Financial Wealth, Socioemotional Wealth, and IPO Underpricing in Family Firms: A Two-stage Gamble Model

There are competing theoretical explanations and conflicting empirical evidence for the initial public offering (IPO) underpricing phenomenon in family firms. The behavioral agency model predicts that loss-averse family firms discount their shares more than nonfamily firms to minimize losses of soci...

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Bibliographic Details
Published in:Academy of Management journal 2018-06, Vol.61 (3), p.1073-1099
Main Authors: Kotlar, Josip, Signori, Andrea, De Massis, Alfredo, Vismara, Silvio
Format: Article
Language:English
Subjects:
1995-2011
Companies
Decisions
Expectations
Families & family life
Family owned businesses
Initial public offerings
Owners
Preferences
Property
Prospect theory
Studies
Wealth
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