Panunzi, Fausto; Ellul, Andrew; Pagano, Marco - 2009
Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this … purpose-built indicator of the permissiveness of inheritance law and data for 10,245 firms from 32 countries over the 1990 …-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment …