions and quali y o he
managemen . E en i succession planning p o es o be less
c i ical in NFFs, he quali y o he successo can ne e heless
be a ibu ed o bo h o ms o business. To be e g asp he
quali y o successo s in FFs, he s a emen o a banke de-
sc ibed he ollowing: “E en as a amily membe , you don’
necessa ily s a as a managing di ec o , bu you s a in o he
depa men s and can p o e he ele an expe ience. Whe e we
ha e he scope o ge an imp ession ou sel es” (Bank 1, Senio
Ad iso ).
Highligh ed is he ack eco d, which is seen as signi i-
can by he bank and is an aspec ha plays a ole in quali a-
i e c edi a ings and can be exempli ied by FFs. Howe e ,
he s a emen in one in e iew: “I does no ma e i i is a
amily business o no , ha hey look a he p o essionalism
and quali y o he managemen ” (Company 1, Chai man, and
Owne ), also shows he non-speci ici y o his aspec in ela-
ion o FFs. Ne e heless, i is appa en in he con ex o FFs
ha managemen compe ence is seen ac oss gene a ions. I
can be deduced om his ha , in addi ion o amily mem-
be ship, compe ence mus also be conside ed when selec -
ing successo s. Since, as al eady indica ed, i is a ma e o
assessing he company’s s abili y, main aining quali y a he
managemen le el is essen ial. This opinion is held by he
CEO/Owne o Company 7 and cla i ied in he s a emen :
“Banks e alua e he pe son in e ms o his o he manne and
compe ence. Especially in he case o succession, whe he only
someone who comes in om he p o ession o a son who is no
us ed o do i ”. Howe e , i should also be emphasised ha
he compe ence o he successo s is buil up h ough expe i-
ence in he company and c ea es a de i ed us . FFs can hus
pass on he quali y o hei managemen and he associa ed
us o he Nex Gen. One banke desc ibed his as a “leap o
ai h” ha amily membe s can ea n h ough he con inui y
o he i m o e his o y and e e s o his as: “ ha hey ha e
s ood he es o ime, ha ce ainly makes a lo o di e ence
and is also an ad an age o amily businesses om he banks’
poin o iew” (Bank 3, Fo me Membe o he Boa d). In he
esul s o he in e iew s a emen s, a gene al endency o ex-
empli y he quali y o he managemen and he successo s
could be iden i ied, leading o he IM ac ic o managemen
and successo exempli ica ion. The epe i ion o s a emen s on
he quali y o managemen in he in e iews was in ui i ely
ob ious. Howe e , he indi idual s a emen s p o ide cla i i-
ca ion ega ding he ele ance o his aspec and possibili ies
o IM o ind applica ion.
Go e nance S abili y Con o mi y
The de i a ion o he s abili y o a company om i s
go e nance was also ecognisable in he in e iews. This is
closely ela ed o he men ioned aspec o managemen and
successo exempli ica ion, as his esul also links o he peo-
ple ac ing on he i m’s behal . Since, as al eady indica ed,
banke s need o ge a sense o he company o be e as-
sess s abili y and he associa ed POD, go e nance is ano he
app oach o conside . Fo example, one banke s a ed ha
when assessing he company in he quali a i e pa o he a -
ing, he company’s o ganisa ional cha is looked a i s , and
he pas changes a he managemen le el. The con inui y
and s abili y o he managemen is o pa icula impo ance
as an in e iew exp essed: “The ques ion is whe he he e
ha e been wo managing di ec o s in he las h ee yea s o
h ee, so he e has been cons an change, o whe he he e is
con inui y in he managemen , which is ce ainly an impo an
ac o .” (Bank 2, Head o Co po a es). F om his inding, i
can be deduced ha companies should s i e o con o mi y
abou he long- e m na u e o managemen . This is also a
business-speci ic aspec bu one ha FFs can ake ad an age
o due o hei long- e m o ien a ion. This becomes e iden
in he s a emen o a Co-Owne who poin s o he con inui y
o managemen in FFs and ein o ces he use o his po en ial
ad an age by s a ing: “ he e is con inui y and a ca d we play”
(Company 1, CEO and Co-Owne )
In a u he inding, a banke suppo ed he owne ’s p e-
ious s a emen o ac i ely using con inui y by poin ing o
he us associa ed wi h con inui y, which he pu s as ollows:
“Can he company demons a e anspa ency and con inui y in
go e nance o e he yea s, which is basically a us -building
p ocess” (Bank 3, Fo me Membe o he Boa d). Based on
hese iews, i can be pe cei ed ha companies, whe he FF
o no , should align hei go e nance s abili y o be consis en
wi h banke s’ sen imen s. None heless, go e nance s abili y
is an ad an age o FFs, as a simila s a emen by an owne
emphasised.
“Tha is inhe en in he amily, and i canno be
assumed ha i [ he i m]will be sold omo ow.
Bu i is also unlikely ha he ac o s will lea e he
company omo ow and go somewhe e else. Tha
can happen, o cou se, bu I belie e ha i is sim-
ply less he case han in o he o ms o en e p ise.”
(Company 1, Chai man and Owne )
Regional Impac Illus a ion
Nex , I ound a ac o and esul ing IM ac ic, ha was
less o be expec ed bu was aised mo e equen ly by he in-
e iew pa ne s. The quali a i e ac o unde lying his esul
is he in luence o he company’s epu a ion on he c edi a -
ing. Howe e , i became appa en du ing he in e iews ha
he company’s epu a ion is mo e conce ned wi h egional
impac and ancho ing. This aspec lows in o he assessmen
o he s abili y o he company. This became e iden , o ex-
ample, in he in e iew wi h he CEO/Owne o a leading
luxu y u ni u e manu ac u e . In he in e iew, he exp essed
ha his epu a ion in he egion was impo an in addi ion o
his commi men as a amily (Company 7, CEO/Owne ). He
unde lined his by adding: “I s and he e wi h my skin and
hai and abo e all wi h my good name, which I hen also bu n
he e in he egion”, which emphasised he impo ance o he
epu a ion o a FF. This also applies o NFFs, bu he busi-
ness owne also s a ed ha banks pe cei e his qui e posi-
i ely compa ed o, o example, an ex e nal manage : “Who
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-1539 1529
is paid now and i i does no wo k ou , he lea es wi h a se e -
ance package” (Company 7, CEO/Owne ). Ano he in e ie-
wee’s s a emen ein o ced he ancho ing in he egion and
he impo ance o he i m’s name. She desc ibed i as he
ex en o he company’s commi men o he egion, e e ing
o he scien i ic concep o social capi al. She emphasised
e ba im: “So he le el o social capi al o he amily business
has a big impac ” (Company 6, Fo me CEO). E en hough
she associa ed he concep o social capi al wi h FFs, he e-
gional impac can also be ans e ed o NFFs and is he e o e
a ibu ed o he inding o business-speci ic ac o s. How-
e e , he imp ession i ms can make h ough social capi al
becomes explici in he s a emen o a banke connec ing his
aspec o c edi a ings. Thus, he a i med: “wha you know
abou amily i ms gi ing back o socie y is qui e a lo . I know
some examples whe e I hough , oh, ha s o , ha ’s eno mous
wha hey achie e, and ha , ha plays a ole o us” (Bank 5,
Di ec o Co po a e Clien s).
Conside ing he egional impac o he egional commi -
men o he companies lends impo ance o his aspec . The
illus a ion o companies’ engagemen can he e o e be seen
as a aluable IM app oach wi hin he con ex o quali a i e
c edi a ings. To highligh he special na u e o FFs despi e
he possible gene alisa ion o he egional commi men o
companies, I ound he ollowing s a emen in an in e iew:
“i is p o en ha amily i ms only cu jobs a he e y end,
when i is no longe possible, and a e mo e likely o in es du -
ing he c isis. Tha is why hey can scale up mo e quickly a e a
c isis. This is also a epu a ional ac o ha he banks de ini ely
obse e” (Company 6, Fo me CEO).
4.3. Rela ionship-Speci ic Imp ession Managemen
4.3.1. Building T us ul Rela ionships
I ound one cen al esul ha was emphasised and con-
side ed impo an by all almos all in e iew pa ne s. Since
he quali a i e a ing is a subjec i e assessmen o he bank’s
co po a e clien ad iso , he business ela ionship be ween
he bank and he company was inc easingly emphasised. The
aspec o ela ionship building, as well as ela ionship nu u -
ing, hus de e mines he inal indings o he in e iews. This
esul only desc ibed a quali a i e ac o o a limi ed ex en
bu showed ace s ha impac a a ing o c edi g an ing. In
addi ion o ela ionship building, communica ion is a u he
componen o his esul . Bo h aspec s a e examined in mo e
de ail o de ine a possible applica ion o IM.
In e pe sonal Nu u ing
“Fo us, i is essen ial ha he bank likes us and build up
a ela ionship wi h us on a pe sonal le el” (Company 1, CEO
and Co-Owne ). This quo e was one o many, emphasising
he impo ance o a close business ela ionship be ween he
i m and bank. Using he ph ase “on a pe sonal le el”, hus
highligh s he in e pe sonal ele ance o i ms while wo k-
ing wi h banks. Fu he mo e, he s a emen showed ha he
in e iew esponden is conce ned abou building his busi-
ness ela ionship on a pe sonal le el by adding in a subo -
dina e clause: “This is an ac i e hing we do”. This in e es
in ela ionship building is simila ly e lec ed in he leng h
o he business ela ionship. Fo example, many o he in-
e iewed i ms hold business ela ionships ha ha e las ed
longe han 20 yea s. One esponden illus a es his by no -
ing: “We ha en’ had ha many banks. I ha e had my house
bank o 40 yea s, you could say” (Company 1, Chai man and
Owne ). The impo ance o he ela ionship was u he ex-
empli ied in an in e iew wi h a senio bank ad iso . Thus,
he banke explained he necessi y and ad an age o long-
s anding ela ionships and he possible in luence on a a ing.
“Bu o cou se, he longe you know you cus-
ome s, he be e you can ge a pic u e o hem,
and he mo e I see mysel in a posi ion o p esen
hem as posi i ely as possible.” (Bank 1, Senio
Ad iso )
This s a emen pu s he ela ionship and pa ne ship be-
ween bank and i m in he o eg ound. Since mos Ge man
FFs belong o he middle ma ke , one en ep eneu ’s he-
sis unde lined he impo ance o close coope a ion be ween
medium-sized i ms and banks. Thus, he o mula ed he he-
sis ha : “The Ge man Mi els and (. .. ) has always boas ed
ha hey don’ need a bank. (...) They a e su e ha hey i-
nance e e y hing hemsel es. Bu some i ms independen on
he sec o , e en in g ea sec o s, a e d i en in o he g ound”
(Company 4, Membe o he Supe iso y Boa d). The in-
e iewee exp esses his esen men ha medium-sized i ms
do no need banks. E en hough his is a ha shly o mula ed
hesis, he impo ance o close coope a ion can be con i med.
Wi hin he esul s, I ound only one s a emen ha opposed a
close pa ne ship be ween banks and i ms. As one in e iew
esponden s a ed: “So bank pa ne , I don’ know ha wo d
because ha [a bank]is no a pa ne . (.. .) I don’ ha e banks,
bu he bank is a money supplie , a inancial se ice p o ide ”
(Company 3, CEO/Owne ). Bo h s a emen s oppose each
o he , bu he equency wi h which he ela ionship be ween
bank and business was emphasised sugges s gene alisabili y
and ele ance.
In he opposing s a emen by he CEO, he e e ed o
banks as “ inancial se ice p o ide s” and inancie s. This is
con adic ed in an in e iew wi h a bank ep esen a i e e-
ga ding he isk dis ibu ion be ween he bank and he com-
pany. The in e iewee emphasised: “Bu he bank is mo e
han a se ice p o ide , as a lende , i is also a isk bea e and
hus becomes a pa ne o he en ep eneu ” (Bank 3, Fo me
Membe o he Boa d). The pe cep ion o he ad an ages o
a ela ionship is unde pinned by he bank’s in e es in pa -
ne ing. One banke ela ed o he compe i i e na u e o he
banking sec o and emphasised ha he bank secu es busi-
ness h ough a ela ionship i i can build an in e pe sonal
connec ion wi h he company o he owne . He pu s i suc-
cinc ly: “Because he en ep eneu simply says, come on, you’ e
wo h ha o me now” (Bank 2, Head o Co po a e Accoun s).
I showed ha he e is a mu ual in e es in building and nu -
u ing ela ionships. This is pa icula ly e iden in he case
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391530
o FFs, wi h one banke s a ing: “I you as a bank ad iso deal
wi h a amily, and you now know he senio well, and you may
also know he successo s well, hen you ha e a long exchange
and also a comple ely di e en ela ionship wi h hese people”
(Bank 3, Specialis Financial Enginee ing).
The ela ionship o he banke s o he i ms, which is
ecognisable in he s a emen , is cla i ied addi ionally by he
ph ase: “I ha e a e y good ela ionship wi h he managemen
and he owne . He migh in i e me o his 60 h bi hday pa y
o some hing simila ” (Bank 2, Head o Co po a e Accoun s).
The nu u ing o long- e m ela ionships wi h banks is based
on in insic long- e m hinking, especially in he case o FFs.
Fo ins ance, one in e iewee desc ibed i as a deposi o y
om which one in es s and can d aw. In his opinion, i is:
“Fo a medium-sized company, essen ial o ind a bank (...) ha
alues he long- e m ela ionship” (Company 5, CEO/Owne ).
This indica ed ha long- e m ela ionships and ela ionship
nu u ing is impo an o i ms, especially FFs, in he con ex
o c edi a ings and hus c ea es he IM ac ic o in e pe sonal
nu u ing.
Communica i e Exp essi eness
Las , in e ms o ela ionship building and ele ance o
i ms in he business con ex o c edi a ings, communica-
ion was emphasised by i m esponden s and explici ly by
banks. Since he c edi a ing h ough bank ad iso s e e s
o ex e nal pa ies inc eased emphasis was placed on us -
ul communica ion and in e ac ion. This is e iden in he
s a emen o an in e iew pa ne , among o he s. “Commu-
nica ion is ac ually always he mos impo an opic o me”
(Bank 1, Senio Ad iso ). The highligh ed subjec o com-
munica ion ep esen s he inal inding o he in e iews and
o ms he basis o us ul business ela ionships. One in-
e iewee summa ised all ela ed aspec s o communica ion
in his s a emen : “T anspa en , open, p oac i e communica-
ion is eno mously impo an o us, bu also compliance wi h
inancial o o he ag eemen s” (Bank 4, Head o Co po a e
Banking). Suppo ing his, ano he in e iewee added: “I
hey lea e us in he da k, i becomes a isk ac o o he banks,
and hen i becomes nega i e” (Bank 3, Fo me Membe o he
Boa d). In he o e all conside a ion o bo h s a emen s, he
esul could be linked o he c edi a ing. Thus, a lack o
anspa en communica ion is desc ibed as an inc eased isk
o he banks. This inc eased isk mus be minimised in c edi
nego ia ions and c edi a ings o ob ain he mos a ou able
a ing possible. This s essed he ole o communica ion in
he business ela ionship be ween he i m and he bank. I
should be no ed ha his esul applies ega dless o he own-
e ship s uc u e and, hus, independen ly o FFs. In he con-
ex o communica ion, he impo ance o how en ep eneu s
should beha e when communica ing wi h banks became in-
c easingly appa en o me. I is abou con incing he bank
o p ojec s and in es men s o loans in a us ul communi-
ca ion. Th ough communica i e exp essi eness, companies
can p esen and posi ion hemsel es owa ds he bank. The
changed abili y o achie e his p esen a ion was poin ed ou
in an in e iew conce ning FFs. “So ha ’s p obably no only
he case wi h he bank, bu in gene al, a leas un il a ew yea s
ago, i wasn’ he s eng h o amily businesses. They ended no
o be e y good a p esen ing hemsel es” (Company 6, Fo me
CEO). The in e iewee sees he eason o he change and he
need o a mo e p o essional p esen a ion in he changed cul-
u e o dialogue wi h banks. She explained ha in he pas ,
loans may ha e been nego ia ed o e “dinne and a ciga ”, bu
oday he challenges o FFs ha e inc eased conside ably and
hey a e he e o e dependen on a p o essional p esen a ion,
including a “pi ch deck” (Company 6, Fo me CEO). She sees
he younge gene a ions among FFs as he d i e s o change,
using new o ms o communica ion and being awa e o he
ci cums ances in which hey ope a e wi h s akeholde s such
as banks.
This was also con i med by ano he in e iew s a emen ,
in which a banke desc ibed: “I hink he olde gene a ion,
maybe hey didn’ ha e as much unde s anding o a lo o hings
ha need o be disclosed o ha we jus need. Tha is also
changing a bi ” (Bank 2, Head o Co po a e Accoun s). In he
con ex o communica i e exp essi eness, I obse ed in he
in e iews ha pe suasion comes om en husiasm inc eas-
ingly. In one in e iew, he ollowing s a emen was made:
“And i I am somehow en husias ic abou he company, hen
he accoun manage is also en husias ic abou he manage-
men and he amily” (Company 8, CFO). In his esul , “en-
husias ic” gi es he communica ion a new signi icance. Be-
sides anspa ency and us , communica i e exp essi eness
can a ec he pe cep ion o banks in gene al. This is use-
ul wi hin he a ing on he one hand and ou side he a ing
on he o he . An impo an co e s a emen on pe cep ion, be-
ha iou and communica ion and he associa ed imp ession o
companies became clea in he ollowing in e iew esponse:
“A he end o he day in a c edi decision, whe he I accom-
pany in he bad phase o help h ough a liquidi y hole (...) he
a ing is also impo an , bu no he decisi e ac o , bu hese
ac o s o he so kind a e ac ually e y, e y decisi e” (Bank
2, Head o Co po a e Accoun s). This includes all he abo e-
men ioned “so ” a ing ac o s wi hin he quali a i e c edi
a ing. I should be emphasised ha he a ing is, o cou se,
used o de e mine he loan p ice and he amoun o equi ed
equi y. Howe e , he esul implied ha he quali a i e ac-
o s and he imp ession con eyed by i ms a e decisi ely used
o he coope a ion. This once again illus a ed he ele ance
o he company’s o e all appea ance in his business con ex
and po ays IM as a possible app oach o in luence he com-
pany’s image.
5. Discussion and Conclusion
This sec ion places my indings in he con ex o he el-
e an heo y and classi ies he esul s conce ning he ap-
poin ed heo y o IM. To sys ema ically discuss my esea ch
esul s I p esen a model o he co e s a emen s and dimen-
sions ound. This aims o p esen he in e play and illus-
a e he in e ac ion be ween IM and quali a i e c edi a -
ings. My hesis is mainly conce ned wi h he aspec s o (1)
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-1539 1531
unde s anding which quali a i e ac o s a e ele an o a
c edi a ing o FFs, and (2) iden i ying possible symme ies
o asymme ies in he unde s anding o quali a i e ac o s
be ween banks and FFs, and (3) iden i ying IM ac ics and
s a egies o FFs ha a e asce ainable in c edi nego ia ions.
On his basis, modelling he esul s will se e as a basis o he
discussion and o answe he esea ch ques ions: “Wha a e
ele an quali a i e c edi a ing ac o s o amily i ms?”, and
“How do amily i ms use imp ession managemen o le e age
hei quali a i e c edi a ing, and which amily i m-speci ic
cha ac e is ics d i e his s a egy?”.
5.1. Le e aging C edi Ra ings – In e play and Dimensions
o Imp essions
I dis inguished be ween app oaches o IM o FFs and
NFFs ha can be applied o c edi a ings. In he compa ison,
amily-, business- and ela ionship-speci ic dimensions could be
dis inguished. Figu e 3shows how hese di e en dimen-
sions in e play wi h each o he and in which scope IM is ap-
plied in he con ex o c edi a ings.
The eason o he di e en ia ion and sepa a ion o am-
ily and i m lies in he in e ac ion be ween amily membe s
and he i m desc ibed by Habbe shon and Williams (1999).
Al hough he amily is closely linked o he i m, he in e ac-
ion can s ill lead o a di e en ia ion be ween he amily and
he i m. Fu he mo e, Si mon and Hi (2003) show ha
FFs buil on he human and social capi al o he amily. This
unde lines he need o look a he i m and amily sepa a ely
bu in close connec ion. Addi ionally, Bolino e al. (2008)
s a ed ha besides IM on an indi idual le el: “(..) IM heo y
and concep s also ha e been applied o he s udy o a ious
o ganiza ional phenomena.” (Bolino e al., 2008, p. 1090),
o which he i m is p esen ed as a sepa a e en i y. Mo e-
o e , I iden i ied ha some IM app oaches a e no en i ely
a ibu able o FFs in pa icula bu p esen mo e gene alis-
able business-speci ic app oaches.
The scope o IM in he con ex o c edi a ings essen-
ially akes place be ween h ee pa ies. In ui i ely, he i s
wo a e he bank and he i m. Wi hin he empi ical esul s,
howe e , he pa y o he amily has eme ged mo e s ongly.
Thus, in he con ex o he discussed opic o he use o IM
o FFs, he amily ep esen s he hi d and complemen a y
pa y. A he ou se , e e ence needs o be made o he he-
o e ical concep o IM, which e e s o he p ocess by which
an ac o a emp s o con ol o in luence he pe cep ions a
a ge has o hem (Bolino e al., 2008). Among he h ee
pa ies, he bank can be ega ded as he a ge and he am-
ily as he ac o . Taken oge he , he dimensions o amily-,
business- and ela ionship-speci ic IM app oaches can be as-
signed o di e en ypes o in e ac ion. The business-speci ic
dimension occu s be ween he bank and he i m. Wi hin
his in e ac ion, he a ge can gain an imp ession h ough
aspec s and in o ma ion pu ely ela ed o he i m. E en
hough he closeness be ween he amily and he i m was
emphasised mo e s ongly in he esul s and is in line wi h
Habbe shon and Williams (1999), in his dimension he IM
scope is pu ely limi ed o he i m. Mo eo e , I ound ha
he dimension o ela ionship-speci ic IM o ms he co ne -
s one o e ec i eness o all dimensions. This classi ica ion
is unde pinned by he business ela ionship be ween banks
and i ms. Li e a u e has highligh ed his signi icance espe-
cially in e e ence o Ge man i ms h ough he house bank
p inciple (Becke & Ul ich, 2015). So ha e Gama and Ge -
aldes (2012), poin ed ou he ad an ages o close ela ion-
ships be ween banks and i ms by e e ing o minimised in-
o ma ion asymme ies and enhanced likelihood o engage-
men and commi men o banks. Wi hin his dimension, he
ac o can build us h ough he ela ionship wi h he a ge ,
which is di ec ly ela ed o he o he dimensions desc ibed.
In addi ion o his dimension, howe e , i can be s a ed
ha he amily-speci ic dimension o IM is also si ua ed be-
ween he a ge and he ac o . In con as o he i m, he
amily is a he cen e o IM app oaches. O e all, he amilies
y o con ey a posi i e imp ession o hemsel es as company
ep esen a i es. Since Bolino e al. (2008) de ine IM a he
o ganisa ional le el as “any ac ion ha is in en ionally de-
signed and ca ied ou o in luence an audience’s pe cep ion
o he pe cep ions o he o ganisa ion” (Bolino e al., 2008,
p. 1095), he amily-speci ic dimension o IM would, acco d-
ing o he li e a u e, be assigned o he o ganisa ional le el
o IM. Howe e , he ocus is on he amily and he imp es-
sions ela e o he indi idual le el and he amily membe s
due o he special na u e o FFs and he associa ed closeness
be ween amily and i m (Habbe shon & Williams, 1999; Si -
mon & Hi , 2003). Howe e , no explici anking o exclu-
si i y could be es ablished when conside ing he iden i ied
amily and business-speci ic dimensions. Ra he , depending
on he deg ee o e ec i eness, bo h dimensions can be o -
ches a ed oge he and used sepa a ely. Thus, e alua ing
he in e iew pa ne s’ s a emen s made i appa en ha he
a ge pe cei es an imp ession ia di e en channels. Con-
e sely, he ac o can c ea e an imp ession ia di e en chan-
nels. This imp ession lows ou side he IM scope h ough he
a ge in o he a ing ca ied ou . Thus, a e lec ion o he
imp ession om he applied dimensions is e lec ed wi hin
he a ing. The ac ual a ing u he quan i ies imp essions
c ea ed by he amily while di ec ly impac ing he i m in he
a ing esul . As he c edi a ing ep esen s he inpu in o m
o a a ing scale ou pu , he quali a i e c edi a ing can be
e med quan i ied imp ession.
Taken oge he , I iden i ied he amily’s impo ance o
he i m. This is seen in he amily’s e ec on he quali a i e
imp ession h ough he a ing. In he iangula iew o all
pa ies in ol ed, he amily in luences he a ing o i s com-
pany while, as an ac o in his p ocess, no ecei ing a a ing
o i s own. The e o e, he amily p ima ily con ols and in-
luences he h ee dimensions’ in e play.
5.2. C edi Ra ing and Quali a i e Fac o Pe cep ion o Fam-
ily Fi ms
C edi Ra ing Fac o s. My empi ical esul s ep esen an
ex ension o he heo y conce ning ele an quali a i e c edi
a ing ac o s. Based on he s anda disa ion and s onge eg-
ula ion in he banking sec o , he li e a u e p edominan ly
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391532
Figu e 3: Family-, Business- and Rela ionship-Speci ic IM Dimensions (Own Illus a ion)
ocused on quan i a i e ac o s o a c edi a ing (Ma ek e
al., 2022; Ma hies, 2013). This is, on he one hand, o he
simple da a p ocu emen de e mined by he analysis o a
company’s inancial da a and, on he o he hand, o he gen-
e al ocus on quan i a i e assessmen due o Basel III (Ma ek
e al., 2022). Howe e , quan i a i e da a is insu icien o cal-
cula e an accu a e POD and assess he s abili y o a company
in e ms o i s inancial obliga ions and deb epaymen s.
Fo his assessmen , he less egula ed and non-s anda dised
quali a i e ac o s a e impo an (G une e al., 2005). Since
he lack o uni o mi y o hese ac o s, he li e a u e con-
ains a ewe signi ican and company-speci ic ac o s o
he quali a i e c edi a ing. The li e a u e used o his e-
sea ch on quali a i e ac o s o a c edi a ing is based on
s udies ha ha e been conduc ed some ime ago. Howe e , I
ha e inc easingly con i med he consis ency o hese ac o s.
Thus, I ound he a ing ac o s o managemen quali y, suc-
cession, compe i i eness, and indus y (C ouhy e al., 2001;
K ahnen & Webe , 1999; Ma hies, 2013), in my in e iew
s a emen s wi h bank and company ep esen a i es. How-
e e , o ex end he knowledge o quali a i e a ing ac o s,
I ound he ele ance o addi ional ac o s in my indings.
To ensu e ollowing he in en ion o quali a i e esea ch, in
my analysis, I addi ionally paid a en ion o “new” quali a-
i e a ing ac o s han o hose men ioned in he li e a u e.
In he li e a u e dealing wi h quali a i e c edi a ing ac o s,
no explici dis inc ion is made acco ding o he ype o com-
pany (Camanho e al., 2022). The quali a i e ac o s men-
ioned a e uni e sal, and no company-speci ic cha ac e is ics
can be iden i ied. Howe e , I ound a ibu es in he con ex
o FFs ha indica e company-speci ic cha ac e is ics. Wiene -
Fe e ho e (2017) has al eady poin ed o an adap a ion o he
c edi a ing o FFs. My esul s sugges ha quali a i e a ing
ac o s explici ly pe inen o FFs can be iden i ied wi hin he
quali a i e c edi a ing. These a e ep esen ed in he amily-
speci ic IM dimension.
Thus, I ound in he in e iews ha , conce ning FFs,
banks ocus on he amily and assess hem in di e en as-
pec s. I iden i ied ha aspec s such as amily alues and
ha mony wi hin he amily a e assessed wi hin a c edi a -
ing. This shows ha Wiene -Fe e ho e ’s (2017) assump ion
o aluing FFs di e en ly o mee hei speci ic cha ac e is ics
is pe inen . The long- e m o ien a ion o FFs desc ibed by
Chua e al. (1999) and he gene al aspec o owne ship and
con ol p esen ed by Becke and Ul ich (2015) suppo hese
amily-speci ic cha ac e is ics in c edi a ings. Howe e ,
I ound a s onge co ela ion wi h he concep o “ amili-
ness” desc ibed by Habbe shon and Williams (1999), which
e e s o he in e ac ion be ween he amily, i s indi idual
membe s, and he company. The esul s o my wo k illus-
a e ha he a ini y be ween amily and i m de e mines
pa s o he a ing ac o s o FFs. Aspec s we e iden i ied
ha can be di ided in o h ee essen ial pilla s. I iden i ied
ha amily- ela ed aspec s a e b oken down in o subo dina e
poin s when conside ing and e alua ing FFs. In my esul s
ega ding he quali a i e ac o s, I iden i ied an expansion
o he ac o s men ioned in he li e a u e. The amily’s com-
mi men o he business was highligh ed se e al imes in he
con ex o FFs.
Explici ly, he a ing ac o he e e e s o he amily’s
weal h si ua ion in e ms o inancial con ibu ions and sup-
po om he amily in addi ion o he bank’s commi men .
Camanho e al. (2022) e e o a de i a ion o he quali a i e
ac o s o he leading a ing agencies, in which his ac o is
no included. This highligh s ha i is easible o expand he
a ing ac o s o include he amily’s weal h si ua ion in he
case o FFs. The banks’ in e iew esponses also cla i ied ha
his is pu ely a a ing ac o a ibu ed o FFs. Howe e , on
close examina ion o my indings, I iden i ied ha he a ing
ac o s as such play a ole in he calcula ion o he equi y
equi ed by he deb o o he p icing o a loan, bu ha o he
aspec s a e also conside ed. Thus, he quali a i e ac o s’
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-1539 1533
ole in c edi a ings emains ambi alen , as G une e al.
(2005) poin ou . I was, howe e , possible o lessen he
ambi alence o non- inancial ac o s (G une e al., 2005)
o a ce ain ex en by, on he one hand, inding a a ie y o
o he ac o s o assessing he s abili y o a company and,
on he o he hand, highligh ing he impo ance o hese ac-
o s beyond he c edi a ing. This leads o he assump ion
ha aspec s o he amily image and he dynamics be ween
he amily membe s a e conside ed wi hin he c edi a ing
amewo k.
Howe e , i should be no ed ha hese ac o s a e no
e alua ed in a quali a i e c edi a ing by he bank bu a e
included in he pe cep ion o he bank ad iso . Fu he mo e,
in he case o FFs, he ocus lies on gene a ional change
and he associa ed succession. Al hough his ac o is ad-
d essed in he li e a u e by Ma hies (2013) and Camanho e
al. (2022), i has an o e a ching signi icance in my indings.
Thus, he li e a u e includes he a ing ac o o succession
bu can, h oughou my indings, be iden i ied as one o he
mos signi ican quali a i e a ing ac o s. In his con ex ,
an aspec was elabo a ed in he esul s ha , like he p e i-
ously men ioned ac o s, does no ecei e an explici a ing
bu is included in he o e all cons uc ion o a c edi a ing by
banks. Family alues and he passing on o hese alues o he
Nex Gen a e seen in he esul s. The p edominan ly na ow
li e a u e on quali a i e a ing ac o s does no di e en ia e
be ween company ypes. Mo eo e , he analysis o my hesis
esul s indica es an adap ed c edi a ing amewo k o FFs in
c edi a ings. Howe e , his adap ion is limi ed due o pu ely
pola ques ions ha do no e lec aspec s such as amily al-
ues, amily image and amily dynamics. I con i med he need
o a modi ied app oach o he c edi a ing o amily i ms,
as sugges ed by Wiene -Fe e ho e (2017). I showed ha
he ac o s men ioned in he li e a u e a e la gely e lec ed in
my esul s and ha occasional amily-speci ic ac o s a e in-
cluded in a c edi a ing. Howe e , a igid pola ques ioning
canno add ess he ac o s men ioned, such as amily alues
and dynamics, so he e is s ill a limi a ion o he c edi a -
ing o FFs, e en i I ound ha banks ake hese aspec s in o
accoun in a c edi a ing.
Conco dance o C edi Ra ing Fac o s. To e alua e he
IM app oach in c edi a ings, he analysis and compa ison
o s a emen s on quali a i e a ing ac o s se ed as a ba-
sis o comp ehending hese ac o s. In addi ion o he IM
app oach, my hesis deal wi h he issue o whe he asym-
me ies o symme ies exis in he pe cep ion be ween banks
and FFs abou ele an quali a i e a ing ac o s. By compa -
ing he s a emen s o he in e iew pa ne s, I es ablished a
consensus. This is mi o ed in he esul s and shows ha he
FFs a e awa e o he ele an quali a i e ac o s e e ed o
by he banks. Fu he mo e, I ound answe s o he i s e-
sea ch ques ion, “Wha a e ele an quali a i e a ing ac o s
o amily businesses”. The ex ension o he li e a u e con-
ce ning he ype o business can be e e ed o again a his
poin . The hypo hesis o whe he he e a e symme ies o
asymme ies conce ning he quali a i e ac o s is based on
non-uni o mi y. Ne e heless, homogenei y in he indi id-
ual s a emen s o he banks could be iden i ied in he con-
co dance o he ac o s be ween banks and FFs. This hus
ep esen s a u he ex ension in he heo e ical con ex o
c edi a ings. Analysing i e di e en banks showed ha he
banks ha e he same asse ions ega ding he quali a i e a -
ing ac o s. Fu he mo e, including a bank based in Swi ze -
land made i possible o show homogenei y in he Ge man-
speaking egion. I can be s a ed ha , as indica ed in he li -
e a u e, he banks do no ollow uni o m app oaches in e ms
o quali a i e c edi a ings, bu he e is a endency owa ds
con e gence.
5.3. Adequacy o Imp ession Managemen in C edi Ra ings
B oadening o IM Applicabili y. The concep o IM de el-
oped in sociology inds a ious ields o applica ion in he
li e a u e. These p ima ily ela e o in e ac ions be ween in-
di iduals in business con ex s, such as ca ee o in e iew
p ocesses (Bolino e al., 2016; Go man, 1959). IM’s in en-
ion is o a emp o con ol and in luence he pe cep ion o
o he s (Bolino e al., 2008). The li e a u e on his a emp
o con ol o in luence is explained h ough majo a eas o
ension. IM a indi idual and o ganisa ional le el, conscious
o unconscious app oaches, and di ec o indi ec app oaches
(Bolino e al., 2008; Mohamed e al., 1999; Tedeschi & Mel-
bu g, 1984). The heo e ical pe spec i e o IM ele an o my
hesis is he mul i-le el e iew by Bolino e al. (2008). The
esul s o my wo k se e o ollow he call o he au ho s ha :
“ esea che s should examine he use o IM beha iou s ou -
side he commonly esea ched con ex s o job in e iews and
pe o mance app aisals” (Bolino e al., 2008, p. 1090) and
place i s desc ibed cha ac e is ics in new business con ex s.
My esea ch was done simila ly o Pa hankangas and Eh lich
(2014) esea ching how IM can in luence he success o en-
ep eneu s in business angel unding. Howe e , I placed he
IM app oach in he con ex o c edi a ings, which has no
been s udied be o e, in con as o he s udy by Pa hankangas
and Eh lich (2014), who d ew on p e ious esea ch in hei
espec i e ield. Thus, my indings ep esen wo ex ensions
o he exis ing li e a u e on IM. Fi s , my esul s ha e con-
i med he applicabili y and ecognisabili y o he IM ac ics
de ined by Bolino e al. (2008) in a di e en business con-
ex . Secondly, my esea ch has led o an ex ension o he
li e a u e on his app oach by adding new IM ac ics. The
e iew o he iden i ica ion o IM ac ics and gene a ing new
ac ics and unde lying ac o s no p e iously conside ed will
be p esen ed sepa a ely. IM is di ided in o dimensions in he
li e a u e ela ing o he indi idual and o ganisa ional le -
els. Mohamed e al. (1999) conduc ed a classi ica ion o IM
a he o ganisa ional le el and ca ego ised commonly used
IM ac ics in o a 2×2 ma ix (see Table 2). I is impo an o
emphasise ha he mul i-le el e iew by Bolino e al. (2008)
ci ed in his pape also di e en ia es be ween indi idual and
OIM bu does no clea ly sepa a e hese le els. Thus, OIM
is de ined as an app oach o c ea ing, p o ec ing, and main-
aining an image by spokespe sons o an o ganisa ion (Bolino
e al., 2008; Elsbach e al., 1998). This de ini ion p o ides
a gene al link be ween he indi idual and he o ganisa ional
L. Ma enbach /Junio Managemen Science 9(2) (2024) 1511-15391534
le el. Explici ly in he case o he FFs s udied, he esul s
showed ha hyb idisa ion o bo h le els is disce nible. The
business con ex s udied builds on he s eng hs o he OIM
li e a u e. The hyb idisa ion con i ms ea lie indings ha
“IM akes place a he o ganisa ional le el” (Bolino e al.,
2008, p. 1097). This is due o he impo ance o he amily
o FFs and shows no clea sepa a ion be ween IM a he indi-
idual and o ganisa ional le els. I u he mo e con i med he
co ela ion Bolino e al. (2008) ound, ye in a new business
con ex in es iga ed. Al hough he indi idual and o gani-
sa ional le els a e closely ela ed, he o ganisa ional le el’s
cha ac e is ic o “o he s-as-audience” desc ibed by Lea y and
Kowalski (1986) can be iden i ied as he de ining app oach
o FFs’ IM in he business con ex s udied. I should be no ed
ha al hough IM ac ics a e inc easingly ound a he indi id-
ual o o ganisa ional le el, Mohamed e al. (1999) de eloped
ma ix con ains o e ly gene ic app oaches ha a e no ully
applicable in he in es iga ed c edi a ing business con ex .
I showed ha he dimension o IM a he o ganisa ional
le el equi es an in eg a ion o ac ics om he indi idual
le el. This in eg a ion ela es o he esea ch con ex o FFs,
as amily membe s being indi iduals, ep esen ing hei o -
ganisa ion. This, u he mo e, made he impac o IM ac ics
a he indi idual le el mo e e iden . The IM ac ics elabo-
a ed in my indings (see Appendix D) compa e pa s o he
31 commonly used IM ac ics de ined by Bolino e al. (2008).
In he business con ex o c edi a ings o FFs s udied, I
ound a gene al ocus on asse i e IM, as in p e ious s ud-
ies on IM (Nagy e al., 2012; Pa hankangas & Eh lich, 2014).
This o m o IM e e s o “p oac i ely managing imp essions
abou hemsel es” (Bolino e al., 2008, p. 1082) and e lec s
conscious and di ec IM ac ics. I iden i ied se e al ac ics
in my indings ha a e desc ibed as OIM by Mohamed e al.
(1999) on he one hand bu a e also applied a he indi idual
le el by Bolino e al. (2008). While conside ing IM in a new
business con ex , he undamen als o IM desc ibed by Bolino
e al. (2016) and Lea y and Kowalski (1986) a e conside ed.
In his con ex , imp ession mo i a ion is o pa icula impo -
ance. In he in es iga ed business con ex o c edi a ings
o FFs, he goal ele ance and he goal alue desc ibed by
imp ession mo i a ion mus i s be accoun ed o (Lea y &
Kowalski, 1986).
F om he FF’s poin o iew, imp ession mo i a ion e-
lec s ob aining he bes possible c edi a ing. The ap-
p oaches pu sued o ob ain his mo i a ion a e cha ac-
e ised by he h ee dimensions o he amily-, business- and
ela ionship-speci ic app oach (see Figu e 3). Wi hin hese
dimensions, imp ession mo i a ion can be unde s ood as a
building block. In addi ion, once he ele ance o he goal
has been es ablished, imp ession cons uc ion can be iden-
i ied by he FFs. He e, he li e a u e desc ibes he decision
pa h o which o he di e en IM ac ics o apply o achie e
imp ession mo i a ion (Lea y & Kowalski, 1986). I ela ed
his imp ession cons uc ion and he ac ics ound di ec ly
o he speci ics o FFs o iden i y possible adap a ions o
signi icances. Wi hin my indings, I ha e eco e ed a ious
ac ics o asse i e IM (see Appendix D), which b eak down
in o mo e ad anced ac ics. IM ac ics ou lined in he li e a-
u e could be iden i ied based on he exis ing and ex ended
quali a i e a ing ac o s. The concep o amiliness de ined
by Habbe shon and Williams (1999) classi ies mos applied
IM app oaches in he amily-speci ic dimension. To empha-
sise he pe inence and commi men o he amily, ac ics
ha di ec ly add ess hem a e iden i iable. I ound ha FFs
p ima ily use enhancemen , ing a ia ion, and demons a ion
ac ics in his con ex . These ac ics ake a p oac i e app oach
and se e o shape and in luence pe cep ions. Ing a ia ion
e e s o a highe o m o IM and, acco ding o Mohamed
e al. (1999), se es as a s a egic beha iou o inc ease he
ac o ’s a ac i eness. Enhancemen deno es he app oach
o claiming “ ha he posi i e ou comes o which he ac o
is esponsible a e g ea e han gene ally assumed” (Bolino
e al., 2008, p. 1082). Demons a ion o demons a i e IM
is de ined as he p o ision and de ailed display o ac i i ies
speci ic o he o ganisa ion.
These IM app oaches ocus on he quali a i e c edi a ing
ac o s, which bo h FFs and he banks ha e con i med ou -
lined in Chap e 5.2. The aspec o amily pe inence shows
ha FFs y o con ince he bank o hei posi i e quali ies
in a ious a eas. Thus, he pe inence o he amily became
appa en in he ecu ing s a emen s o he in e iew pa -
ne s. In addi ion, he pe inence and signi icance o he am-
ily in FFs a e also e e ed o in he li e a u e (Si mon & Hi ,
2003). This became explici ly e iden conce ning occu ing
amily dynamics. I adap ed he IM app oach o a ou en-
de ing used in he li e a u e (Bolino e al., 2008, p. 1082)
o de elop a a ge ed me hod o his ac o . The IM ac ic o
amily dynamic ende ing can be depic ed using he exis ing
app oach o a ou ende ing. In i s o iginali y, he IM ap-
p oach o a ou ende ing desc ibes a he he appea ance
as likeable h ough helping o doing a ou s. This ac ic is
a sub- o m o ing a ia ion, which can also be assigned o as-
se i e IM (Bolino e al., 2008). Howe e , he basic p inci-
ple o a ou ende ing can be applied o he amily dynam-
ics desc ibed. Because banks pay a en ion o he dynamics
wi hin he amily in he con ex o a c edi a ing and incon-
sis encies a e assessed nega i ely, he highes possible a ac-
i eness can be achie ed h ough he ep esen a ion o min-
imised amily dynamics. Thus, i is no abou ac ually help-
ing and doing a ou s as de ined in he li e a u e, bu abou
p esen ing he amily dynamics in he mos likeable o m.
Wi hin his ac ic, he asse i e IM app oach is illus a ed, as
FFs a e awa e o banks’ in luence and pe cep ion o po en ial
in a- amily dynamics and p oac i ely y o manage hem.
Fu he , li e a u e has e iewed he ole o dynamics wi hin
FFs om di e en pe spec i es. Acco ding o Bau (2016),
hese can be ei he alue-c ea ing o alue-consuming. The
au ho s a ed, ha , mos os ensibly and publicly in e es ing,
he eason o mos s uggling FFs is dispu es wi hin he am-
ily (Bau , 2016). Following, managing, and ende ing amily
dynamics mos a ou ably ha e wo bene icial aspec s. Fi s ,
minimising he isk o he demise o FFs, and second, en-
abling o c ea e he imp ession owa ds banks in quali a i e
c edi a ings in his speci ic business con ex .
