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Higher education systems of small(er) countries may be less attractive to investigate, and it is likely that only a small indigenous research community is interested in and capable of researching such small systems. In this chapter, we map which studies have been carried out at the meso- and macro-levels of the Flemish higher education system since the early 2000s. It allows us to discover gaps in our understanding of that particular system. We conclude that it would be beneficial for all stakeholders involved (researchers, policymakers, institutional management) to try to align their research and practical interests and develop a research agenda that fits these interests.

This chapter discusses the implications of New Public Management (NPM) and of alternative theories on the higher education sector. Three clusters of alternative concepts and theories are identified, positioned in relation to NPM, and discussed. The chapter concludes that the different theoretical approaches: (1) cannot always be distinguished easily, (2) entail a risk of normativity due to the position of higher education in society, and (3) demonstrate that higher education policy and research are in need of a multi-theoretical approach that is able to put higher education back into its social, political, and economic context. By formulating research questions on the role of higher education and on the impact of former reforms, it is suggested that policy and research look further than the current concepts and theoretical approaches to build a new agenda for future.

The purpose of this paper is to examine the current state of literature concerning mergers and acquisitions (M&A) in family businesses and to highlight areas for future research.

This literature review systematically analyses the findings of 41 journal articles on M&A in family businesses, identifying key thematic categories according to the main topics of the studies.

This study finds that it is important to distinguish and examine the type of governance, such as family and non-family, when studying M&A issues, because their distinctive features influence their strategic choices, business goals, and, thus, M&A behavior. Three topic areas are identified in existing research: M&A propensity, process, and performance. Furthermore, methodological and definitional issues regarding the findings are discussed.

The findings imply that owing to their idiosyncratic nature, the use of alternative theoretical frameworks in addition to agency theory is encouraged in future studies in order to better capture the nature of family businesses. In general, further research on M&A issues in family business settings is needed, especially in the pre-merger phase, which is crucial to M&A performance.

Overlooking particular issues that may arise in the context of transactions involving family businesses may lead to problems in M&A processes. Recognizing the importance of these issues in such transactions has important value for practitioners supporting family businesses in M&A processes.

This study takes the first step in analyzing the literature on M&A in family businesses, establishing linkages between family business, corporate governance, and financial management literature, and structuring the existing research to highlight opportunities with relevance for both theory and practice.