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Although technological acquisitions have attracted much attention as a prominent means of open innovation that allows firms to complement internal innovation, their shareholder value creation effects should be influenced by whether the acquiring family businesses can successfully realize technological synergies. Thus, the purpose of this paper is to investigate whether market participants perceive family businesses to create more value when undertaking technological acquisitions. Using a sample of 614 acquisitions by 71 family businesses between 2000 and 2014 in South Korea, an event study methodology is adopted. Empirical analysis yields strong support for the prediction that the stock market does not perceive family businesses to be able to create superior synergy through technological acquisitions compared to when they undertake nontechnological acquisitions. The competitive landscape also has implications for the shareholder value creation effects of technological acquisitions by family businesses. Overall, the findings of this paper provide insight into the shareholder wealth implications of technological acquisitions undertaken by family businesses.

Sustaining the Family Business through Open Innovation: The Role of Technological Acquisitions in Shareholder Value Creation