| Foreword | 6 |
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| Acknowledgements | 7 |
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| Table of contents | 9 |
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| List of Figures | 13 |
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| List of Tables | 15 |
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| List of Abbreviations | 17 |
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| List of Symbols | 19 |
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| 1 Introduction | 20 |
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| 1.1 Relevance of topic | 20 |
| 1.2 Research question | 24 |
| 1.3 Overview of research approach | 25 |
| 1.4 Outline of structure | 28 |
| 2 Theoretical foundation | 31 |
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| 2.1 Definitions and literature review | 31 |
| 2.2 Relevant theories | 49 |
| 3 Empirical foundation | 68 |
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| 3.1 Research approach | 68 |
| 3.2 Sample description | 90 |
| 4 Background of buy-out transactions | 104 |
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| 4.1 Theoretical background | 105 |
| 4.2 Empirical background | 127 |
| 4.3 Summary of chapter | 167 |
| 5 Changes in corporate governance | 171 |
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| 5.1 Theoretical comparison of family businesses and portfolio companies | 172 |
| 5.2 Expected changes based on the literature | 190 |
| 5.3 Observed changes based on empirical evidence | 202 |
| 5.4 Summary of chapter | 247 |
| 6 Changes in instruments of managerial control | 252 |
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| 6.1 Theoretical comparison of family businesses and portfolio companies | 253 |
| 6.2 Expected changes based on the literature | 268 |
| 6.3 Observed changes based on empirical evidence | 272 |
| 6.4 Summary of chapter | 292 |
| 7 Changes in financial practices | 295 |
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| 7.1 Theoretical comparison of family businesses and portfolio companies | 295 |
| 7.2 Expected changes based on the literature | 311 |
| 7.3 Observed changes based on empirical evidence | 315 |
| 7.4 Summary of chapter | 339 |
| 8 Conclusion, implications and outlook | 342 |
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| 8.1 Conclusion | 342 |
| 8.2 Implications | 348 |
| 8.3 Outlook | 352 |
| Appendix | 354 |
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| A: Overview of propositions | 355 |
| B: Cover letter | 357 |
| C: Interview guide | 358 |
| List of References | 363 |
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