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

Yuichiro Kubo, Tomohito Honda and Hirofumi Uchida

Discussion papers from Research Institute of Economy, Trade and Industry (RIETI)

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.

Pages: 25 pages
Date: 2026-01
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Persistent link: https://EconPapers.repec.org/RePEc:eti:dpaper:26006

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