Family firms' cross-border mergers and acquisitions

被引：11

作者：

Arena, Matteo P. ^{[1
]}

Dewally, Michael ^{[2
]}

Jain, Bharat A. ^{[2
]}

Shao, Yingying ^{[2
]}

机构：

[1] Marquette Univ, Dept Finance, Straz Hall, Milwaukee, WI 53201 USA

[2] Towson Univ, Dept Finance, Stephens Hall,8000 York Rd, Baltimore, MD 21252 USA

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2022年 / 82卷

关键词：

Mergers & acquisitions; Family firm; International; Cross-border; GLOBAL DIVERSIFICATION; SOCIOEMOTIONAL WEALTH; MANAGERIAL INCENTIVES; INVESTOR PROTECTION; CORPORATE-OWNERSHIP; STOCK-MARKET; SHAREHOLDERS; TAKEOVERS; BEHAVIOR; PAYMENT;

D O I：

10.1016/j.irfa.2022.102191

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We evaluate the link between family ownership and cross-border investment behavior. By analyzing a sample of 2000 large U.S. acquirers between 2001 and 2016, we empirically show that family firms are less active in the international market for corporate control. Unlike non-family firms, family firms generate positive cross-border acquisition returns. Our results also suggest that target country conditions and acquirer financing constraints influence the link between family ownership and cross-border acquisitiveness as well as its valuation conse-quences. Overall, we find evidence to indicate that reduced shareholder-manager agency conflicts in family firms result in value enhancing cross-border investment behavior

引用

页数：12

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