Titre
Family firms and High Technology Mergers & Acquisitions
Type
article
Institution
Externe
Périodique
Auteur(s)
André, P.
Auteure/Auteur
Ben-Amar, W.
Auteure/Auteur
Saadi, S.
Auteure/Auteur
Liens vers les personnes
ISSN
1385-3457
Statut éditorial
Publié
Date de publication
2014-02
Volume
18
Numéro
1
Première page
129
Dernière page/numéro d’article
158
Peer-reviewed
Oui
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.
PID Serval
serval:BIB_0327010485BD
Date de création
2016-04-29T13:01:31.375Z
Date de création dans IRIS
2025-05-20T17:37:19Z