Liu, Qigui; Luo, Tianpei; Tian, Gary Gang - In: Journal of Corporate Finance 31 (2015) C, pp. 220-245
This study examines the effect of family control on the cash holding policy in China. We find that family firms with excess control rights tend to have high cash holdings that are tunneled rather than being invested or paid to shareholders. We further show that the incentive for controlling...