文章基本信息

标题：Cash Holdings, Use of Debt and Dividend Structure of Family Firms
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作者：Elena Smirnova ; Sirousse Tabriztchi ; Cary Lange 等
期刊名称：American Journal of Economics and Business Administration
印刷版ISSN：1945-5488
电子版ISSN：1945-5496
卷号：7
期号：1
页码：1-10
DOI：10.3844/ajebasp.2015.1.10
出版社：Science Publications
摘要：Inthis study we examine the relation between firm’s financial structure andfamily ownership. We develop a theoretical model of the precautionary cashholdings. Our empirical results show that the fraction of a company’s sharesthat are held by the founding family members or their descendants influencesthe use of cash and equivalents, dividend policy and debt structure of a firm.Our results are robust to different estimation methods and alternative modelspecifications. We find that family firms tend to rely less on long-term debtfinancing, pay fewer dividends and carry higher precautionary cash balances.
关键词：Family Firms; Cash Holdings; Financial Structure