Rate of substitution between economic and socioemotional wealth in family firm IPO underpricing

Signori, Andrea and Kotlar, Josip and De Massis, Alfredo and Vismara, Silvio (2015) Rate of substitution between economic and socioemotional wealth in family firm IPO underpricing. Academy of Management Best Paper Proceedings, 2015: 12090.

Abstract

This study investigates differences in IPO underpricing between family and nonfamily firms. Using a sample of 1,743 IPOs occurring in seven European countries from 1995 to 2011, we show that the relationship between family firm status and IPO underpricing is contingent on the degree of share retention.