Firm acquisitions by family firms: a mixed gamble approach


Hussinger, Katrin ; Issah, Abdul-Basit


[img]
Preview
PDF
dp19044.pdf - Published

Download (483kB)

URL: https://madoc.bib.uni-mannheim.de/53458
URN: urn:nbn:de:bsz:180-madoc-534585
Document Type: Working paper
Year of publication: 2019
The title of a journal, publication series: ZEW Discussion Papers
Volume: 19-044
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G34 , L10 , L20 , M20,
Keywords (English): firm acquisitions , related firm acquisitions , mixed gamble , aspiration level , socioemotional wealth , value creation
Abstract: 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.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




+ Citation Example and Export

Hussinger, Katrin ; Issah, Abdul-Basit (2019) Firm acquisitions by family firms: a mixed gamble approach. Open Access ZEW Discussion Papers Mannheim 19-044 [Working paper]
[img]
Preview


+ Search Authors in

+ Download Statistics

Downloads per month over past year

View more statistics



You have found an error? Please let us know about your desired correction here: E-Mail


Actions (login required)

Show item Show item