Family Firms’ Acquisitions and Politicians as Directors: A Socioemotional Wealth Approach
This study analyzes how family control influences firms’ acquisition activity using a socioemotional wealth (SEW) approach and discusses their anticipated SEW gains and losses when making acquisition decisions. Data collected from Spanish public companies from 2010 to 2015 indicates that family firm...
| Autores: | , , , |
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| Tipo de documento: | artigo |
| Data de publicação: | 2023 |
| País: | España |
| Recursos: | Universidad Pablo de Olavide (UPO) |
| Repositório: | RIO. Repositorio Institucional Olavide |
| Idioma: | inglês |
| OAI Identifier: | oai:rio.upo.es:10433/21735 |
| Acesso em linha: | https://hdl.handle.net/10433/21735 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Family firms Acquisitions Boards Industry velocity Socioemotional wealth (SEW) |
| Resumo: | This study analyzes how family control influences firms’ acquisition activity using a socioemotional wealth (SEW) approach and discusses their anticipated SEW gains and losses when making acquisition decisions. Data collected from Spanish public companies from 2010 to 2015 indicates that family firms are more reticent about undertaking acquisitions than nonfamily firms, and their lower propensity is more pronounced when there are no former politicians on the board of directors whose presence could reduce potential SEW losses. Furthermore, the benefits of former politicians on the board of family firms in terms of acquisition activity only occur in low-velocity industries. |
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