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

Jungwook Shim and Hiroyuki Okamuro

Journal of Banking & Finance, 2011, vol. 35, issue 1, 193-203

Abstract: 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.

Keywords: Merger; Family; firm; Family; ownership (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (27)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:35:y:2011:i:1:p:193-203

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