{"title":"Family firms and the mixed gamble perspective in cross-border acquisitions: A study of Indian firms","authors":"Mohammad Fuad , Vinod Thakur , Chinmay Pattnaik , Rajesh Jain","doi":"10.1016/j.ibusrev.2023.102205","DOIUrl":null,"url":null,"abstract":"<div><p><span>Family firms tend to have ownership concentrated in the hands of family members, which influences their internationalization decisions. We draw on the mixed gamble perspective and theorize that family firms trade off socioemotional </span>wealth (SEW) losses in favor of potential gains while seeking equity in cross-border acquisitions (CBAs). We hypothesize that the degree of family ownership is positively related to the level of equity sought in CBAs. Furthermore, family management reinforces the preference of family owners toward SEW gains, thereby strengthening the relationship between the degree of family ownership and equity sought in CBAs. However, institutional distance increases the risk of CBA failure and negatively moderates the relationship. Our findings, based on a sample of 433 CBAs conducted by Indian family firms, contribute to the mixed gamble perspective.</p></div>","PeriodicalId":51352,"journal":{"name":"International Business Review","volume":"33 1","pages":"Article 102205"},"PeriodicalIF":5.9000,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Business Review","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0969593123001051","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
Family firms tend to have ownership concentrated in the hands of family members, which influences their internationalization decisions. We draw on the mixed gamble perspective and theorize that family firms trade off socioemotional wealth (SEW) losses in favor of potential gains while seeking equity in cross-border acquisitions (CBAs). We hypothesize that the degree of family ownership is positively related to the level of equity sought in CBAs. Furthermore, family management reinforces the preference of family owners toward SEW gains, thereby strengthening the relationship between the degree of family ownership and equity sought in CBAs. However, institutional distance increases the risk of CBA failure and negatively moderates the relationship. Our findings, based on a sample of 433 CBAs conducted by Indian family firms, contribute to the mixed gamble perspective.
期刊介绍：
The International Business Review (IBR) stands as a premier international journal within the realm of international business and proudly serves as the official publication of the European International Business Academy (EIBA). This esteemed journal publishes original and insightful papers addressing the theory and practice of international business, encompassing a broad spectrum of topics such as firms' internationalization strategies, cross-border management of operations, and comparative studies of business environments across different countries. In essence, IBR is dedicated to disseminating research that informs the international operations of firms, whether they are SMEs or large MNEs, and guides the actions of policymakers in both home and host countries. The journal warmly welcomes conceptual papers, empirical studies, and review articles, fostering contributions from various disciplines including strategy, finance, management, marketing, economics, HRM, and organizational studies. IBR embraces methodological diversity, with equal openness to papers utilizing quantitative, qualitative, or mixed-method approaches.
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