Is it All About Money? – Affective Commitment and the Difference Between Family and Non‐family Sellers in Buyouts
研究私募股权公司如何感知卖家在收购交易中的情感承诺，发现信任、目标一致和声誉是重要因素，且家族与非家族卖家的影响不同。
In this paper we investigate private equity firm perceptions of sellers’ affective deal commitment in buyout transactions. Using a sample of 174 buyouts, we test trust, goal congruence and private equity reputation as potential antecedents of perceived deal commitment. We also examine whether and how different types of sellers, family versus non‐family firms, moderate sources of perceived affective deal commitment. In sum, we find evidence that non‐financial factors play a role in buyouts, particularly for family firm sellers.