Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms

• Shim, Jungwook

  Hitotsubashi University

• 岡室, 博之

  Hitotsubashi University

抄録

Although the family firm is the dominant type among listed corporations worldwide, few papers investigate the behavioral differences between family and non-family firms. We analyze the differences in merger decisions and the consequences between them by using a unique Japanese dataset from a period of high economic growth. Empirical results suggest that family firms are less likely to merge than non-family firms are. Moreover, we find a positive relationship between pre-merger family ownership and the probability of mergers. Thus, ownership structure is an important determinant of mergers. Finally, we find that non-family firms benefit more from mergers than family firms do.

収録刊行物

• Journal of Banking & Finance

  Journal of Banking & Finance 35 (1), 193-203, 2011-01

  Elsevier B.V

キーワード

• Merger
• Family firm
• Family ownership

詳細情報

• CRID: 1050569015533049600
• NII論文ID: 120002791210
• NII書誌ID: AA0025104X
• ISSN: 03784266
• HANDLE: 10086/18875
• 本文言語コード: en
• 資料種別: journal article
• データソース種別:
  • IRDB
  • CiNii Articles