عنوان انگلیسی مقاله:

Cash Holdings, Use of Debt and Dividend Structure of Family Firms

ترجمه عنوان مقاله: ساختار نگهداشت وجه نقد، استفاده از بدهی و تقسیم سود در بنگاه های خانوادگی

رشته: مالی و حسابداری

سال انتشار: 2015

تعداد صفحات مقاله انگلیسی: 10 صفحه

منبع: American Journal of Economics and Business Administration

نوع فایل: pdf

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Abstract

In this study we examine the relation between firm’s financial structure and family ownership. We develop a theoretical model of the precautionary cash holdings. Our empirical results show that the fraction of a company’s shares that are held by the founding family members or their descendants influences the use of cash and equivalents, dividend policy and debt structure of a firm. Our results are robust to different estimation methods and alternative model specifications. We find that family firms tend to rely less on long-term debt financing, pay fewer dividends and carry higher precautionary cash balances.

Keywords: Family Firms, Cash Holdings, Financial Structure

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