title={Value of Control in Family Firms: Evidence from Mergers and Acquisitions},
author={Nihat Aktas and Santo Centineo and Ettore Croci},
journal={Multinational Finance Journal},
publisher={Multinational Finance Society; Global Business Publications},
keywords={family firms; leverage; control motives; acquisitions},
abstract={This article studies European acquisitions in the period 1990-2013 to examine the relationship between family ownership and the propensity to undertake diversifying acquisitions. We show that family firms, especially those highly leveraged, tend to make more cross-industry acquisitions as this allows the owners to effectively diversify their wealth without selling their shares. Our results also indicate that family firms that value control high (i.e., family firms with high leverage) appear not to diversify at the detriment of minority shareholders..},