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Título
Reverse takeover: the moderating role of family ownership
Autor
Facultad/Centro
Área de conocimiento
Título de la revista
Applied Economics
Número de la revista
42
Datos de la obra
Feito-Ruiz, I., Cardone-Riportella, C., y Menéndez-Requejo, S. (2016). Reverse takeover: the moderating role of family ownership. Applied Economics, 48(42), 4051–4065. https://doi.org/10.1080/00036846.2016.1150952
Editor
Taylor & Francis
Fecha
2016
ISSN
0003-6846
Abstract
[EN] The aim of this study was to analyse the determinants of reverse takeovers, examining the influence of target firm shareholders’ type in the agreement. We examine reverse takeovers implemented in the Alternative Investment Market between 1999 and 2012, paying special attention to the differences between family and non-family target firms, as well as the impact of the financial crisis.
We propose that family firms have a lower probability of accepting a reverse takeover (‘shell’ firm), to avoid both diluting the ownership structure (loss of control) and new shareholders entering their firm. Our main findings show that the higher the percentage of ownership held by family holders, the lower the probability of their being the target firm in a reverse takeover. This effect is maintained during the crisis period, in accordance with the expectation that family firms will have fewer financial constraints.
Materia
Palabras clave
Peer review
SI
ID proyecto
- info:eu-repo/grantAgreement/MINECO/Programa Nacional de Investigación Fundamental/ ECO2012-31772/ES/LIBERALIZACION FINANCIERA, CRISIS BANCARIAS Y CRECIMIENTO ECONOMICO: LA INFLUENCIA DEL TAMAÑO BANCARIO, LA DISCIPLINA DE MERCADO Y DEL ENTORNO LEGAL E INSTITUCIONAL
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