Family firms and High Technology Mergers & Acquisitions

Détails

ID Serval
serval:BIB_0327010485BD
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
Family firms and High Technology Mergers & Acquisitions
Périodique
Journal of Management and Governance
Auteur(s)
André P., Ben-Amar W., Saadi S.
ISSN
1385-3457
Statut éditorial
Publié
Date de publication
02/2014
Peer-reviewed
Oui
Volume
18
Numéro
1
Pages
129-158
Langue
anglais
Résumé
We examine whether family firms undertake value creating high technology M&A. We also examine whether level of ownership, diversification, agency issues and CEO type matter. Our sample consists of high-technology M&A undertaken by Canadian firms over the period 1997-2006. Canada offers a setting with many family firms and the use of control enhancing mechanisms such as dual class shares and pyramid structures. We find a positive relationship between family ownership and announcement period abnormal returns. This relationship, however, starts to decrease at higher levels of ownership but remains overall positive. We also show that the agency conflict between shareholders and professional managers has a detrimental impact on announcement period abnormal returns whereas the conflict between controlling and minority shareholders via control enhancing mechanisms does not. Finally, we document that founder CEO undertake better high tech M&A than descendant or hired CEO.
Mots-clé
Family firms, Family ownership, Mergers & Acquisitions, Corporate governance, Control enhancing mechanisms, High-technology firms, Event studies
Création de la notice
29/04/2016 14:01
Dernière modification de la notice
20/08/2019 12:25
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