 Two models of family firms in dividends and investments policyStefano Bresciani, Francesca Culasso, Elisa Giacosa and Laura Broccardo Global Business and Economics Review, 2016, vol. 18, issue 3/4, 320-343 Abstract: The purpose of our research is to verify the role of the family variable in the dividends policy and investments one, distinguishing family firms (FFs) and non-family firms (NFFs) and between large FFs (FFs listed in FTSE MIB index) and medium-sized FFs (FFs listed in STAR index), in terms of dividends and investments policies adopted. Medium-sized FFs have a weaker dividends distribution policy than large FFs, due to a high interest in saving the liquidity in order to finance the attractive investment opportunities. Large FFs are interested in a stronger dividends policy, in order to attract new shareholders and reward the old ones, more than with large NFFs. FFs have a stronger investments policy compared with NFFs and this difference is more evident in medium-sized companies. The medium-sized FF can take advantage of the power of the family to maintain a continuous growth and development of the business, even when liquidity is restricted. Keywords: family firms; family businesses; dividends policy; investment policy; liquidity; new shareholders; shareholder rewards; large companies; medium-sized companies. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:gbusec:v:18:y:2016:i:3/4:p:320-343 Access Statistics for this article More articles in Global Business and Economics Review from Inderscience Enterprises Ltd |
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