Family Firms' behaviour in international minority acquisitions: strategic control approaches among listed firms.

Inglese

This thesis investigates the business behaviour of publicly listed family firms under the settings of minority mergers and acquisitions. The scope is to understand if family firms acquire larger equity stakes than non-family firms and how family ownership influences acquisition practices across different contexts. The analysis employs regression on 465 international acquisitions by listed family and non-family firms. Family firms are defined as companies with more than 5 percent family ownership and at least one family member in management. Thus, three hypotheses are developed: whether family firms acquire larger stakes in minority acquisitions; if this effect intensifies in poor institutional quality countries; and whether they acquire progressively larger stakes when already holding minority positions. Results support all hypotheses. Family firms acquire significantly larger stakes than non-family firms and this effect amplifies in weaker institutional environments. Family firms also demonstrate progressive acquisition behaviour, with effects pronounced beyond prior ownership. The study reveals that family businesses use equity stakes as governance mechanisms to mitigate agency problems, expropriation threats and related risks. This research contributes empirical evidence that socio-emotional wealth preservation drives family firms' control-seeking behaviour in minority acquisitions, with implications for international expansion strategies and institutional policy.