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) family firms are considered to be the backbone of the economy. We find that family firms have significantly lower leverage … ratios than non-family firms, independent of the definition of leverage applied. Among the three dimensions of a family firm …, management board involvement by the founding family has a consistently negative influence on leverage across all our models. In …
Persistent link: https://www.econbiz.de/10009219898
Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in particular founding families, affect payout policy decisions....
Persistent link: https://www.econbiz.de/10010305703
) family firms are considered to be the backbone of the economy. We find that family firms have significantly lower leverage … ratios than non-family firms, independent of the definition of leverage applied. Among the three dimensions of a family firm …, management board involvement by the founding family has a consistently negative influence on leverage across all our models. In …
Persistent link: https://www.econbiz.de/10003858192
This study investigates the relationship between family ownership, agency costs, financial performance, and companies' business strategies. The targeted population of this study were all 143 manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2007-2014. About 31% (45) of...
Persistent link: https://www.econbiz.de/10012019037
Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in particular founding families, affect payout policy decisions....
Persistent link: https://www.econbiz.de/10009219936
Using nationally representative Norwegian data we show family-owned workplaces are less likely to close than observationally similar non-family-owned workplaces. But this changed during the Crisis when the family businesses' closure hazard soared. This hike in 2009 was not related to performance...
Persistent link: https://www.econbiz.de/10011457366
We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in agency conflicts are largely due to differences in...
Persistent link: https://www.econbiz.de/10011410744
We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...
Persistent link: https://www.econbiz.de/10003919605
This paper analyses the effect of family ownership and the characteristics of the board of directors on the implementation level of enterprise risk management (ERM) in Spanish non-financial companies. The sample consists of 162 Spanish non-financial companies listed on Spanish stock exchanges...
Persistent link: https://www.econbiz.de/10012318775
The purpose of this study is to investigate the impact of control structures on the value of family-controlled firms in Turkiye, an emerging market. Turkish firms are usually affiliated with family-controlled business groups. Families control business group firms through pyramid structures and...
Persistent link: https://www.econbiz.de/10014383516