Acquisitions, disclosed goals and firm characteristics: A content analysis of family and nonfamily firms

Despite the considerable body of research on acquisitions and their goals, we lack insights on how family firms differ from nonfamily firms in their acquisition goals, particularly in view of the characteristics that distinguish family businesses. Thus, to enhance current understanding, we examine f...

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Bibliographic Details
Published in:Journal of family business strategy 2018-12, Vol.9 (4), p.250-267
Main Authors: Worek, Maija, De Massis, Alfredo, Wright, Mike, Veider, Viktoria
Format: Article
Language:English
Subjects:
Acquisitions
Content analysis
Family business
Family firm
Goals
M&A
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Summary:Despite the considerable body of research on acquisitions and their goals, we lack insights on how family firms differ from nonfamily firms in their acquisition goals, particularly in view of the characteristics that distinguish family businesses. Thus, to enhance current understanding, we examine firms’ disclosed goals in their deal announcements and find that firm ownership type is an important determinant of acquisition goals. Drawing on the content analysis of 558 deals from 393 firms, we identify seven goal categories. Our findings contextualize several differences in the goals of family and nonfamily firms, contributing to the family firm and acquisition literatures, offering implications for practice and potential avenues for future research.
ISSN:1877-8585
1877-8593
DOI:10.1016/j.jfbs.2018.09.003