Inheritance Law and Investment in Family Firms

被引：93

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

共 50 条

[41] Trade Secret Protection and R&D Investment of Family Firms
Hussinger, Katrin
Issah, Wunnam
[J]. FAMILY BUSINESS REVIEW, 2022, 35 (04) : 361 - 382
[42] Investment opportunities and R&D investments in family and nonfamily firms
Miroshnychenko, Ivan
Barontini, Roberto
De Massis, Alfredo
[J]. R & D MANAGEMENT, 2020, 50 (04) : 447 - 461
[43] Investment-Cash Flow Sensitivity in Family Owned Pakistani Firms
Khan, Muzammal
Shabbir, Muhammad Salman
Tahir, Muhammad Sohail
Ali, Rafaqet
Hussain, Mubeen
[J]. AMAZONIA INVESTIGA, 2019, 8 (19): : 376 - 386
[44] Early Patent Disclosure and R&D Investment in Family Firms
Hussinger, Katrin
Issah, Wunnam Basit
[J]. BRITISH JOURNAL OF MANAGEMENT, 2024, 35 (03) : 1580 - 1591
[45] Corporate governance and investment in East Asian firms-empirical analysis of family-controlled firms
Hanazaki, Masaharu
Liu, Qun
[J]. JOURNAL OF ASIAN ECONOMICS, 2007, 18 (01) : 76 - 97
[46] Inheritance Law and Inheritance Treatment
不详
[J]. NEW YORK UNIVERSITY LAW QUARTERLY REVIEW, 1932, 10 (02): : 265 - 265
[47] Islamic Family and Inheritance Law in the Arab Countries. Challenges and Reforms
Goudarzi-Gereke, Lara-Lauren
[J]. ZEITSCHRIFT DER DEUTSCHEN MORGENLANDISCHEN GESELLSCHAFT, 2022, 172 (01): : 213 - 215
[48] Law, land, and family: Aristocratic inheritance in England, 1300-1800
Broad, J
[J]. AGRICULTURAL HISTORY REVIEW, 1999, 47 : 215 - 215
[49] INHERITANCE IN 19th CENTURY FRANCE: THE LAW, THE FAMILY AND THE MARKET
Steiner, Philippe
[J]. REVUE ECONOMIQUE, 2008, 59 (01): : 75 - 97
[50] Islamic inheritance in Australia and family provision law: are Sharia wills valid?
Voyce, Malcolm
[J]. CONTEMPORARY ISLAM-DYNAMICS OF MUSLIM LIFE, 2018, 12 (03): : 251 - 266

← 1 2 3 4 5 →