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.

中文翻译：

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家族企业为何以及如何上市？首次公开募股的社会情感财富视角


本研究调查了家族企业通过首次公开募股 (IPO) 上市的原因和方式，并探讨了家族企业的独特特征如何影响特定的 IPO 行为。结果表明，家族企业面临IPO的三种路径——闪耀、延续和挑战。家族IPO公司强调控制、识别和继承（闪耀）；关注家族社会资本、对利益相关者的责任以及家族企业身份（继续）；并强调控制、认同、新领导者的自我肯定和代际传递（挑战）。我们揭示了情感禀赋的复杂性——它是制定 IPO 决策的参考点，也是参与 IPO 过程的资源或约束。