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Family business: the role of target non-financial characteristics in M%A activities: an explanatory analysis of the Italian context

Author

Listed:
  • Anastasia Giakoumelou
  • Beatrice Sciarra
  • Felice Petruzzella

Abstract

Family businesses are major contributors to the world's economy, but their actual contribution is difficult to evaluate due to a lack of consensus around the very definition of a family business. This study investigates whether non-financial family-related factors determine deal value in extraordinary financial operations that involve controlling stakes. The aim of this study is to bridge a gap in literature on the role of family-related non-financial factors in the M%A context when family firms are involved as target. Our findings highlight that the presence of the firm's founder among the selling shareholders and a higher stake of family shareholders retaining governance or management roles in the firm post-operation negatively affect the acquisition price. This study has important theoretical and managerial implications that can help academics and practitioners understand the deal value determinants in the M%A context.

Suggested Citation

  • Anastasia Giakoumelou & Beatrice Sciarra & Felice Petruzzella, 2023. "Family business: the role of target non-financial characteristics in M%A activities: an explanatory analysis of the Italian context," International Journal of Behavioural Accounting and Finance, Inderscience Enterprises Ltd, vol. 7(1), pages 86-111.
    • Handle: RePEc:ids:ijbeaf:v:7:y:2023:i:1:p:86-111
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