This research investigates whether the presence of controlling founders and families has significant impact on the level of cash holdings, and their implications on firm value. The agency cost of cash holdings in founder firms is arguably less severe than family firms, due to founders' economic...

This paper investigates the effects of funding from family and friends (i.e. informal funding) on start-ups' subsequent access to venture capital. We retrieve information on young U.S. firms' financing activity from a novel dataset based on private placements filings (Form Ds). To address...

This paper examines whether the financial strategies of family firms in Japan differ from those of non-family firms, and whether financial strategies affect the relationship between family involvement and firm performance. Based on a dataset of 3,559 firms and 65,608 firm-year observations, our...