Disentangling owners’ emotional determinants of the first-offer price for valuating small and medium-sized enterprises
研究中小企业主在出售企业时，其个人情感如何影响首次报价，并开发了一个量化情感影响的量表，帮助各方理解报价背后的心理因素。
In contrast to internal family succession, changes in ownership to nonfamily successors often mean that owners of small and medium-sized enterprises (SMEs) request a selling price. However, SME owners often subconsciously determine a first-offer price based on personal experiences and emotions with their firms. If the first-offer price deviates from the firm’s earnings value, company transactions likely fail. Research examines few emotional aspects of the first-offer price and lacks a measurement scale to quantify their influence. We develop this scale, the individual price indicator. The scale consolidates the emotional aspects from the literature based on 136 peer-reviewed articles and validates them in two qualitative studies (n = 4, n = 48) and two quantitative studies (n = 48, n = 495). This paper further offers a preliminary test of the new scale. In addition to owners of SMEs, the scale also helps successors, advisors, and other parties reflect on the owner’s rationale for a first-offer price.