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    Influence of family ownership on the industry-diversifying nature of a firm's M&A strategy: Empirical evidence from Continental Europe

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    Publication type
    Journal article with impact factor
    Author
    Defrancq, Corneel
    Huyghebaert, Nancy
    Luypaert, Mathieu
    Publication Year
    2016
    Journal
    Journal of Family Business Strategy
    Publication Volume
    7
    Publication Issue
    4
    Publication Begin page
    210
    Publication End page
    226
    
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    Abstract
    We investigate how family ownership influences the industry-diversifying nature of M&As by listed companies in Continental Europe and the corresponding shareholder value effects at deal announcement. For a large sample of 3485 M&As during 2005-2013, we observe that acquirers having a family as the largest shareholder are less inclined to take over an unrelated target firm than lone-founder and other types of non-family firms. However, as the size of the family ownership stake increases, family firms become more eager to follow an industry-diversifying M&A strategy. While industry-diversifying M&As are associated with lower abnormal returns for acquirer shareholders on average, we also observe that family ownership fully reverses this negative effect. We therefore conclude that those unrelated M&As, although still representing a conflict of interest with the family firm's minority investors, do not destroy shareholder value on average.
    Keyword
    Accounting & Finance, Diversification, Mergers & Acquisitions, Ownership, Family Firms, Lone-founder Firms, Corporate Governance, Europe
    Knowledge Domain/Industry
    Accounting & Finance
    Entrepreneurship
    DOI
    10.1016/j.jfbs.2016.11.002
    URI
    http://hdl.handle.net/20.500.12127/5667
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.jfbs.2016.11.002
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