Entry Timing as a Mixed Gamble in Cross-border Acquisition Waves: A study of Family Firms
研究了家族企业在跨境并购浪潮中如何权衡短期与长期的社会情感财富和财务得失，从而更倾向于早期进入，且创始人参与董事会和收购方业绩优异会强化这一倾向。
We draw upon the mixed gamble perspective to investigate the entry timing decisions made by family firms in the context of cross-border acquisition (CBA) waves. We argue that family-controlled firms trade-off short-term SEW and financial losses in favor of long-term SEW and financial gains, while moving early in CBA waves. Findings suggest that family-controlled firms have a higher preference for early movement compared with nonfamily-controlled firms. Further, we show that founder’s presence on the board and acquirer’s superior performance amplifies the mixed gamble trade-offs, thereby strengthening the relationship between family control and early movement within CBA waves.