Change in Illiquidity of Family Firms with Institutional Pressure: Evidence from India

Q4 Business, Management and Accounting
A. Chakrabarti, K. Krishnan
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引用次数: 0

Abstract

This paper investigates the impact of the family business on illiquidity in an emerging market and how it evolves with regulatory changes. The study uses panel data multiple regression on a sample of 25,418 observations on 3,606 firms from India within nine years from 2006 to 2014. The study finds that family firms have significantly higher illiquidity compared to non-family firms. Moreover, family businesses have successfully resisted the institutional pressure to decrease illiquidity and have also defied these coercive pressures to increase the illiquidity of family businesses finally. The study also found heterogeneity in the behaviour of family businesses based on their ownership characteristics.
制度压力下家族企业流动性不足的变化:来自印度的证据
本文研究了新兴市场中家族企业对非流动性的影响,以及它如何随着监管变化而演变。该研究对2006年至2014年9年间对印度3606家公司进行的25418次观察样本进行了面板数据多元回归。研究发现,家族企业的非流动性显著高于非家族企业。此外,家族企业成功地抵制了减少非流动性的制度压力,也最终克服了这些增加家族企业非流动性的强制性压力。研究还发现,基于家族企业的所有权特征,家族企业的行为存在异质性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
American Business Review
American Business Review Business, Management and Accounting-Business, Management and Accounting (miscellaneous)
CiteScore
1.00
自引率
0.00%
发文量
13
审稿时长
8 weeks
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