Inheritance Law and Investment in Family Firms

被引：94

作者：

Ellul, Andrew ^{[1
]}

Pagano, Marco ^{[2
]}

Panunzi, Fausto ^{[3
]}

机构：

[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

[2] Univ Naples Federico II, Dept Econ, I-80126 Naples, Italy

[3] Bocconi Univ, Dept Econ, I-20136 Milan, Italy

来源：

AMERICAN ECONOMIC REVIEW | 2010年 / 100卷 / 05期

关键词：

CORPORATE-OWNERSHIP; DECISIONS;

D O I：

10.1257/aer.100.5.2414

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Entrepreneurs may be legally bound to bequeath a minimal stake to noncontrolling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law and data for 10,004 firms from 38 countries in 1990-2006, we find that stricter inheritance law is associated with lower investment in family firms but does not affect investment in nonfamily firms. Moreover, as the model predicts, inheritance law affects investment only in family firms that experience a succession. (JEL G31, G32, K22, L26, O17).

引用

页码：2414 / 2450

页数：37

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