M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time

Detalhes bibliográficos
Autor(a) principal: Marques, Gonçalo Tavares Da Silva
Data de Publicação: 2020
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/105704
Resumo: This paper investigates how family ownership, control and management influence market reaction to M&A, both under different economic conditions and under distinct institutional backgrounds. Using a database of 381 acquisitions, performed by firms from 11 European and North American countries between 2005-2015, I conclude, through univariate and multivariate analyses, that family firm resilience is not observed in M&A, with acquisitions being perceived as opportunistic in bad times. On the contrary, I observe that family firms significantly outperform their non-family peers in good times and that shareholder protection is a key determinant of M&A value when acquirors have distinct ownership structures.
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spelling M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over timeFamily businessMergers and acquisitionsEconomic cyclesInstitutional environmentDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis paper investigates how family ownership, control and management influence market reaction to M&A, both under different economic conditions and under distinct institutional backgrounds. Using a database of 381 acquisitions, performed by firms from 11 European and North American countries between 2005-2015, I conclude, through univariate and multivariate analyses, that family firm resilience is not observed in M&A, with acquisitions being perceived as opportunistic in bad times. On the contrary, I observe that family firms significantly outperform their non-family peers in good times and that shareholder protection is a key determinant of M&A value when acquirors have distinct ownership structures.Demirci, IremRUNMarques, Gonçalo Tavares Da Silva2020-10-16T13:17:38Z2020-01-172020-012020-01-17T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/105704TID:202493962enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:50:57Zoai:run.unl.pt:10362/105704Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:40:34.436573Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
title M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
spellingShingle M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
Marques, Gonçalo Tavares Da Silva
Family business
Mergers and acquisitions
Economic cycles
Institutional environment
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
title_full M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
title_fullStr M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
title_full_unstemmed M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
title_sort M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
author Marques, Gonçalo Tavares Da Silva
author_facet Marques, Gonçalo Tavares Da Silva
author_role author
dc.contributor.none.fl_str_mv Demirci, Irem
RUN
dc.contributor.author.fl_str_mv Marques, Gonçalo Tavares Da Silva
dc.subject.por.fl_str_mv Family business
Mergers and acquisitions
Economic cycles
Institutional environment
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Family business
Mergers and acquisitions
Economic cycles
Institutional environment
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This paper investigates how family ownership, control and management influence market reaction to M&A, both under different economic conditions and under distinct institutional backgrounds. Using a database of 381 acquisitions, performed by firms from 11 European and North American countries between 2005-2015, I conclude, through univariate and multivariate analyses, that family firm resilience is not observed in M&A, with acquisitions being perceived as opportunistic in bad times. On the contrary, I observe that family firms significantly outperform their non-family peers in good times and that shareholder protection is a key determinant of M&A value when acquirors have distinct ownership structures.
publishDate 2020
dc.date.none.fl_str_mv 2020-10-16T13:17:38Z
2020-01-17
2020-01
2020-01-17T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/105704
TID:202493962
url http://hdl.handle.net/10362/105704
identifier_str_mv TID:202493962
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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