CASH HOLDINGS OF SMALL PRIVATE FAMILY FIRMS: EVIDENCE ON THE EFFECT OF GENERATIONAL EVOLUTION

摘要：

We present empirical evidence on the cash holdings determinants in the under-researched context of private family firms. Results suggest that family firms diverging from the single-owner-managed firm hold higher cash levels which originates in higher shareholder-manager agency costs e.g. free riding of family insiders on the controlling owners equity using the firms free cash flows. Moreover, descendant-managed firms hold higher cash levels compared to founder-managed firms due to higher debt agency costs. The descendants potentially limited capacities and opportunistic behaviour may negatively affect the firms ability to repay bank loans, decreasing loan availability and increasing the need for cash holdings.

关键词： Cash holdings Agency costs Family firm Generation

作者: Tensie Steijvers Mervi Niskanen

作者单位: KIZOK, Hasselt University & FWO Flanders 3590 Diepenbeek-Belgium University of Kuopio PL 1627-70211 Kuopio Finland

会议类型: 国际会议

会议名称: Academy of Innovation and Entrepreneurship 2009(2009创新与创业国际学术会议)

会议地点: 北京

会议语种:英文

页码: 298-305

在线出版日期: 2009-07-16（万方平台首次上网日期，不代表论文的发表时间）