The aim of this article is to investigate whether family control, family management and family ownership concentration affect the investment-cash flow sensitivity of small- and medium-sized enterprises (SMEs). By analysing a sample of Italian SMEs for the period 2004–2013, I find that family-owned businesses are significantly associated with higher investment-cash flow dependence. This relation, however, is found to be driven by two distinct factors: (i) the presence of a highly concentrated family ownership (ownership concentration channel) and (ii) the active involvement of the family in the business (family management channel).
Does family ownership structure affect investment-cash flow sensitivity? Evidence from Italian SMEs / Peruzzi, V.. - In: APPLIED ECONOMICS. - ISSN 0003-6846. - 49:43(2017), pp. 4378-4393. [10.1080/00036846.2017.1282147]
Does family ownership structure affect investment-cash flow sensitivity? Evidence from Italian SMEs
Peruzzi V.
2017
Abstract
The aim of this article is to investigate whether family control, family management and family ownership concentration affect the investment-cash flow sensitivity of small- and medium-sized enterprises (SMEs). By analysing a sample of Italian SMEs for the period 2004–2013, I find that family-owned businesses are significantly associated with higher investment-cash flow dependence. This relation, however, is found to be driven by two distinct factors: (i) the presence of a highly concentrated family ownership (ownership concentration channel) and (ii) the active involvement of the family in the business (family management channel).File | Dimensione | Formato | |
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