Ellul, Andrew; Pagano, Marco; Panunzi, Fausto - Istituto Einaudi per l'Economia e la Finanza (EIEF) - 2009
Entrepreneurs may be legally bound to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law...