Tao-Schuchardt, Martin; Riar, Frederik J.; Kammerlander, Nadine (2022). Family Firm Value in the Acquisition Context: A Signaling Theory Perspective. Entrepreneurship theory and practice, 47(4), pp. 1200-1232. Sage Publications 10.1177/10422587221135761
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Drawing on signaling theory, we explore the signaling effect of family firm status on firm value in the acquisition context as well as important contingencies influencing the signal’s effectiveness. Based on a sample of 486 observations of acquisitions in France, Germany, Italy, and Spain from 2011 to 2019, our empirical results suggest that acquirers purchase family firms at a higher firm value than non-family firms. This relationship is moderated by the target firm’s financial performance (i.e., high vs. low) and listing status (i.e., private vs. public) prior to an acquisition, as well as the type of acquirer (i.e., financial vs. non-financial) and the acquirer’s geographic location (i.e., cross-border vs. domestic). Our study’s findings suggest that family firm value is driven not only by the characteristics of the family firms that become acquired but also by the characteristics of the acquirers as they influence the effectiveness of the family firm signal.
Item Type: |
Journal Article (Original Article) |
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Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Organization and Human Resource Management > Human Resource Management 03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Organization and Human Resource Management |
UniBE Contributor: |
Riar, Frederik |
Subjects: |
600 Technology > 650 Management & public relations |
ISSN: |
1540-6520 |
Publisher: |
Sage Publications |
Language: |
English |
Submitter: |
Frederik Johannes Riar |
Date Deposited: |
23 Jan 2023 14:18 |
Last Modified: |
12 May 2024 16:47 |
Publisher DOI: |
10.1177/10422587221135761 |
Uncontrolled Keywords: |
family firm, family-owned business, firm value, EBITDA multiple, acquisitions, socioemotional wealth, signaling theory |
BORIS DOI: |
10.48350/177549 |
URI: |
https://boris.unibe.ch/id/eprint/177549 |
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