Understanding Family Firm Intentions to Use Private Equity: A Theory of Planned Behaviour Perspective

IF 2 4区管理学 Q3 BUSINESS

Entrepreneurship Research Journal Pub Date : 2022-11-09 DOI:10.1515/erj-2022-0019

Chris Graves, P. Seet, Anneleen Michiels

引用次数: 2

Abstract

Abstract Although past research suggests that family firms are less likely to use private equity (PE) financing, further research is required to identify the underlying reasons for such behaviour. Using the theory of planned behaviour and based on the analysis of data collected from 254 family firms, we identify the factors that explain a family firm’s intentions to use PE. Family owners are more likely to plan to use PE when they have a favourable attitude toward PE, their intended succession strategy involves relinquishing control by selling the business sometime in the future, and they have a good understanding of PE.

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理解家族企业利用私募股权的意图:一个计划行为视角的理论

虽然过去的研究表明，家族企业不太可能使用私募股权融资，但需要进一步的研究来确定这种行为的潜在原因。运用计划行为理论，基于对254家家族企业的数据分析，我们确定了家族企业有意使用私募股权的因素。当家族所有者对私募股权持积极态度时，他们更有可能计划使用私募股权，他们的预期继任策略包括在未来某个时候通过出售企业放弃控制权，并且他们对私募股权有很好的理解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Entrepreneurship Research Journal BUSINESS-

CiteScore

4.50

自引率

21.10%

发文量

期刊介绍： Entrepreneurship Research Journal (ERJ) was launched with an Inaugural Issue in 2011. Professor Ramona Zachary at Baruch College and Professor Chandra Mishra at Florida Atlantic University introduce a new forum for scholarly discussion on entrepreneurs and their activities, contexts, processes, strategies, and outcomes. Positioned as the premier new research journal within the field of entrepreneurship, ERJ seeks to encourage a scholarly exchange between researchers from any field of study who focus on entrepreneurs, and will include both theoretical and empirical articles, with priority being given to high quality theoretical and empirical papers that have managerial or public policy orientation as well as ramifications for entrepreneurship research overall. Topics: -Research Modeling, Design, and Methods: entrepreneurship theories and conceptualizations, entrepreneurship research methods. -The Individuals-Opportunities-Resources Nexus: nascent entrepreneurs, opportunity recognition, drivers of value creation, and emergence, innovation and technology entrepreneurs, entrepreneurial risk and reward, entrepreneurial cognition and behavior. -Inclusive of Near Environments: family entrepreneurship, networks, teams and alliances, venture capital and angel investor groups, entrepreneurial communities, hubs, clusters and public policy, social entrepreneurship. -Distinct Entrepreneurial Stage or Setting: entrepreneurial growth and strategy, boards, governance and leadership, corporate entrepreneurship, international and emerging market entrepreneurship.