RT info:eu-repo/semantics/article
T1 Reverse takeover: the moderating role of family ownership
A1 Feito Ruiz, Isabel
A1 Cardone-Riportella, Clara
A1 Menéndez-Requejo, Susana
A2 Economia Financiera y Contabilidad
K1 Economía
K1 Reverse takeover
K1 Family firm
K1 Global financial crisis
K1 Alternative investment market
K1 Shell firm
K1 Back door listing
AB [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.
PB Taylor & Francis
SN 0003-6846
LK https://hdl.handle.net/10612/21238
UL https://hdl.handle.net/10612/21238
NO 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
DS BULERIA. Repositorio Institucional de la Universidad de León
RD Jul 11, 2024