Nearby or faraway? Determinants of target selection in family firm acquisitions

IF 5.9 1区 管理学 Q1 BUSINESS
Andrea Calabrò , Ignacio Requejo , Fernando Reyes-Reina , Maria J. Sanchez-Bueno , Isabel Suárez-González
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引用次数: 0

Abstract

We posit that, beyond the distinction between domestic and cross-border deals, family ownership configurations and board ownership determine whether family firms (FFs) prefer targets from closer or more distant markets, thus highlighting the crucial role of geographical distance when conducting acquisitions abroad. We further investigate whether target selection depends on firm performance relative to its aspirations. To test our hypotheses, we gather a comprehensive sample of 7297 acquisition deals, of which 3180 are cross-border transactions, undertaken by family and non-FFs from 30 European countries during the 2007–2015 period, with target firms located in 65 different countries. Our empirical strategy allows us to analyze FFs’ preference in terms of geographical distance when they decide to acquire a foreign company. The main findings suggest that FFs acquire targets from closer locations when there is a group of minority family shareholders or a higher level of board ownership. Meanwhile, FFs performing below their aspirations acquire more distant targets compared to other FFs. Our findings contribute to international business (IB) research by demonstrating that the distinction between domestic and foreign targets is not enough when investigating acquisitions, but the distance to the target firm is vital for a better understanding of cross-border deals.

近在咫尺还是远在天边?家族企业收购中目标选择的决定因素
我们认为,除了国内交易和跨境交易之间的区别之外,家族所有权配置和董事会所有权也决定了家族企业(FFs)更倾向于选择距离较近还是较远的目标市场,从而凸显了地理距离在进行海外收购时的关键作用。我们还进一步研究了目标选择是否取决于企业相对于其愿望的表现。为了验证我们的假设,我们收集了 2007-2015 年间欧洲 30 个国家的家族企业和非家族企业进行的 7297 笔收购交易的综合样本,其中 3180 笔为跨境交易,目标企业分布在 65 个不同的国家。我们的实证策略使我们能够分析家族企业在决定收购外国公司时对地理距离的偏好。主要研究结果表明,当存在少数家族股东群体或董事会所有权水平较高时,FF 会收购距离较近的目标公司。同时,与其他外商投资企业相比,业绩低于其期望值的外商投资企业会收购更远的目标企业。我们的研究结果表明,在调查收购时,仅区分国内和国外目标是不够的,与目标公司的距离对于更好地理解跨境交易至关重要,从而为国际商业(IB)研究做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
14.10
自引率
6.90%
发文量
95
审稿时长
62 days
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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