{"product_id":"are-family-firms-more-risk-averse-regarding-m-a-transactions-von-thilo-wenig","title":"Are Family Firms More Risk Averse Regarding M\u0026A Transactions?","description":"\u003cp\u003eBachelor Thesis from the year 2018 in the subject Business economics - General, grade: 1,0, Otto Beisheim School of Management Vallendar (Institut für Familienunternehmen), language: English, abstract: In line with the prevalent notion that family businesses are more risk averse than non-family firms when facing strategic decisions that impact the long-term survival of the business, I hypothesize that the risk behavior resulting from the ownership structure of a firm affects its M\u0026amp;A activity. However, in order to gain a deeper understanding of the underlying risk mechanisms and theories, I differentiate between true family firms and lone founder firms throughout the course of this thesis. In a study of 177 firms listed in the German Prime Standard, I found that that true family firms show a lower propensity towards large target firm sizes when engaging in M\u0026amp;As as they want to avoid large, potentially destabilizing transactions. Furthermore, the presence of a family CEO in the firm reinforces this general tendency towards risk aversion. Although I did not find a significant relation between lone founder firms and target firm sizes, I empirically show that the presence of a founder CEO in these firms is associated with larger target firm sizes. Therefore, firms that are run by the founders themselves show a comparatively risk seeking behavior.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783668961739\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783668961739","offer_id":39442938953821,"sku":"9783668961739","price":27.95,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/7ec19bfa-e989-49fb-a6e5-096ce1e5c051.jpg?v=1778561885","url":"https:\/\/shop.autorenwelt.de\/products\/are-family-firms-more-risk-averse-regarding-m-a-transactions-von-thilo-wenig","provider":"Autorenwelt Shop","version":"1.0","type":"link"}