The prospect of restructuring can be seen as a mixed gamble that creates tensions between family owners and institutional investors in publicly traded firms. Both sides diverge in their reference points as family owners will pursue noneconomic goals, while institutional owners will pursue economic goals. We develop and test arguments to predict how resistance from family owners and support from institutional owners affect a firm’s restructuring. Using panel data from 1990 to 2004, the findings support our predictions and show that family owners can achieve both economic and noneconomic goals post-restructuring.

中文翻译：

---

家庭与机构参与重组：来自通信设备行业的证据

重组的前景可以被视为一场混合赌博，在上市公司的家族所有者和机构投资者之间造成紧张关系。双方在参考点上存在分歧，因为家庭所有者将追求非经济目标，而机构所有者将追求经济目标。我们开发并测试论据来预测家族所有者的阻力和机构所有者的支持如何影响公司的重组。使用 1990 年至 2004 年的面板数据，调查结果支持我们的预测，并表明家庭所有者可以在重组后实现经济和非经济目标。