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acts as a counterpoint to a singular focus on shareholder value and dispersed investor-oriented shareholding. Another and more recent publication by David Audretsch, Erik Lehmann and Julian Schenkenhofer underlines that "[t]here are between six and 14 characteristics distinguishing a Mittelstand company, ranging from small size to governance (family ownership), human resource relations, linkages to the local community, finance and long-term orientation, among other things. Firm size, i.e. being classified as an SME, is just one among multiple

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