To whom does the family sell the firm? The determinants of the choice of the buyer in M&A deals.

LUISS Guido Carli
August 21 2017
Position Type
Full Time
Organization Type

This project is a recently idea developed by some professors of LUISS and Prof. Belen Villalonga of New York University.

The purpose of the project is to study whether family firms' characteristics are associated with the choice of the buyer in M&A and whether the Socioemotional Wealth - the emotional attachment of the family to the firm - is useful in explaining different choices.

- Considered family firms' characteristics: family ownership; family control; family board; family CEO, family generation.

- Considered buyers: M&A literature classifies buyers in financial and strategic.

- Sample: M&A deals extracted from Zephyr database from 2006 to 2015 in Western Europe and North America in which the target company is a family, listed or delisted firm.

- Methodology: logit regression model, where the choice FB/SB represents the categorical dependent variable.

This job comes from a partnership with Science Magazine and Euraxess