家族控制和所有权在并购决策中的作用:来自新兴市场的证据

IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Luiz Ricardo Kabbach-de-Castro , Mariana Martins Meirelles-de-Castro , Aquiles Elie Guimarães Kalatzis
{"title":"家族控制和所有权在并购决策中的作用:来自新兴市场的证据","authors":"Luiz Ricardo Kabbach-de-Castro ,&nbsp;Mariana Martins Meirelles-de-Castro ,&nbsp;Aquiles Elie Guimarães Kalatzis","doi":"10.1016/j.ribaf.2025.103125","DOIUrl":null,"url":null,"abstract":"<div><div>Family firms frequently confront a strategic tension between protecting socioemotional wealth and pursuing financial growth. Adopting a mixed-gamble approach, we examine how family-controlled firms assess mergers and acquisitions (M&amp;A) by balancing potential financial benefits against perceived socioemotional risks. Our findings show that family control is associated with a lower likelihood of engaging in M&amp;A transactions, reflecting a conservative strategic position. However, the structure of family ownership moderates this behavior: stronger voting rights increase the probability of acquisitions by reducing perceived threats to control, whereas higher cash flow rights amplify financial risk aversion, further discouraging acquisition activity. These effects are robust across variations in firm size, growth opportunities, dividend policies, and deal characteristics, such as industry-related and domestic deals. By showing how governance configurations shape the framing of M&amp;A strategic decisions, our study extends the mixed-gamble framework and highlights the internal signals family firms rely upon when navigating complex growth choices. The findings offer new insights into the governance-driven foundations of family firm behavior, particularly under the heightened uncertainty of emerging market environments.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103125"},"PeriodicalIF":6.9000,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The role of family control and ownership in M&A decisions: Evidence from an emerging market\",\"authors\":\"Luiz Ricardo Kabbach-de-Castro ,&nbsp;Mariana Martins Meirelles-de-Castro ,&nbsp;Aquiles Elie Guimarães Kalatzis\",\"doi\":\"10.1016/j.ribaf.2025.103125\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>Family firms frequently confront a strategic tension between protecting socioemotional wealth and pursuing financial growth. Adopting a mixed-gamble approach, we examine how family-controlled firms assess mergers and acquisitions (M&amp;A) by balancing potential financial benefits against perceived socioemotional risks. Our findings show that family control is associated with a lower likelihood of engaging in M&amp;A transactions, reflecting a conservative strategic position. However, the structure of family ownership moderates this behavior: stronger voting rights increase the probability of acquisitions by reducing perceived threats to control, whereas higher cash flow rights amplify financial risk aversion, further discouraging acquisition activity. These effects are robust across variations in firm size, growth opportunities, dividend policies, and deal characteristics, such as industry-related and domestic deals. By showing how governance configurations shape the framing of M&amp;A strategic decisions, our study extends the mixed-gamble framework and highlights the internal signals family firms rely upon when navigating complex growth choices. The findings offer new insights into the governance-driven foundations of family firm behavior, particularly under the heightened uncertainty of emerging market environments.</div></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":\"80 \",\"pages\":\"Article 103125\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-08-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531925003812\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531925003812","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

摘要

家族企业经常面临保护社会情感财富和追求财务增长之间的战略紧张关系。采用混合赌博的方法,我们研究了家族企业如何通过平衡潜在的财务利益与感知的社会情感风险来评估并购(M& a)。我们的研究结果表明,家族控制与参与并购交易的可能性较低有关,反映了保守的战略地位。然而,家族所有权结构缓和了这种行为:更强的投票权通过减少对控制权的感知威胁来增加收购的可能性,而更高的现金流权利放大了财务风险厌恶,进一步阻碍了收购活动。这些影响在公司规模、增长机会、股息政策和交易特征(如行业相关交易和国内交易)的变化中都很强劲。通过展示治理结构如何塑造并购战略决策的框架,我们的研究扩展了混合博弈框架,并强调了家族企业在做出复杂增长选择时所依赖的内部信号。研究结果为家族企业行为的治理驱动基础提供了新的见解,特别是在新兴市场环境不确定性增加的情况下。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The role of family control and ownership in M&A decisions: Evidence from an emerging market
Family firms frequently confront a strategic tension between protecting socioemotional wealth and pursuing financial growth. Adopting a mixed-gamble approach, we examine how family-controlled firms assess mergers and acquisitions (M&A) by balancing potential financial benefits against perceived socioemotional risks. Our findings show that family control is associated with a lower likelihood of engaging in M&A transactions, reflecting a conservative strategic position. However, the structure of family ownership moderates this behavior: stronger voting rights increase the probability of acquisitions by reducing perceived threats to control, whereas higher cash flow rights amplify financial risk aversion, further discouraging acquisition activity. These effects are robust across variations in firm size, growth opportunities, dividend policies, and deal characteristics, such as industry-related and domestic deals. By showing how governance configurations shape the framing of M&A strategic decisions, our study extends the mixed-gamble framework and highlights the internal signals family firms rely upon when navigating complex growth choices. The findings offer new insights into the governance-driven foundations of family firm behavior, particularly under the heightened uncertainty of emerging market environments.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
11.20
自引率
9.20%
发文量
240
期刊介绍: Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信