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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چکیده مقاله

چکیده انگلیسی مقاله ساختار نگهداشت وجه نقد

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

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

مقدمه انگلیسی مقاله ساختار نگهداشت وجه نقد

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

Family firms present an interesting platform for academic research. Prior research has, in large part, provided evidence suggesting that the presence of founding family members as stakeholders and in management is an efficient and profitable ownership structure. Extant literature has found evidence consistent with family firms creating value when the founder servesas CEO or Chairman, that family firms perform better than their non-family counterparts as measured by both accounting and market measures, enjoy a lower cost of debt, have better earnings quality and lower abnormal earnings, among other traits

Agency theory establishes that, in a relationship where one party (the principal), has engaged another party (the agent), to perform some service or function on his behalf, conflicts can arise because of the differing interests of the parties involved in the contract (Jensen and Meckling, 1976). One of the characteristics of publicly traded corporations is the separation of ownership and control that can give rise to these agency conflicts (Jensen and Meckling, 1976; Demsetz and Lehn, 1985; Shleifer and Vishny, 1986).

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

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