This study investigates the relation between family firms and acquiring firm performance for our sample of Taiwanese mergers and acquisitions between 1999 and 2013. We find that cumulative abnormal returns of family acquirers on average outperform those of nonfamily acquirers by 2.17% three days around the announcement. Family acquirers obtain greater abnormal returns even after controlling for both firm characteristics such as firm size, book to market, prior return, public target and deal characteristics such as year dummy and mode of payment. Furthermore, we explore the potential impact of the deviation between voting rights and cash flow rights on family acquiring performance. In the sample of Taiwanese mergers and acquisitions, the deviation is not the significant factor to cause a negative influence. As a result, family acquirers with the advantage of eliminating agency problems may generate more benefits than nonfamily acquirers.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0101357009 |
| Creators | 許韶耘 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 英文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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