CORPORATE INVESTMENT POLICY IN THE CONTEXT OF FAMILY FIRMS

Elisabete F. Simoes Vieira
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Elisabete F. Simoes Vieira: University of Aveiro, Portugal

Journal of Applied Management and Investments, 2012, vol. 1, issue 4, 450-458

Abstract: This paper studies the impact of family-controlled firms on firms’ investment policy considering the 1999-2010 period. The results indicate that changes in firms’ investments are sensitive to internal resources, suggesting that corporate investments are constrained by internal liquidity. Comparing the family and the non-family firms’ results, we conclude that the investment cash flow sensitivity is higher for family con-trolled firms than for non-family counterparts, finding also some evidence that family firms’ corporate investment is more negatively related to crisis than non-family investments. During crisis period, family firms take a more conservative investment policy.

Keywords: investment policy; family firms; panel data (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ods:journl:v:1:y:2012:i:4:p:450-458

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