Family Firms as Global Acquirers, evidence from Italian Family Firms in Cross-Border M&As

This thesis investigates whether Italian family firms exhibit systematically different behaviors compared to non-family firms in cross-border M&A operations. Specifically, it analyzes three key dimensions: acquisition propensity, underlying strategic logic, and post-acquisition performance. The main research questions focus on identifying whether significant differences exist between family and non-family firms in these areas, and what factors explain them. Unlike most of the existing literature, which emphasizes family firms as acquisition targets, this study shifts the perspective to explore their role as international acquirers. The goal is to highlight their distinctive traits, strategic constraints, and competitive advantages that shape both their decisions and outcomes in the context of global expansion.

Questa tesi indaga se le imprese familiari italiane adottino comportamenti sistematicamente diversi rispetto alle imprese non familiari nelle operazioni di M&A transfrontaliere. In particolare, si analizzano tre dimensioni chiave: la propensione all’acquisizione, la logica strategica sottostante e la performance post-acquisizione. Le domande di ricerca principali riguardano l’esistenza di differenze significative tra imprese familiari e non familiari in questi ambiti, e l’identificazione dei fattori che ne spiegano le cause. A differenza della letteratura prevalente, focalizzata sulle imprese familiari come target, questa tesi si concentra sul loro ruolo attivo come acquirenti internazionali, con l’obiettivo di far emergere caratteristiche distintive, vincoli e vantaggi competitivi che influenzano le loro scelte strategiche e i risultati ottenuti.