家族企业的股权分散与股利支付

IF 9.5 1区管理学 Q1 BUSINESS

Journal of Family Business Strategy Pub Date : 2022-09-01 DOI:10.1016/j.jfbs.2021.100436

Danny Miller , Mario Daniele Amore , Fabio Quarato , Guido Corbetta

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引用次数: 7

摘要

股息是支付股东的重要手段。与此同时，股息可能会耗尽对业务增长有用的资源。以私营家族企业为研究对象，我们认为驱动股息支付的一个重要且未被探索的特征是家族成员之间股权的分散。由于家族所有者优先级的潜在差异，我们假设股权分散与股息呈正相关。然而，对于由家族成员领导的企业、第一代企业和处于不确定行业背景下的企业，这种关系较弱。我们的实证分析支持这些假设。

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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Family Ownership Dispersion and Dividend Payout in Family Firms

Dividends are an important means of paying shareholders. At the same time, dividends can drain resources useful to grow the business. Focusing on privately-owned family firms, we argue that an important and unexplored feature driving dividend payout is the dispersion of equity shares among family members. Due to potential differences in family owners’ priorities, we hypothesize that equity dispersion is positively associated with dividends. This relationship, however, is weaker for firms led by a family member, first-generation firms, and firms in uncertain industry contexts. Our empirical analysis supports these hypotheses.

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来源期刊

Journal of Family Business Strategy Multiple-

CiteScore

11.40

自引率

19.40%

发文量

期刊介绍： The Journal of Family Business Strategy takes an international perspective, providing a platform for research that advances our understanding of family businesses. Welcoming submissions across various dimensions, the journal explores the intricate interplay between family dynamics and business operations, contributing new insights to this specialized field.