Socioemotional wealth and IPO underpricing of family firms
作者： Max P. Leitterstorf , Sabine B. Rau
DOI: 10.1002/SMJ.2236
关键词: Demographic economics 、 Sample (statistics) 、 Initial public offering 、 Socioemotional selectivity theory 、 Order (exchange) 、 Commerce 、 Business 、 Position (finance)
摘要: Socioemotional wealth (SEW), i.e., the noneconomic utility a family derives from its ownership position in firm, is primary reference point for firms. Family firms are willing to sacrifice economic gains order preserve their utility. Thus, we argue that IPO proceeds by choosing higher underpricing than nonfamily if helps them protect SEW. Our empirical results, based on sample of 153 German IPOs, support our hypothesis. On average, have 10?percentage points more
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