Granata, Darya Chirico, Francesco 2010 This article sheds light on the valuation of family firms when compared with nonfamily firms as acquisition targets. The authors argue that although the majority of theoretical and empirical research explicitly recognizes the prevalence and superior performance of family firms around the world, acquiring companies tend to regard family firms as unprofessional and inefficient organizations, thus negatively affecting their valuation when compared with nonfamily firm targets. Overall, the authors’ empirical analysis, based on a matched-pairs methodology and use of multiples, shows that acquiring companies favor the stagnation perspective rather than the stewardship perspective and thus pay less (i.e., acquire at a discount) for a family firm target than for a nonfamily firm target. application/pdf https://susi.usi.ch/global/documents/318566 https://n2t.net/ark:/12658/srd1318566 https://susi.usi.ch/documents/318566/files/chirico_FBR_2010.pdf eng info:eu-repo/semantics/altIdentifier/doi/10.1177/0894486510386367 info:eu-repo/semantics/altIdentifier/ark/12658/srd1318566 info:eu-repo/semantics/openAccess License undefined Family business review. - Sage. - 2010, vol. 23, no. 4, p. 341-354 Acquisition family firms’ valuation acquirers’ perception matched-pairs methodology EBIT and EBITDA multiples info:eu-repo/classification/udc/33 Measures of value in acquisitions : family versus nonfamily firms http://purl.org/coar/resource_type/c_6501