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Nadine Kammerlander
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Publication"I want this firm to be in good hands:" Emotional pricing of resigning entrepreneursGiven the importance of non-economic considerations throughout the entrepreneurial life cycle, I aim to investigate the drivers of owner-managers' "emotional pricing" when they wish to sell their firms to successors. Emotional pricing thereby denotes those elements of the owner-managers' price expectations that cannot be traced back to economic considerations. Building on arguments from behavioral finance, I hypothesize that "emotional pricing," which in this study reflects owner-managers' willingness to sell the firm at a discount, is driven by the reluctance to lose access to information about the firm and to lose influence on the firm, and by an aversion to putting the firm's future at risk. In particular, I argue that a long-term relationship between an owner-manager and a firm, a familiar relationship between an owner-manager and a successor, and situational contingencies-especially unsatisfactory firm performance-increase the owner-manager's emotional-pricing component. I test the hypotheses using a sample of 1,354 owner-managers of Swiss SMEs, who provided their views on their exit intentions. I subsequently compare those results to 455 actual ownership transfers involving Swiss SMEs.Type: journal articleJournal: International Small Business JournalVolume: 2014Issue: in press
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PublicationType: conference paper
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PublicationErfolgsfaktoren für Schweizer KMU : Unternehmensnachfolge in der Praxis(Credit Suisse, 2013)
;Christen, Andreas ;Künzi, Damian ;Merki, ManuelaType: work report -
PublicationFacteurs de succès pour PME suisses : La succession d'entreprise dans la pratique(Credit Suisse, 2013)
;Christen, Andreas ;Künzi, Damian ;Merki, ManuelaType: work report -
PublicationFattori di successo per PMI svizzere : La successione aziendale nell'esperienza pratica(Credit Suisse, 2013)
;Christen, Andreas ;Künzi, Damian ;Merki, ManuelaType: work report -
PublicationSuccess Factors for Swiss SMEs : Company Succession in Practice(Credit Suisse, 2013)
;Christen, Andreas ;Künzi, Damian ;Merki, ManuelaAchieving success and competitiveness requires constant effort - on the part of individual companies as well as the Swiss economy as a whole. This study, which is based on a representative survey of more than 2,000 Swiss SMEs, contributes to the debate on Switzerland's sustainable success as an economic center and examines the current political direction from an SME perspective. As part of this year's focal theme of company succession, we additionally examine how SMEs pass on their businesses and successful formulas to the upcoming generation of entrepreneurs and look at which factors play an important role in ensuring that the handover goes as smoothly as possible in practice.Type: work report -
PublicationType: work report
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