Acquisitions of family owned firms: boon or bust?

被引：0

作者：

Gleason K.C. ^{[1
]}

Pennathur A.K. ^{[2
]}

Wiggenhorn J. ^{[3
]}

机构：

[1] Department of Finance, University of Pittsburgh, Mervis Hall, Pittsburg, 15260, PA

[2] Department of Finance, Florida Atlantic University, LA 475, 2912 College Avenue, Davie, 33314, FL

[3] College of Business, Florida Institute of Technology, 150 W. University Boulevard, Melbourne, 32901, FL

来源：

Journal of Economics and Finance | 2014年 / 38卷 / 2期

关键词：

Acquisitions; Family Firms; Mergers; Ownership Structure;

D O I：

10.1007/s12197-011-9215-6

中图分类号：

学科分类号：

摘要：

Using a hand-collected dataset, we examine the acquisitions of 307 family owned targets for the period 1984–2000 to study the conflicting roles of entrenchment and alignment of interests in these firms. We find that bidders experience the strongest announcement market reaction at the medium levels of family ownership. However, bidder returns are negatively impacted when acquiring a public target family firm, even controlling for the percent owned by the family. We also find that overall firms that acquire family owned targets experience significant large negative returns in the long run. However, the long run results are also sensitive to the ownership structure of the family firm target with medium levels resulting in insignificant returns in the long run. © 2011, Springer Science+Business Media, LLC.

引用

页码：269 / 286

页数：17

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