Объявления о сделках слияния и поглощения семейных фирм и их влияние на реакцию фондового рынка

This Bachelor’s paper analyzes the performances of mergers and acquisitions of family firms in the period from 1997 to 2018, as well as the reaction of the securities market to this transaction. The sample consists of 1099 observations, among which there are both family-owned and non-family-owned enterprises, where the acquirer is a public American company, and the family-owned firm is private and the target for absorption. The factors explaining the announcement period abnormal returns are the nature of the transaction, the method of payment for the transaction, financial indicators, the relative size of the transaction and a variable explaining the 2007 financial crisis. The results of the work clearly demonstrate that the fact that the company is a family has a positive effect on the variable being explained. All 8 models presented in this work show significance of the family variable. Moreover, it was proven that acquirer will choose to merge with the company from the same sector, despite the fact that conglomerate takeovers are more preferable to stakeholders due to lower cost of debt and portfolio diversification. Ideas presented in previous findings about Financial Crisis have been confirmed since it negatively affected the stock price. Finally, the results suggest that cross-border purchase is undesirable and guarantees decrease in announcement period abnormal returns for the all models presented.