Original paper
Cash holdings in family firms: CEO identity and implications for firm value
Abstract
We investigate the cash holdings policy of family firms and examine potential value implications. Family firms hold more cash than other firms, with an average difference of 2.3% of total assets. This result is driven by firms managed by heir CEOs. While the cash holdings policy of first‐generation family firms is more sensitive to firm risk, consistent with founders’ increased risk aversion, that of later‐generation firms is more sensitive to...
Paper Details
Title
Cash holdings in family firms: CEO identity and implications for firm value
Published Date
Jul 23, 2019
Volume
26
Issue
2
Pages
386 - 415
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