Acquisition activity: do firm age and family control matter?
摘要
This article examines the relationship between firm age and acquisition activity and how family and non-family firms differ in the number of acquisitions they undertake. Inspired by previous research requiring firm age as a focal aspect and literature studying the antecedents of acquisitions, we draw on the SEW perspective to test our hypotheses based on the analysis of the acquisition activity of Asia-Pacific public firms. Our empirical findings support a U-shaped relationship between firm age and acquisition activity. Moreover, the findings reveal that family firms engage in fewer acquisitions than non-family firms irrespective of the age of the firm.