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Family versus non-Family Firm Mergers: Likes Attract Likes, but Complementarity also Helps
Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).ORCID iD: 0000-0002-7499-9289
Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).ORCID iD: 0000-0002-3742-542X
Jesse H. Jones Graduate School of Business, Rice University.
College of Business Administration at the University of Missouri – St. Louis .
2018 (English)In: Academy of Management Proceedings: Academy of Management, 2018, article id 1Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

Using social identity theory and the concept of acculturation, we examine how the identity of the target firm in a family firm-led merger impacts the merged entity’s subsequent performance. We compare family firms’ target preferences and post- merger performance to those of non-family firms, and find that not only are family firms more likely to prefer other family firms as merger partners, but also achieve better post-merger outcomes with them. Further, we test the moderating effect of industry unrelatedness on these relationships. Our results show that while cultural similarity helps post-merger outcomes, strategic and resource complementarity enhances the benefits of culture. We test our hypotheses using a large sample of Swedish private firms, which largely controls for national cultural differences. After controlling for endogeneity and self-selection bias, our results support all our hypotheses.

Place, publisher, year, edition, pages
2018. article id 1
Keywords [en]
social identity theory; acculturation; family business; merger; Sweden
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-47232DOI: 10.5465/AMBPP.2018.18768abstractOAI: oai:DiVA.org:hj-47232DiVA, id: diva2:1382834
Conference
79th Annual Meeting of the Academy of Management, August 9-13, 2019, Boston, Massachusetts, United States
Available from: 2020-01-06 Created: 2020-01-06 Last updated: 2020-01-10Bibliographically approved

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Baù, MassimoChirico, Francesco

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