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Document type:
Diplomarbeit 
Author(s):
Grossmann, Martin 
Title:
M&A Activity of German Family Firms 
Abstract:
This thesis studies the propensity of family firms to engage in mergers and acquisitions (M&A). Based on a literature review the main hypotheses are deduced. We believe that family firms are less active in M&A, especially concerning M&A in businesses unrelated to the family?s existing business activities. In the empirical section of the thesis, the hypotheses are tested using a logistic regression model with several control variables. Data on M&A deals from 1996 until 2007 for a company universe of 660 publicly listed family and non-family firms is collected to create the dependant variable of that model. The initial results show that the family firm indicator has a positive influence on a company?s M&A propensity. However, robustness tests reveal that this effect is not stable over time. Much of the family firm surplus can be attributed to certain years in which a higher variance within the family firm cluster is also observed. A further variable for companies of the New Economy might explain this observation and could lead to more stable results. 
Advisor:
Prof. Dr. Rudi Zagst 
Referee:
Prof. Dr. Christoph Kaserer 
Year:
2009 
Language:
en 
University:
Technische Universität München 
Faculty:
Fakultät für Mathematik 
Format:
Text