Family firms are an important part of the European economy and are characterised by certain features due to their ownership. Their long-term orientation as well as their need for independence, to name two examples, lead to different decisions, a different financial management, than non-family firms. Univ. Prof. Dr. Martin Hiebl, university professor for Management Accounting and Control at the University of Siegen, visiting professor at the JKU Linz and co-editor of "CONTROLLING - Zeitschrift für erfolgsorientierte Unternehmenssteuerung" has been researching family businesses from the perspective of controlling and risk management for many years. At the invitation of Univ. Prof. Dr. Birgit Feldbauer-Durstmüller and Univ. Prof. Dr. Helmut Pernsteiner, Univ. Prof. Dr. Martin Hiebl spoke at the 14th Karl-Vodrazka-Colloquium on 19 October 2021.

His presentation entitled, "Financial Management in Family Businesses: Peculiarities and Effects", will provide insights into the world of family businesses. Prof. Dr. Martin Hiebl showed differences in the actions of family firms, for example in the area of dividend policy, capital structure or the professionalism of controlling. This degree of professionalism in particular is a success factor for family businesses and thus a field of action for them. It can be achieved, for example, through a higher degree of formalisation, the establishment of controlling departments and the use of specialised controllers. The existing research already provides a wealth of information, but on the one hand it shows the heterogeneity of family firms and on the other hand the need for research to deal more intensively with different groups of family businesses and influencing factors. The 75 or so participants (students and representatives from the field) present contributed their thoughts during the subsequent discussion and exchange of ideas over food and drink.

The colloquium was organised in honour of Prof. Dr. Karl Vodrazka (1931-2016). Vodrazka was a professor at the JKU between 1971 and 1999, as well as a long-time director of the Institute for Auditing, Trust and Accounting, dean and rector of the JKU.