Socioemotional wealth and IPO underpricing of family firms
研究发现家族企业为保护社会情感财富，愿意牺牲经济利益，选择比非家族企业更高的IPO抑价，平均高出10个百分点。
Socioemotional wealth ( SEW ), i.e., the noneconomic utility a family derives from its ownership position in a firm, is the primary reference point for family firms. Family firms are willing to sacrifice economic gains in order to preserve their noneconomic utility. Thus, we argue that family firms sacrifice IPO proceeds by choosing higher IPO underpricing than nonfamily firms if underpricing helps them protect their SEW . Our empirical results, based on a sample of 153 G erman IPO s, support our hypothesis. On average, family firms have 10 percentage points more IPO underpricing than nonfamily firms. Copyright © 2014 John Wiley & Sons, Ltd.