Abstract
AbstractWe investigate the effects of family ownership on the choice between cash and stock payment in M&A operations. On a sample of 269 M&A transactions performed by Italian listed bidders over the period 2008–2015, we demonstrate that families are more inclined to pay in cash in order to avoid dilution. We also find that the influence of family ownership on the choice of the payment method is stronger for intermediate levels of control than for other levels. Furthermore, we document that financial structure considerations, bidder growth opportunities and deal specific characteristics influence the choice of payment method.
Full Text 
Sign-in/Register to access full text options
Sign-in/Register to access full text options 
Published version (
Free)
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
