家族企业现金持有量决定因素：智利的经验证据

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-01-19 DOI:10.1016/j.ememar.2025.101254

Carlos P. Maquieira , Orlando Llanos-Contreras , Jose Arias

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引用次数: 0

摘要

我们比较了家族企业和非家族企业的现金持有行为。我们研究了2005 - 2016年期间133家智利非金融上市公司。我们的证据与声誉（SEW）和代理理论的解释是一致的。家族企业的现金储备比非家族企业少。与非家族企业相比，所有权集中度较高的家族企业现金持有量较低。如果CEO是家族成员，结果就会得到强化。企业声誉较高的家族企业的现金持有量水平较低。在家族企业中，自由现金流与现金持有量之间没有显著的关系。企业价值与超额现金持有量呈负相关，但家族企业受到市场惩罚的程度小于非家族企业。与非家族企业相比，家族企业现金持有量的调整速度更快，这一结果证实了主要发现。

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Family-firms cash holdings determinants: Empirical evidence for Chile

We examine family firms' cash holdings behavior compared to non-family firms. We study 133 Chilean non-financial listed firms in the period 2005‐2016. Our evidence is consistent with reputational (SEW) and agency theory explanations. Family firms maintain less cash reserves than non-family firms. Family firms with higher ownership concentration show lower cash holdings compared to non-family firms. If the CEO is a family member, results are reinforced. Family firms with higher corporate reputation have lower levels of cash holdings. There is no evidence of significant relationship between free cash flow and cash holdings in family firms. Firm value is negatively related to excess cash holdings, but family firms are less punished by the market than non-family firms. Family firms show a higher speed of adjustment in cash holdings compare to non-family firms, result which confirms main findings.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.