| Registro completo |
| Provedor de dados: |
AgEcon
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| País: |
United States
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| Título: |
Inheritance Law and Investment in Family Firms
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| Autores: |
Panunzi, Fausto
Ellul, Andrew
Pagano, Marco
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| Data: |
2009-05-26
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| Ano: |
2009
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| Palavras-chave: |
Succession
Family Firms
Inheritance Law
Growth
Investment
Financial Economics
G32
|
| Resumo: |
Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling 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 10,245 firms from 32 countries over the 1990-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment unaffected in non-family firms. Moreover, as predicted by the model, inheritance law affects investment only in family firms that experience a succession.
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| Tipo: |
Working or Discussion Paper
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| Idioma: |
Inglês
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| Identificador: |
http://purl.umn.edu/50330
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| Relação: |
Fondazione Eni Enrico Mattei (FEEM)>Sustainable Development Papers
IM
6.2009
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| Formato: |
61
|
