We analyze the propensity to hedge of closely-held family firms and the effect of a CEO's identity in explaining hedging decisions. We find that family involvement in CEO positions positively affects the likelihood of hedging. The effect is stronger when the CEO belongs to the founding family,...

From the agency perspective, literature studying links between investor protection and governance profiles argues that family is more disposed than other shareholders to divert private benefits in countries with a poor legal framework: the question is empirically puzzling. From the stewardship...

We analyze the propensity to hedge of closely-held family firms and the effect of a CEO's identity in explaining hedging decisions. We find that family involvement in CEO positions positively affects the likelihood of hedging. The effect is stronger when the CEO belongs to the founding family,...