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dc.contributor.authorDefrancq, Corneel
dc.contributor.authorHuyghebaert, Nancy
dc.contributor.authorLuypaert, Mathieu
dc.date.accessioned2017-12-02T15:00:18Z
dc.date.available2017-12-02T15:00:18Z
dc.date.issued2016
dc.identifier.doi10.1016/j.jfbs.2016.11.002
dc.identifier.urihttp://hdl.handle.net/20.500.12127/5667
dc.description.abstractWe 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.
dc.language.isoen
dc.publisherElsevier
dc.subjectAccounting & Finance
dc.subjectFamily Business
dc.subjectMergers & Acquisitions
dc.titleInfluence of family ownership on the industry-diversifying nature of a firm's M&A strategy: Empirical evidence from Continental Europe
dc.identifier.journalJournal of Family Business Strategy
dc.source.volume7
dc.source.issue4
dc.source.beginpage210
dc.source.endpage226
vlerick.knowledgedomainAccounting & Finance
vlerick.knowledgedomainEntrepreneurship
vlerick.typearticleJournal article with impact factor
vlerick.vlerickdepartmentA&F
dc.identifier.vperid134252
dc.identifier.vperid115460
dc.identifier.vperid132517
dc.identifier.vpubid6968


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