Firm acquisitions by family firms: A mixed gamble approach

Arbeitspapier

This study elucidates the mixed gamble confronting family firms when considering a related firm acquisition. The socioemotional and financial wealth trade-off associated with related firm acquisitions as well as their long-term horizon turns family firms more likely to undertake a related acquisition than non-family firms, especially when they are performing above their aspiration level. Post-merger performance pattern confirm that family firms are able to create long-term value through these acquisitions and by doing so they surpass non-family firms. These findings stand in contrast to commonly used behavioural agency predictions, but can be reconciled with theory through a mixed gambles' lens.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ZEW Discussion Papers ; No. 19-044

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance ; Market Structure, Firm Strategy, and Market Performance: General ; Firm Objectives, Organization, and Behavior: General ; Business Economics: General
• Thema: firm acquisitions ; related firm acquisitions ; mixed gamble ; aspiration level ; socioemotional wealth ; value creation

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Hussinger, Katrin ; Issah, Abdul-Basit
• Ereignis: Veröffentlichung
• (wer): ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
• (wo): Mannheim
• (wann): 2019

Weitere Informationen

• Handle: http://hdl.handle.net/10419/204654
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ