Why and How Do Family Firms Go Public? A Socioemotional Wealth Perspective of IPO
研究了家族企业通过IPO上市的动机和路径，发现三条路径（闪耀、延续、挑战），并揭示情感禀赋如何影响IPO决策和过程。
This study investigates why and how family firms go public via initial public offering (IPO) and explores how family firms’ distinctive traits contribute to specific IPO behavior. The results show that family firms face IPO following three paths— shine, continue, and challenge. Family IPO firms emphasize control, identification, and succession ( shine); focus on family social capital, responsibility toward stakeholders, and family business identity ( continue); and highlight control, identification, new leaders’ self-affirmation, and generational transfers ( challenge). We uncover the complexities of emotional endowment—a reference point for making IPO decisions and a resource or constraint to engage in the IPO process.