Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/204654 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ZEW Discussion Papers No. 19-044
Verlag: 
ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung, Mannheim
Zusammenfassung: 
This study elucidates the mixed gamble confronting family firms when considering a related firm acquisition. The socioemotional and financial wealth trade-off associated with related firm acquisitions as well as their long-term horizon turns family firms more likely to undertake a related acquisition than non-family firms, especially when they are performing above their aspiration level. Post-merger performance pattern confirm that family firms are able to create long-term value through these acquisitions and by doing so they surpass non-family firms. These findings stand in contrast to commonly used behavioural agency predictions, but can be reconciled with theory through a mixed gambles' lens.
Schlagwörter: 
firm acquisitions
related firm acquisitions
mixed gamble
aspiration level
socioemotional wealth
value creation
JEL: 
G34
L10
L20
M20
Dokumentart: 
Working Paper

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