M&A value creation in family businesses: evaluating the impact of macroeconomic events and quality of institutions over time
Main Author: | |
---|---|
Publication Date: | 2020 |
Format: | Master thesis |
Language: | eng |
Source: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Download full: | http://hdl.handle.net/10362/105704 |
Summary: | 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. |
id |
RCAP_38db1fd5fea79a06ddfe31e7d248d596 |
---|---|
oai_identifier_str |
oai:run.unl.pt:10362/105704 |
network_acronym_str |
RCAP |
network_name_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository_id_str |
7160 |
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 |
repository.mail.fl_str_mv |
|
_version_ |
1799138020442505216 |