We study how ownership similarity between two firms affects the likelihood of an acquisition between them. Assortative matching arguments suggest that similarity between acquiring and target firms can encourage acquisition behavior since more similar partners can better understand one another and combine resources in a more efficient way. Previous research has confirmed this expectation focusing on traits related to industry, strategy and technology. We contribute to this literature by examining similarity in the type of dominant owner. We hypothesize and find evidence in a sample of 14,000 Italian companies that acquisitions are more likely to occur among firms with similar owners.

Ownership similarity in mergers and acquisitions target selection

Bettinazzi, Emanuele LM
;
Amore, Mario Daniele;Corbetta, Guido
2020

Abstract

We study how ownership similarity between two firms affects the likelihood of an acquisition between them. Assortative matching arguments suggest that similarity between acquiring and target firms can encourage acquisition behavior since more similar partners can better understand one another and combine resources in a more efficient way. Previous research has confirmed this expectation focusing on traits related to industry, strategy and technology. We contribute to this literature by examining similarity in the type of dominant owner. We hypothesize and find evidence in a sample of 14,000 Italian companies that acquisitions are more likely to occur among firms with similar owners.
2020
2018
Bettinazzi, Emanuele LM; Miller, Danny; Amore, Mario Daniele; Corbetta, Guido
File in questo prodotto:
File Dimensione Formato  
_system_appendPDF_proof_hi.pdf

non disponibili

Descrizione: Articolo accettato
Tipologia: Documento in Pre-print (Pre-print document)
Licenza: NON PUBBLICO - Accesso privato/ristretto
Dimensione 491.87 kB
Formato Adobe PDF
491.87 kB Adobe PDF   Visualizza/Apri

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/4010689
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 16
  • ???jsp.display-item.citation.isi??? 15
social impact