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Do Family Firm Sellers Consider Stewardship in M&A Decisions?

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Listed:
  • Yuichiro KUBO
  • Tomohito HONDA
  • Hirofumi UCHIDA

Abstract

This study examines whether, when acting as sellers in M&A transactions, privately held firms set sales conditions and make buyer selection decisions that reflect stewardship considerations. Using unique data on M&A involving privately held small and medium-sized enterprises (SMEs), our analysis reveals that many set sales conditions which reflect their preferences for stewardship-orientation. However, we do not find that family firms are more likely to do so, nor to select buyers with less informational asymmetry, than non-family firms. These findings indicate that in M&A transactions, privately held firms behave as suggested by stewardship theory, but there are no significant differences between family and non-family firms.

Suggested Citation

  • Yuichiro KUBO & Tomohito HONDA & Hirofumi UCHIDA, 2026. "Do Family Firm Sellers Consider Stewardship in M&A Decisions?," Discussion papers 26006, Research Institute of Economy, Trade and Industry (RIETI).
    • Handle: RePEc:eti:dpaper:26006
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    References listed on IDEAS

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