Family Ownership Dispersion and Dividend Payout in Family Firms

被引：20

作者：

Miller, Danny ^{[1
]}

Amore, Mario Daniele ^{[2
]}

Quarato, Fabio ^{[2
]}

Corbetta, Guido ^{[2
]}

机构：

[1] HEC Montreal, 3000 Ch Cote St Catherine, Montreal, PQ H3T 2A7, Canada

[2] Bocconi Univ, Dept Management & Technol, Via Roentgen 1, I-20136 Milan, Italy

来源：

JOURNAL OF FAMILY BUSINESS STRATEGY | 2022年 / 13卷 / 03期

关键词：

Family Firms; Dividends; Equity; Family Leadership; Growth; SOCIOEMOTIONAL WEALTH; GOVERNANCE; AGENCY; STEWARDSHIP; POLICY; PERFORMANCE; BUSINESS; DEBT;

D O I：

10.1016/j.jfbs.2021.100436

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Dividends are an important means of paying shareholders. At the same time, dividends can drain resources useful to grow the business. Focusing on privately-owned family firms, we argue that an important and unexplored feature driving dividend payout is the dispersion of equity shares among family members. Due to potential differences in family owners' priorities, we hypothesize that equity dispersion is positively associated with dividends. This relationship, however, is weaker for firms led by a family member, first-generation firms, and firms in uncertain industry contexts. Our empirical analysis supports these hypotheses.

引用

页数：7

共 42 条

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