TY - JOUR
T1 - How much am I expected to pay for my parents' firm? An institutional logics perspective on family discounts.
AU - Zellweger, Thomas
AU - Ganter, Melanie
AU - Sieger, Philipp
AU - Patel, Pankaj
PY - 2017/12/4
Y1 - 2017/12/4
N2 - Recent evidence suggests that successors do not simply inherit their parents’ firm, but have to pay a certain price. Building on institutional logics literature, we explore successors’ family discount expectations, defined as the rebate expected from parents in comparison to nonfamily buyers when assuming control of the firm. We find that family cohesion increases discount expectations, while successors’ fear of failure and family equity stake in the firm decrease discount expectations. Higher education in business or economics weakens these effects. On average, in our study comprised of 16 countries, successors expect a 57% family discount.
AB - Recent evidence suggests that successors do not simply inherit their parents’ firm, but have to pay a certain price. Building on institutional logics literature, we explore successors’ family discount expectations, defined as the rebate expected from parents in comparison to nonfamily buyers when assuming control of the firm. We find that family cohesion increases discount expectations, while successors’ fear of failure and family equity stake in the firm decrease discount expectations. Higher education in business or economics weakens these effects. On average, in our study comprised of 16 countries, successors expect a 57% family discount.
UR - https://www.alexandria.unisg.ch/239536/1/Family%20discount_final.pdf
U2 - 10.1111/etap.12161
DO - 10.1111/etap.12161
M3 - Article (Academic Journal)
VL - 40
SP - 1041
EP - 1069
JO - Entrepreneurship Theory and Practice
JF - Entrepreneurship Theory and Practice
SN - 1042-2587
IS - 5
ER -