How Much Am I Expected to Pay for My Parents’ Firm? An Institutional Logics Perspective on Family Discounts
研究接班人购买父母公司时预期的家庭折扣，发现家庭凝聚力增加折扣预期，而害怕失败和家族股权比例降低折扣预期，商科教育会削弱这些影响，平均折扣为57%。
Recent evidence suggests that successors do not simply inherit their parents’ firm, but have to pay a certain price. Building on institutional logics literature, we explore successors’ family discount expectations, defined as the rebate expected from parents in comparison to nonfamily buyers when assuming control of the firm. We find that family cohesion increases discount expectations, while successors’ fear of failure and family equity stake in the firm decrease discount expectations. Higher education in business or economics weakens these effects. On average, in our study comprised of 16 countries, successors expect a 57% family discount.