| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6977 |
| DP6977 Inheritance Law and Investment in Family Firms | |
| Marco Pagano; Fausto Panunzi; Andrew Ellul | |
| 发表日期 | 2008-09-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law and data for 10,245 firms from 32 countries over the 1990-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment unaffected in non-family firms. Moreover, as predicted by the model, inheritance laws affects investment only in family firms that experience a succession. |
| 主题 | Financial Economics |
| 关键词 | Family firms Inheritance law Investor protection |
| URL | https://cepr.org/publications/dp6977 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535814 |
| 推荐引用方式 GB/T 7714 | Marco Pagano,Fausto Panunzi,Andrew Ellul. DP6977 Inheritance Law and Investment in Family Firms. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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