메뉴 건너뛰기




Volumn 23, Issue 4, 2010, Pages 341-354

Measures of value in acquisitions: Family versus nonfamily firms

Author keywords

acquirers' perception; acquisition; EBIT and EBITDA multiples; family firms' valuation; matched pairs methodology

Indexed keywords


EID: 78649497285     PISSN: 08944865     EISSN: 17416248     Source Type: Journal    
DOI: 10.1177/0894486510386367     Document Type: Article
Times cited : (47)

References (63)
  • 1
    • 0002132140 scopus 로고
    • The effect of the set of comparable firms on the accuracy of the price-earnings valuation method
    • Spring
    • Alford, A. (1992). The effect of the set of comparable firms on the accuracy of the price-earnings valuation method. Journal of Accounting Research, Spring, 94-108.
    • (1992) Journal of Accounting Research , pp. 94-108
    • Alford, A.1
  • 2
    • 69249245377 scopus 로고    scopus 로고
    • The impact of family control on the performance and financial characteristics of family versus nonfamily businesses in Japan: A matched-pair investigation
    • Allouche, J., Amann, B., Jaussaud, J., & Kurashina, T. (2008). The impact of family control on the performance and financial characteristics of family versus nonfamily businesses in Japan: A matched-pair investigation. Family Business Review, 21, 315-329.
    • (2008) Family Business Review , vol.21 , pp. 315-329
    • Allouche, J.1    Amann, B.2    Jaussaud, J.3    Kurashina, T.4
  • 3
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: Evidence from the S&P 500
    • Anderson, R., & Reeb, D. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58, 1301-1328.
    • (2003) Journal of Finance , vol.58 , pp. 1301-1328
    • Anderson, R.1    Reeb, D.2
  • 5
    • 33846092626 scopus 로고    scopus 로고
    • The development of organizational social capital: Attributes of family firms
    • Arregle, L., Hitt, M., Sirmon, D., & Very, P. (2007). The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44, 73-95.
    • (2007) Journal of Management Studies , vol.44 , pp. 73-95
    • Arregle, L.1    Hitt, M.2    Sirmon, D.3    Very, P.4
  • 8
    • 84896930624 scopus 로고
    • Firm resources and sustained competitive advantage
    • Barney, J.B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99-120.
    • (1991) Journal of Management , vol.17 , pp. 99-120
    • Barney, J.B.1
  • 10
    • 78649509572 scopus 로고    scopus 로고
    • Ethical behaviour and family-owned firms: Why would I do business with you?Family business from the Irish consumer's perspective
    • (March). Paper presented at IFERA 6th Annual Research Conference. University of Jyvaskyla, School of Business and Economics, Finland
    • Buckley, J. (2006, March). Ethical behaviour and family-owned firms: Why would I do business with you?Family business from the Irish consumer's perspective. Paper presented at IFERA 6th Annual Research Conference. University of Jyvaskyla, School of Business and Economics, Finland.
    • (2006)
    • Buckley, J.1
  • 11
    • 77955871783 scopus 로고    scopus 로고
    • The influence of family ownership on the quality of accounting information
    • Cascino, S., Pugliese, A., Mussolino, D., & Sansone, C. (2010). The influence of family ownership on the quality of accounting information. Family Business Review, 23, 246-265.
    • (2010) Family Business Review , vol.23 , pp. 246-265
    • Cascino, S.1    Pugliese, A.2    Mussolino, D.3    Sansone, C.4
  • 12
    • 69249116407 scopus 로고    scopus 로고
    • An exploration of firm performance factors in family businesses: Do families value only the bottom line
    • Castillo, J., & Wakefield, M.W. (2006). An exploration of firm performance factors in family businesses: Do families value only the bottom line?Journal of Small Business Strategy, 17(2), 37-51.
    • (2006) Journal of Small Business Strategy , vol.17 , Issue.2 , pp. 37-51
    • Castillo, J.1    Wakefield, M.W.2
  • 13
    • 48949116354 scopus 로고    scopus 로고
    • Knowledge accumulation in family firms. Evidence from four case studies
    • Chirico, F. (2008). Knowledge accumulation in family firms. Evidence from four case studies. International Small Business Journal, 26, 433-462.
    • (2008) International Small Business Journal , vol.26 , pp. 433-462
    • Chirico, F.1
  • 14
    • 44149125976 scopus 로고    scopus 로고
    • Knowledge integration and dynamic organizational adaptation in family firms
    • Chirico, F., & Salvato, C. (2008). Knowledge integration and dynamic organizational adaptation in family firms. Family Business Review, 21, 169-181.
    • (2008) Family Business Review , vol.21 , pp. 169-181
    • Chirico, F.1    Salvato, C.2
  • 15
    • 78049286360 scopus 로고    scopus 로고
    • Dynamic capabilities and transgenerational value creation in family firms: The role of organizational culture
    • Advance online publication. doi:10.1177/ 0266242610370402
    • Chirico, F., & Nordqvist, M. (2010). Dynamic capabilities and transgenerational value creation in family firms: The role of organizational culture. International Small Business Journal. Advance online publication. doi:10.1177/ 0266242610370402.
    • (2010) International Small Business Journal
    • Chirico, F.1    Nordqvist, M.2
  • 16
    • 78649524593 scopus 로고    scopus 로고
    • Franchising and the family firm: Creating unique sources of advantage
    • (April). Paper presented at the Family Enterprise Research Conference, Cancun, Mexico
    • Chirico, F., Ireland, D., & Sirmon, D. (2010, April). Franchising and the family firm: Creating unique sources of advantage. Paper presented at the Family Enterprise Research Conference, Cancun, Mexico.
    • (2010)
    • Chirico, F.1    Ireland, D.2    Sirmon, D.3
  • 18
    • 27844586778 scopus 로고    scopus 로고
    • Self-serving or self-actualizing?Models of man and agency costs in different types of family firms: A commentary on Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence
    • Corbetta, G., & Salvato, C. (2004). Self-serving or self-actualizing?Models of man and agency costs in different types of family firms: A commentary on Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence. Entrepreneurship: Theory & Practice, 28, 355-362.
    • (2004) Entrepreneurship: Theory & Practice , vol.28 , pp. 355-362
    • Corbetta, G.1    Salvato, C.2
  • 19
  • 21
    • 77950472685 scopus 로고    scopus 로고
    • In the founder's shadow: Conflict in the family firm
    • Davis, P., & Harveston, P. (1999). In the founder's shadow: Conflict in the family firm. Family Business Review, 7, 311-323.
    • (1999) Family Business Review , vol.7 , pp. 311-323
    • Davis, P.1    Harveston, P.2
  • 22
    • 78751582402 scopus 로고    scopus 로고
    • Private equity investment decisions in family firms: The role of human resources and agency costs
    • Advance online publication. doi:10.1016/j.jbusvent.2009.05.004
    • Dawson, A. (2009). Private equity investment decisions in family firms: The role of human resources and agency costs. Journal of Business Venturing. Advance online publication. doi:10.1016/j.jbusvent.2009.05.004.
    • (2009) Journal of Business Venturing
    • Dawson, A.1
  • 25
    • 77649258495 scopus 로고    scopus 로고
    • Family firm mergers and acquisitions in different legal environments
    • Feito-Ruiz, I., & Meńndez-Requejo, S. (2010). Family firm mergers and acquisitions in different legal environments. Family Business Review, 23, 60-75.
    • (2010) Family Business Review , vol.23 , pp. 60-75
    • Feito-Ruiz, I.1    Meńndez-Requejo, S.2
  • 29
    • 33749059278 scopus 로고
    • The loneliness of the small business owner
    • Gumpert, D.E., & Boyd, D.P. (1984). The loneliness of the small business owner. Harvard Business Review, 62(6), 18-24.
    • (1984) Harvard Business Review , vol.62 , Issue.6 , pp. 18-24
    • Gumpert, D.E.1    Boyd, D.P.2
  • 30
    • 84970151974 scopus 로고
    • Synergies and post-acquisition performance: Differences versus similarities in resource allocations
    • Harrison, J.S., Hitt, M.A., Hoskisson, R.E., & Ireland, R.D. (1991). Synergies and post-acquisition performance: Differences versus similarities in resource allocations. Journal of Management, 17, 173-190.
    • (1991) Journal of Management , vol.17 , pp. 173-190
    • Harrison, J.S.1    Hitt, M.A.2    Hoskisson, R.E.3    Ireland, R.D.4
  • 32
    • 0002928957 scopus 로고
    • Summer). Mergers and acquisitions and managerial commitment to innovation in M-form firms
    • Hitt, M.A., Hoskisson, R.E., & Ireland, R.D. (1990, Summer). Mergers and acquisitions and managerial commitment to innovation in M-form firms. Strategic Management Journal, 11, 29-47.
    • (1990) Strategic Management Journal , vol.11 , pp. 29-47
    • Hitt, M.A.1    Hoskisson, R.E.2    Ireland, R.D.3
  • 33
    • 34447312856 scopus 로고    scopus 로고
    • The impact of family ownership and dual class shares on takeover risk
    • Holmen, M., & Nivorozhkin, E. (2007). The impact of family ownership and dual class shares on takeover risk. Applied Financial Economics, 17, 785-804.
    • (2007) Applied Financial Economics , vol.17 , pp. 785-804
    • Holmen, M.1    Nivorozhkin, E.2
  • 35
    • 33745196868 scopus 로고    scopus 로고
    • Real versus sample-based differences in comparative family business research
    • Jorissen, A., Laveren, E., Martens, R., & Reheul, A.M. (2005). Real versus sample-based differences in comparative family business research. Family Business Review, 18, 229-246.
    • (2005) Family Business Review , vol.18 , pp. 229-246
    • Jorissen, A.1    Laveren, E.2    Martens, R.3    Reheul, A.M.4
  • 38
    • 0001369248 scopus 로고    scopus 로고
    • Diversification and top management team complementarity: Is performance improved by merging similar or dissimilar teams?
    • Krishnan, H.A., Miller, A., & Judge, W.Q. (1997). Diversification and top management team complementarity: Is performance improved by merging similar or dissimilar teams?Strategic Management Journal, 18, 361-374.
    • (1997) Strategic Management Journal , vol.18 , pp. 361-374
    • Krishnan, H.A.1    Miller, A.2    Judge, W.Q.3
  • 39
    • 0348002828 scopus 로고    scopus 로고
    • Multiples used to estimate corporate value
    • March/April
    • Lie, E., & Lie, H.J. (2002). Multiples used to estimate corporate value. Financial Analysts Journal, March/April, 44-54.
    • (2002) Financial Analysts Journal , pp. 44-54
    • Lie, E.1    Lie, H.J.2
  • 41
    • 77952233886 scopus 로고    scopus 로고
    • Complementary technologies, knowledge relatedness and invention outcomes in high technology mergers and acquisitions
    • Makri, M., Hitt, M.A., & Lane, P. (2010). Complementary technologies, knowledge relatedness and invention outcomes in high technology mergers and acquisitions. Strategic Management Journal, 31, 602-628.
    • (2010) Strategic Management Journal , vol.31 , pp. 602-628
    • Makri, M.1    Hitt, M.A.2    Lane, P.3
  • 42
    • 78649520750 scopus 로고    scopus 로고
    • Retrieved from
    • Mergermarket. (2009). Retrieved fromhttp://www.mergermarket.com/.
    • (2009)
    • Mergermarket1
  • 43
    • 84996230592 scopus 로고    scopus 로고
    • Acquiring a family firm: A case study
    • Mickelson, R.E., & Worley, C. (2003). Acquiring a family firm: A case study. Family Business Review, 16, 251-268.
    • (2003) Family Business Review , vol.16 , pp. 251-268
    • Mickelson, R.E.1    Worley, C.2
  • 45
    • 73849121482 scopus 로고    scopus 로고
    • Family ownership and acquisition behavior in publicly-traded companies
    • Miller, D., Le Breton-Miller, I., & Lester, R.H. (2010). Family ownership and acquisition behavior in publicly-traded companies. Strategic Management Journal, 31, 201-223.
    • (2010) Strategic Management Journal , vol.31 , pp. 201-223
    • Miller, D.1    Breton-Miller, I.2    Lester, R.H.3
  • 47
    • 38149049077 scopus 로고    scopus 로고
    • Stewardship vs. stagnation: An empirical comparison of small family and non-family businesses
    • Miller, D., Le Breton-Miller, I., & Scholnick, B. (2008). Stewardship vs. stagnation: An empirical comparison of small family and non-family businesses. Journal of Management Studies, 45(1), 51-78.
    • (2008) Journal of Management Studies , vol.45 , Issue.1 , pp. 51-78
    • Miller, D.1    Breton-Miller, I.2    Scholnick, B.3
  • 48
    • 0041530270 scopus 로고    scopus 로고
    • Lost in time: Intergenerational succession, change, and failure in family business
    • Miller, D., Steier, L., & Le Breton-Miller, I. (2003). Lost in time: Intergenerational succession, change, and failure in family business. Journal of Business Venturing, 18, 513-531.
    • (2003) Journal of Business Venturing , vol.18 , pp. 513-531
    • Miller, D.1    Steier, L.2    Breton-Miller, I.3
  • 52
    • 77954716313 scopus 로고    scopus 로고
    • A farewell to the business: Championing exit and continuity in entrepreneurial family firms
    • Salvato, C., Chirico, F., & Sharma, P. (2010). A farewell to the business: Championing exit and continuity in entrepreneurial family firms. Entrepreneurship & Regional Development, 22, 321-348.
    • (2010) Entrepreneurship & Regional Development , vol.22 , pp. 321-348
    • Salvato, C.1    Chirico, F.2    Sharma, P.3
  • 53
    • 84996251194 scopus 로고    scopus 로고
    • An overview of the field of family business studies: Current status and directions for the future
    • Sharma, P. (2004). An overview of the field of family business studies: Current status and directions for the future. Family Business Review, 17, 1-36.
    • (2004) Family Business Review , vol.17 , pp. 1-36
    • Sharma, P.1
  • 55
    • 0345025014 scopus 로고    scopus 로고
    • Managing resources: Linking unique resources, management, and wealth creation in family firms
    • Sirmon, D.G., & Hitt, M.A. (2003). Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory & Practice, 4, 339-358.
    • (2003) Entrepreneurship Theory & Practice , vol.4 , pp. 339-358
    • Sirmon, D.G.1    Hitt, M.A.2
  • 56
    • 33846046765 scopus 로고    scopus 로고
    • Managing firm resources in dynamic environments to create value: Looking inside the black box
    • Sirmon, D.G., Hitt, M.A., & Ireland, R.D. (2007). Managing firm resources in dynamic environments to create value: Looking inside the black box. Academy of Management Review, 32, 273-292.
    • (2007) Academy of Management Review , vol.32 , pp. 273-292
    • Sirmon, D.G.1    Hitt, M.A.2    Ireland, R.D.3
  • 57
    • 33845360281 scopus 로고    scopus 로고
    • Dancing with giants: Acquisition and survival of the family firm
    • Steen, A., & Welch, L.S. (2006). Dancing with giants: Acquisition and survival of the family firm. Family Business Review, 19, 289-300.
    • (2006) Family Business Review , vol.19 , pp. 289-300
    • Steen, A.1    Welch, L.S.2
  • 58
    • 77955867167 scopus 로고    scopus 로고
    • Socio-emotional wealth and earnings management in private family firms
    • Stockmans, A., Lybaert, N., & Voordeckers, W. (2010). Socio-emotional wealth and earnings management in private family firms. Family Business Review, 23, 280-294.
    • (2010) Family Business Review , vol.23 , pp. 280-294
    • Stockmans, A.1    Lybaert, N.2    Voordeckers, W.3
  • 59
  • 60
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control and management affect firm value?
    • Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value?Journal of Financial Economics, 80, 385-417.
    • (2006) Journal of Financial Economics , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 61
    • 27844485655 scopus 로고    scopus 로고
    • Nepotism: An interdisciplinary model
    • Vinton, K.L. (1998). Nepotism: An interdisciplinary model. Family Business Review, 11, 297-303.
    • (1998) Family Business Review , vol.11 , pp. 297-303
    • Vinton, K.L.1
  • 62
    • 0003071670 scopus 로고    scopus 로고
    • Family firm research: The need for a methodological rethink
    • Westhead, P., & Cowling, M. (1998). Family firm research: The need for a methodological rethink. Entrepreneurship Theory & Practice, 23, 31-56.
    • (1998) Entrepreneurship Theory & Practice , vol.23 , pp. 31-56
    • Westhead, P.1    Cowling, M.2
  • 63
    • 77955906190 scopus 로고    scopus 로고
    • The impact of controlling families and family CEOs on earnings management
    • Yang, M.-L. (2010). The impact of controlling families and family CEOs on earnings management. Family Business Review, 23, 266-279.
    • (2010) Family Business Review , vol.23 , pp. 266-279
    • Yang, M.-L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.