Level Of Ownership Research Articles

Non‐executive Employee Ownership and Target Selection in High‐Tech Mergers and Acquisitions

AbstractThe quest to build and expand a firm's human capital is a key driver for mergers and acquisitions (M&As), but acquiring firms often face the threat of losing their targets' key employees in the post‐M&A period. This is particularly true for high‐tech M&As, as human capital is especially important in high‐tech industries. Because non‐executive employee ownership can incentivize employees to invest in firm‐specific human capital, reducing the likelihood that employees will leave, we argue that when screening for potential M&A targets, acquiring firms are more likely to target companies with higher levels of employee ownership. We also argue that the screening role of employee ownership in M&A target selection will be stronger when targets have higher R&D intensity but weaker when targets treat their employees better. Using a sample of 26,137 firm‐year observations, we find support for our arguments. Findings from this study contribute to M&A research by highlighting the importance of non‐executive employee ownership as a screen for human capital retention in M&A target selection.

A Social Cognitive Assessment of Workplace Sedentary Behavior among a Sample of University Employees.

Sedentary behavior (SB) is an important public health concern. Adults working in desk-based occupations spend a considerable proportion of the workday sitting. More information is needed regarding the factors that contribute to occupational SB. The aim of this study was to assess the utility of social cognitive theory (SCT) to explain work-related SB using a quantitative, cross-sectional design by administering an online questionnaire. Participants included 381 full-time employees at a large, public university in the south-central United States. Hierarchical multiple linear regression was used to determine the relationship between SCT constructs and SB. Mean work-related SB was 5.95 (SD = 1.30) h/8 h workday. In model 1, 9.6% of the total variance in SB was accounted for by standing desk ownership and physical activity level (p = 0.001; R2 = 0.096). In model 2, SCT constructs led to a statistically significant R2 increase of 4.9% (p < 0.001), where standing desk ownership, physical activity, and self-efficacy explained 13.3% of the variance in work-related SB. Findings from this study suggest that self-efficacy may be an important factor in explaining variation in occupational SB. Public health researchers and practitioners should consider strategies to address self-efficacy when developing workplace interventions to target occupational SB.

Small-holder Farmers’ Perceptions of the Impacts of Climate Change on Maize Crop in Dodoma, Tanzania

Farmers have different perceptions of the impacts of climate change. This study examined smallholder farmers’ perceptions of the impacts of climate change on maize crops in Dodoma, Tanzania. A total of 216 household heads were involved in this study. The study used a cross-sectional design, where structured interview, Key Informant Interviews (KIIs) and Focus Group Discussions (FGDs) were used to collect both qualitative and quantitative data. Quantitative data were analysed using descriptive and inferential statistics, while qualitative data were analysed using content analysis. It was found that 69% of respondents perceived that climate change strongly has changed significantly over the last three decades. About 50.5% and 51.9% of the respondents highly agreed that climate change has contributed to the increase of weeds and pests or/and insects attack on the maize crops, respectively. The findings further revealed that age, farmland ownership, income, and education level of the small-holder farmers had a significant association with the perception of the impacts of climate change among smallholder farmers of maize at P&lt;0.050. The study concludes that small-holder farmers’ perceptions of the impacts of climate change on maize crop are determined by their socio-economic and demographic factors. Thus, it is recommended that smallholder farmers should be provided with the sufficient knowledge of the impacts of climate change on maize crop so that they can have a proper understanding of the impacts of climate change and variability of maize crop. The farmers could use that knowledge to improve productivity.

Family firms and product recalls: an event study for the US automobile industry

PurposeThis study explores whether the unique organizational form of family firms helps to mitigate the negative effects caused by the announcement of product recalls.Design/methodology/approachThe authors use an event study, for a sample of 2,576 product recalls in the United States (US) automobile industry, between January 2010 and June 2021.FindingsThe authors found that stock market's reaction to a product recall announcement is less negative for family firms. This superior performance is partially driven by the family firms' long-term investment horizons and higher strategic emphasis on product quality. However, the relationship between family ownership and cumulative abnormal returns around product recall announcements is nonlinear as the impact of family ownership starts by being positive but becomes negative for higher levels of family ownership. The authors also find that family firm's chief executive officer (CEO) and managerial ownership influence positively the stock market reaction to product recall announcements.Practical implicationsThis work has several implications for family firms' management as well as for investors and financial analysts. First, as higher managerial ownership is associated with a greater emphasis on product quality, decreasing stock market losses when a product recall occurs, family firms should consider increasing equity-based compensation. Second, as there seems to exist an optimal proportion of family ownership, family firms should consider the risks of increasing too much their ownership share. Third, investors and financial analysts can use the results in the study to help them in their investment and trading decisions in the stock market.Originality/valueThe authors extend the knowledge of product recalls by studying the under-researched role of the flexible, internally focused culture of family businesses on the stock market reaction to product recalls.

How Effective Is Entrepreneurship Education in Schools? An Empirical Study of the New Curriculum in Spain

This research analyzes the results of an entrepreneurship education program focused on knowledge and attitudes in 1036 students of secondary education, high school, and vocational training, differentiated into two groups, control and experimental. It analyzes the outcomes after incorporating entrepreneurship content into the school curriculum and participating in a program of entrepreneurial potential, which develops creativity, leadership, personal control, achievement motivation, and problem-solving. Non-parametric statistics were used to assess the influence of the acquisition of entrepreneurial knowledge on the gender, age, school ownership, and socio-educational level of the parents. This study shows that students with a positive attitude towards entrepreneurship improve their entrepreneurial knowledge and that the impact is more significant if they participate in the specific program. The results are not significant for the variables gender, school type, and parents’ level of education, but they are significant for age and school level. The effectiveness of including content on entrepreneurship in the curriculum and the specific program is ratified. It is proposed to reinforce education in entrepreneurial knowledge that strengthens the students’ identity and future entrepreneurial intention.

Does Ridehailing Use Affect Vehicle Ownership or Vice Versa? An Exploratory Investigation of the Relationship Using a Latent Market Segmentation Approach

This paper presents an examination of the interrelationship between household vehicle ownership and ridehailing use frequency. Both variables constitute important mobility choices with significant implications for the future of transport. Although it is generally known that these two behavioral phenomena are inversely related to one another, the direction of causality is rather ambiguous. Do vehicle ownership levels affect ridehailing use frequency, or does the adoption and use of ridehailing services affect vehicle ownership? If ridehailing services affect vehicle ownership, then it is plausible that a future of mobility-as-a-service would be characterized by lower levels of vehicle ownership. To explore the degree to which these causal relationships are prevalent in the population, a joint latent segmentation model system was formulated and estimated on a survey data set collected in four automobile-oriented metropolitan areas of the United States. The latent segmentation model system recognized that the causal structures driving the mobility choices of individuals were not directly observable. Model estimation results showed that 58% of the survey sample followed the causal structure in which ridehailing use frequency affected vehicle ownership. This finding suggests that there is considerable structural heterogeneity in the population with respect to causal structures and that ridehailing use does indeed hold considerable promise to effect changes in private vehicle ownership in the future.

Assistance in Making Business Legality or NIB for MSME Owners Through Online Single Submission (OSS) in Wonorejo Village

Community service activities related to assisting in making business legality or Business Identification Number (NIB) are carried out for MSME owners in RW 07, Wonorejo Village. The purpose of this community service activity is to increase the equity of ownership of business legality or NIB. The service implementation method is divided into four stages. The first stage of MSME observation was carried out through interviews with the Head of RW 07 to obtain MSME data that did not yet have an NIB. The second stage is the survey and data collection for MSMEs which is carried out online via the Google form by distributing questionnaires on the Whatshap of MSME owners. The third stage is MSME counseling about NIB to provide an understanding of the importance of business legality or NIB. The fourth stage is assistance in making business legality or NIB online through Online Single Submission (OSS). To make it easier for MSME owners to obtain the legality of their business, assistance is carried out by visiting the residence of each MSME that will be assisted. The results that have been achieved from this community service activity are (1) there is an increase in the understanding of MSME owners in RW 07, Wonorejo Village about the importance of a business legality or NIB and the many benefits that can be obtained by owning an NIB; (2) understanding of information related to the process of making NIB through OSS; and (3) even distribution of NIB ownership levels. It is known that the 4 assisted MSMEs already have NIB with the help of this community service activity.

Determinant Analysis of Business Risk with Institutional Ownership as a Moderating Variable

The purpose of this study was to determine the effect of the level of institutional ownership on the relationship between asset quality, leverage, efficiency, BI rate and business risk. The method used in this study is explanatory research. Data analysis in this study is the normality test, multicollinearity test, heteroscedasticity test and autocorrelation test. From the results of the research that has been done, several conclusions are obtained as follows: Asset quality has no significant negative effect on business risk. Leverage has a significant negative effect on business risk. Efficiency has a significant positive effect on business risk. BI rate has no significant negative effect on business risk. Institutional ownership has no effect on the relationship between asset quality, leverage, efficiency and business risk.

Leading from the frontlines: community-oriented approaches for strengthening vaccine delivery and acceptance

BackgroundAlthough immunization is one of the most successful public health interventions, vaccine hesitancy and the COVID-19 pandemic have strained health systems, contributing to global reductions in immunization coverage. Existing literature suggests that involving community members in vaccine interventions has been beneficial, but efforts to facilitate community ownership to motivate vaccine acceptance have been limited.MethodsOur research leveraged community-based participatory research to closely involve the community from conception to implementation of an intervention to facilitate vaccine acceptance in Mewat District in Haryana, an area in India with extremely low vaccination coverage. Through the development of a community accountability board, baseline data collection on vaccination barriers and facilitators, and two human-centered design workshops, our team co-created a six-pronged intervention with community leaders and community health workers. This intervention included involving religious leaders in vaccine discussions, creating pamphlets of local vaccine champions for dissemination to parent and child caregivers, creating short videos of local leaders advocating for vaccines, implementing communication training exercises for community health workers, and implementing strategies to strengthen coordination between health workers and supervisors.ResultsPost-intervention data suggested parents and child caregivers had improvements in knowledge of the purpose of vaccines and side effects of vaccines. They noted that the involvement of religious leaders was beneficial, they were more willing to travel to vaccinate their children, and they had fewer non-logistical reasons to refuse vaccination services. Interviews with community leaders and community health workers who were involved in the creation of the intervention suggested that they experienced higher levels of ownership, they were better equipped to address community concerns, and that vaccine misinformation decreased in the post-intervention period.ConclusionThrough this unique intervention to strengthen vaccine uptake that incorporated the needs, interests, and expertise of local community members, we developed a community-driven approach to strengthen vaccine acceptance in a population with low uptake. This comprehensive approach is essential to amplify local voices, identify local concerns and advocates, and leverage bottom-up strategies to co-design successful interventions to facilitate long-term change.

Evaluation of Bus Rapid Transit System: Riyadh city, Saudi Arabia

Al Riyadh city, the capital of the Kingdom of Saudi Arabia, is experiencing significant economic and population growth, it is also a major metropolitan area in Saudi Arabia and in the Gulf regions. This has led to a high level of car ownership and use of vehicles, and this has led to the construction of a series of slow-moving roads and roads around the city. Traffic congestion is a major problem, where road behavior has an economic and psychological impact on people. The Riyadh Bus stations and Bus Rapid Transit (BRT) System Project is an integral part of the current Riyadh metropolitan area including the new Riyadh Metro. The main objective of this paper’s is to study the “Bus Rapid Transit” network in the city of Al Riyadh and to assess the functioning of this network using geographic information systems and the theory of graphs. A centralized geodatabase has been built for BRT lines and stations. A geometric network was conducted for BRT routes to facilitate moving from any location to another within Riyadh city. The assessment and evaluation of BRT routes focused on routes and station distribution regarding Riyadh city and how BRT solved population needs in Riyadh city. Using the powerful GIS network analysis functions, a navigation system was developed to assist passengers in planning their trips from one station to another giving detailed information about route directions and different BRT lines used. The study reinforces the value of good design techniques for accessible public transportation systems. The utilization of accessible vehicles, such as low-floor buses, is needed but lacking for such an accessible system, planners and operators should be aware.

Psychological ownership of nature: Relationships with pro-environmental intentions in less environmentally-oriented individuals

Broadening community participation in pro-environmental behaviors would benefit from better understanding individuals not yet concerned about nature. In this paper, we examined whether psychological ownership of nature (i.e., the feeling that nature is mine/ours) was positively associated with pro-environmental intentions and particularly, whether this association was contingent on individual differences in environmental views (e.g., new ecological paradigm, dominionistic beliefs toward nature, environmental self-identity, environmental concern, and value orientations). Based on the jiu-jitsu persuasion model, we hypothesized that psychological ownership of nature would resonate with less environmentally-oriented people but might be less effective for those already oriented. Results of a cross-sectional survey distributed to the Australian community (total N = 836) showed that psychological ownership of nature was positively related to civic pro-environmental intentions. However, there was limited evidence supporting the proposed moderation—increased levels of psychological ownership of nature were almost similarly associated with increased pro-environmental intentions for individuals across the environmental orientation spectrum. This paper contributes to the literature on psychological ownership of nature by examining its boundary conditions in nature conservation.

Exploring variation of length of haul and associated freight transport emission of Indian establishments: A survival analysis approach

Rise in length of haul (LOH) of business establishments and the associated greenhouse gas (GHG) emissions are a major concern for planners and policymakers, require extensive investigation. This paper quantifies various factors like business age, gross floor area, employment, the build environment variable on LOH, and associated GHG emission using EBFS data. Survival analysis has been utilized for the analysis. The aggregated LOH model provides a comparative analysis of LOH across different industry sectors and demonstrate that gross floor area, business age, and employment are positively associated with LOH. Subsequently, disaggregated LOH models are reveal the influencing parameter of LOH of a particular industry category. Lastly, GHG models show the influence of fleet ownership level on GHG emissions across different industry sectors. The outcomes will be beneficial for planners and policymakers to develop industry-specific regulations on land use, employment restructuring, and subsidies for owning different types of commercial vehicles.

Agroforestry farmers’ resilience in social forestry and private Forest programs during the COVID-19 pandemic in Indonesia

The COVID-19 pandemic has created impacts on various aspects of life and caused a shock to all sectors, including agriculture. The Indonesian government continues encouraging access for communities to be involved in forest management through social forestry programs Minister of Environment and Forestry Regulation No. 9 of 2021 on Social Forestry Management is Indonesia’s latest policy regulating social forestry. For Java Island, the social forestry program is regulated by the Minister of Environment and Forestry Regulation No. 39 of 2017. Traditional agroforestry has been carried out by farmers throughout Indonesia for a long time, both in state forest areas through social forestry programs and on private land dominated by woody tree species called private forests. This research aims to examine the resilience of agroforestry farmers in social forestry areas and private forest during the COVID-19 pandemic in Indonesia. This research was conducted in Garut and Bandung Districts, West Java Province, Indonesia, from May to July 2022. Interviews were performed with 219 respondents from six farmer groups: four groups that obtained social forestry permits through the recognition and protection of forestry partnerships (pengakuan dan perlindungan kemitraan kehutanan/KULIN KK) scheme and two groups in a private forest. The household livelihood resilience approach was used to analyze the agroforestry farmers’ resilience, comprised of financial, human, social, physical, and natural capital. Data were processed with a Likert scale (1, 2, and 3) and visualized using a spider diagram to compare and distinguish the five types of capital. The results showed the COVID-19 pandemic affected both social forestry and private forest farmers, where there was a decrease in agroforestry product prices and an increase in production input prices. These excluded private forest products, specifically cardamom, which has increased prices. Agroforestry farmers in the private forest have higher resilience than social forestry. These results highlight the need to increase financial capital, which has the lowest value for increasing household resilience. The level of resilience is influenced by the characteristics of farmers, especially their level of education, land ownership, and income. Based on the results, capital assistance, market access, and training related to post-harvesting are strategies for improving resilience. The results also contributed to efforts needed to increase the resilience of social forestry and private forest farmers during the COVID-19 pandemic. Further research is needed to determine the resilience of agroforestry farmers in social forestry and community forests after the COVID-19 pandemic.

Repatriation tax and dividend policy

AbstractThis paper examines the impact of the repatriation tax provision of the Tax Cuts and Jobs Act (TCJA) on firms’ dividend policy. Our findings show that the firms most affected by the repatriation tax provision, that is, those with high foreign sales, reward shareholders by substantially increasing dividends per share, but maintain aggregate dollar dividends. Dividend per share (DPS) increasing firms repurchase at significantly higher magnitudes than non‐dividend per share increasing firms, suggesting that DPS increasing firms partially utilize repurchases to avoid substantial increases in their long‐term aggregate dividend commitments. We also investigate whether managers reap the rewards of dividend increases, finding that firms with high levels of executive ownership and foreign sales are more likely to increase their dividends per share after the TCJA was enforced. Overall, our results highlight the importance of the interconnection between dividends and repurchases in examining the response of firm payout policy to external shocks.

‘Conversations with Men’

This research on the Gender Conversations with Men media project in Southern Africa investigates the significance of collaboration in promoting effective and sustainable media practices on gender issues using the partnership between STEPS and their partner organizations as a case study. STEPS, established in 2000, is a non-profit media organization based in South Africa that uses film and video as tools for social change. It has longstanding relationships with 9 partner organizations in 7 different Southern Africa countries. This case study offers a wholly Global South example of a collaborative, multi-country media advocacy program centered on gender issues. Additionally, the researchers are based in and/or from the region from which they both have practice-based participatory video backgrounds. The varied types and levels of collaboration found within the ‘web’ of project relationships was considered from the framework of co-creation to assess questions of power, equity and reciprocity. The nature of the collaboration was then considered in terms of assessing its relevance to indicators of project success and efficacy. Data was collected through document and media gathering and analysis - including Gender Conversations with Men program documentation, the STEPS films used in the first 2 phases of the program, and the participatory ‘change story’ videos created as part of the project. Research visits were conducted with onsite focus groups and semi-structured interviews with program coordinators and facilitators with 6 of the partner organizations in 4 countries. Of most relevance to this paper, the various collaborative relationships within the network were explored in these research interactions as well as change stories at facilitator and community participant level. This paper argues that the specific type of collaboration that took place within the Gender Conversations with Men project was co-creation and that this contributed significantly to the high levels of ownership of the process at local project level. The locally based partner organizations were able to develop and run programs they deemed most appropriate to their needs, which enabled highly engaged conversations at community-level screenings as well as authentic participatory video storytelling. The first-hand ‘change stories’ collected from the research suggest a high level of impact at facilitator (and community) level on attitude and behavior change specifically on young men through their participation in virtual interactive workshops, facilitation of (or participation in) community screenings and the making of the participatory ‘change story’ videos. This research highlights the critical role of interrogating pervasive claims of ‘collaboration’ to consider authentic co-creation as a more effective and sustainable way in which to address sensitive topics, such as gender issues, through media advocacy practices. Co-creation allows for diverse perspectives and expertise to come together based on principles of equity and reciprocity to foster engagement, motivation, and ownership among participants. The case study provides insights for practitioners, policymakers, and researchers interested in using collaborative approaches in their media interventions.

Sources of incentive and entrenchment effects in family firms: balancing self-dealings with operating efficiencies

PurposeThe purpose of the study is to examine how operating efficiencies from incentive alignment compensate for rent extraction in family firms. The author asks whether ownership (1) improves operating efficiencies to increase firm value, (2) positively affects related-party transactions (RPTs), or (3) destroys firm value. Finally, the author assesses whether the incentive effect dominates the entrenchment effect.Design/methodology/approachThis study employs a panel of 333 listed family firms (and 185 nonfamily firms) and handles endogeneity using a dynamic panel system GMM and panel VAR.FindingsOwnership decreases discretionary expenses and increases asset utilization to add firm value. The efficiency gains generate more value in family firms, especially majority-held ones, than in nonmajority ones. However, ownership is also related to increased RPTs (especially dubious loans/guarantees), reducing firm value. RPTs destroy value more severely in the family (or group) firms than in nonfamily (nongroup) firms. It could be why ownership's positive impact on value is lower in family firms than in nonfamily firms. Overall, the incentive effect dominates the entrenchment effect and is robust to controlling private benefits of control in the dynamic ownership-value model.Research limitations/implications(1) A family firm's ownership may not be optimal. (2) The firm's long-term commitment as a dynasty limits the scale of expropriation yet sustains impetus for long-term value creation. The paradox partly explains why large family holdings and firm-specific investments endure over generations. (3) This way, large ownership substitutes weak investor protection in India despite tunneling as skin in the game provides necessary investor confidence. (4) Future studies can examine whether extraction varies with family generations and how family characteristics affect the incentive effects.Practical implications(1) Concentrated ownership may not be a wrong policy choice in emerging markets to draw firm-specific investments. (2) Investors, auditors, or creditors must pay closer attention to loans/guarantees. (3) More vigorous enforcement, auditor scrutiny, and board oversight are needed.Social implicationsFamily firms are not necessarily a bad organization type that destroys investor wealth. They can be valuably efficient due to their ownership and wealth concentration, and frugality. They matter in the economic growth of a developing market like India.Originality/value(1) Extends ownership-performance research to family firms and shows that although ownership facilitates tunneling, the incentive effect dominates; (2) family ownership is not impacted by firm value; (3) family ownership levels reduce discretionary expenses and increase asset utilization to create added value, especially in majority-held family firms; (4) RPTs and loans/guarantees increase with ownership; (5) value erosion from RPTs is higher in family (group) firms than in other firms.

NFTs and Healthcare

I have tried to stay abreast and on the cutting edge of new technology, ideas, and investments. However, NFTs—or non-fungible tokens—have so far eluded me. I have asked my children and their contemporaries, and no one has been able to explain it to me. When it comes to NFTs, or the emerging form of digital certificate that certifies an asset as one-of-a-kind, the medical community seems to be divided between pro- and anti-NFT camps. Those belonging to the former camp tout it as a novel approach to finance and ownership of digital data. Those against NFTs point to—among many other things—their devastating impact on global climate or their use of tremendous amounts of energy to compute the blockchain transfers of billions of dollars that take place regularly in the metaverse. On the other hand, NFTs represent a unique potential in the digital health age: that of patients, rather than companies, owning their digital healthcare data. With such a level of ownership, physicians and patients could leverage its advantage to monetize their data rather than have companies profit off them, as traditionally has been the case. This article walks you through the basics of NFTs, explains how they can further empower patients in the digital health age, and raises concerns pertinent to the technology.

Indigenous legal forms and governance structures in renewable energy: Assessing the role and perspectives of First Nations economic development corporations

In the literature on community energy, there has been little exploration of how legal forms affect the governance structures employed and resulting impacts to communities. In a settler colonial context like Canada, renewable energy transitions and projects will take place on or near Indigenous traditional territories. In the emerging body of knowledge around Indigenous community involvement in renewable energy the role of the Indigenous economic development corporation (EDCs), a uniquely Indigenous legal form has had little attention. Although a range of governance structures that could support renewable energy projects exist; what has not been explored are which legal forms tend to employ specific governance structures. Employing a national dataset, surveys and interviews, this study assesses the experience and involvement of Indigenous EDCs as a legal form in renewable energy projects, the governance structures EDCs employ, and how these governance structures respond to the needs for self-determination and decision-making power of Indigenous communities. The findings show that at least 26 EDCs are involved in renewable energy projects, that EDCs tend to use economic instruments, while political organizations, (e.g., Band Council), tend to use political instruments, such as impact and benefit agreements (IBAs). Interviewed and surveyed EDCs agreed that ownership of a project is more beneficial than IBAs that tend to be short lived. Although full ownership denotes control over a project, which aligns with UNDRIP, the desired level of ownership varies depending on a variety of factors, such as comfort with risk and how provincial context affects preferred ownership structures.

Factors Influencing Gender Inequality in Land and Property Ownership Among Peri-Urban Women in Minna, Nigeria

This study investigates the factors influencing gender inequality in land and property ownership among peri-urban women in Minna, Nigeria. The data for this study came from 622 women in 12 peri-urban localities of the 25 neighborhoods in Minna, Nigeria. A closed-ended questionnaire was administered by field assistants with the aid of mobile data collection application called kobotool. Descriptive statistics such as frequency count and proportion methods were used in describing the respondents’ socio-demographic patterns, level of ownership, and mode of acquisition. Inferential statistical techniques were also employed to analyze the data collected for the study such as chi-square and relative importance index. The chi-square test examined whether the underlying socio-demographic/economic characteristics of the two groups of respondents (Women without Property ownership and Women with Property ownership) are independent in terms of the level of property ownership. The study identified among others religious beliefs and orientations and Economic and financial constraints with relative importance index of 0.7412 and 0.7218 respectively, as the core factors constituting obstacles to women access to land/property among the respondents. The study recommends legislation from the state house of assembly on gender inclusion on issues relating to religious belief, Economic and financial empowerments in the study areas.

Family Ownership and Value of Takeover: Evidence from India

We examine how family-ownership influences takeover probability and takeover public announcement abnormal return of Indian publicly traded firms between 2003 and 2019. We find that family ownership has a significantly negative effect on target takeover probability at various levels of family ownership, viz. 20%, 40%, and 51%. Announcement period abnormal returns for target firms are positive at a lower level of family ownership of 20% and negative at a higher level of family ownership of 51%. These results are consistent with the agency cost explanation where family ownership reduces owner-manager agency conflict but exacerbates conflict between majority and minority shareholders. Our results hold for Heckman two-stage model.