L’hétérogénéité des investisseurs institutionnels et la détention d’actifs liquides: Effet modérateur du contrôle familial

Afef Slama, Faten Lakhal and Ramzi Benkraiem
Additional contact information
Ramzi Benkraiem: Audencia Business School

Post-Print from HAL

Abstract: The purpose of this study is to examine the effect of the presence of institutional investors (II) on the level of cash holding in a context of family ownership. Empirical results reveal that IIs with a long-term investment horizon and majority ownership are better able to control and limit cash holding accumulation. However, a passive investment behavior from these II leads managers to favor their private interests and thus extract rents from high cash hoarding. The results also show that family control can moderate institutional activism and amplifies the passivity of these investors. Indeed, family firms may favor a coalition of control with passive IIs to facilitate the expropriation of minority shareholders' interests and weaken the power of active IIs.

Keywords: Investisseurs institutionnels; détention d’actifs liquides; actionnariat familial; hétérogénéité. (search for similar items in EconPapers)
Date: 2023-11
Note: View the original document on HAL open archive server: https://hal.science/hal-04434302
References: Add references at CitEc
Citations:

Published in Management international = International management = Gestión internacional, 2023, 27 (5), pp.162-177. ⟨10.59876/a-mf8r-5xqa⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04434302

DOI: 10.59876/a-mf8r-5xqa

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().