‘I want this firm to be in good hands’: Emotional pricing of resigning entrepreneurs
研究了企业主出售公司时，因情感因素（如不愿失去信息、影响或担心公司未来）而愿意打折出售的定价行为，基于1354位瑞士中小企业主的调查和455次实际转让数据。
Given the importance of non-economic considerations throughout the entrepreneurial life cycle, I aim to investigate the drivers of owner-managers’ ‘emotional pricing’ when they wish to sell their firms to successors. Emotional pricing thereby denotes those elements of the owner-managers’ price expectations that cannot be traced to economic considerations. Building on arguments from behavioral finance, I hypothesize that ‘emotional pricing’, which in this study reflects owner-managers’ willingness to sell the firm at a discount, is driven by the reluctance to lose access to information about the firm and to lose influence on the firm, and by an aversion to putting the firm’s future at risk. In particular, I argue that a long-term relationship between an owner-manager and a firm, a familiar relationship between an owner-manager and a successor, and situational contingencies – especially unsatisfactory firm performance – increase the owner-manager’s emotional-pricing component. I test the hypotheses using a sample of 1354 owner-managers of Swiss small and medium-sized enterprises (SMEs), who provided their views on their exit intentions. I subsequently compare those results to 455 actual ownership transfers involving Swiss SMEs.