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The influence of family and institutional ownership on merger & acquisition investments and the role of corporate entrepreneurship
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This study draws on a sample of 108 private and publicly listed German companies that
completed at least one M&A deal in 2007-2015. Thereby it investigates the difference
between the degree of family and institutional ownership and its respective influence on
corporate strategic investment decisions, specifically focusing on merger and acquisition
(M&A) investments. Furthermore, based on previous research, revealing similar innovative
characteristics and benefits of corporate entrepreneurship and M&As, this study investigates
how corporate entrepreneurship moderates the aforementioned relationships respectively.
Thereby the study strives to ascertain whether both corporate entrepreneurship and M&As are
either mutually exclusive or co-existing in corporations. Eventually, the results suggest no
significant relationship between family ownership and the degree of M&A investments.
Additional investigations further reveal that a family’s supplementary involvement in the
corporate management board neither constitutes a significant negative moderation. In other
words, this means that the relationship is not negatively amplified when family members have
a majority ownership stake in the company while simultaneously operating in the corporate
management board likewise. Contrary to the generally assumed paradigm of institutional
investors’ passive behavior in strategic decision matters, their increasing ownership stakes
negatively influence the degree of M&A investments. Furthermore, corporate
entrepreneurship, measured in terms of R&D intensity and patents, reveals incoherent but
significant findings and thereby illustrates its widespread influencing components in different
corporate settings. In particular, R&D intensity negatively moderates the relationship between
family ownership and M&A investments but constitutes no significant moderation on the
relationship with institutional ownership. Patents, however, moderate the relationship with
family ownership positively, while having a negative moderating effect on the relationship
between institutional ownership and the degree of M&A investments.
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Family ownership Institutional ownership Merger & acquisition Corporate entrepreneurship Patents Family management Research & development