Do Family Firms Have Higher or Lower Deal Valuations? A Contextual Analysis
基于2003-2016年标普500公司515笔交易数据，研究家族企业的社会情感财富如何影响收购估值，发现与非家族企业相比，家族企业因国际化视角等因素对目标公司估值存在差异，且创始人与后代董事长的社会情感财富感知不同。
How does the socioemotional wealth (SEW) of a family firm affect its deal valuation in acquisition? Using a sample of 515 completed transactions of S&P 500 firms over the period 2003–2016, we examine a number of contexts and find that SEW creates differential valuations of targets by family firms vis-à-vis non-family firms. Particularly from an internationalization perspective, acquisitions may be an ideal option for family firms because foreign acquisitions may be loosely coupled from the core firm. Post-hoc analyses on the heterogeneity in family governance reveal that founder and descendant board chairs may have different perceptions of SEW.