Strings attached: Socioemotional wealth mixed gambles in the cash management choices of family firms

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.2021.100466

Domenico Rocco Cambrea , Yuliya Ponomareva , Daniel Pittino , Alessandro Minichilli

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引用次数: 9

Abstract

Family owners differ from other types of owners due to the presence of socioemotional wealth (SEW) concerns. We take a closer look at this distinctive aspect by examining the impact of family control and influence dimension of SEW on the cash management choices of family firms, conceptualizing it as a mixed gamble choice. Our empirical analysis of 195 Italian firms listed on the Milan Stock Exchange between 2003 and 2015 shows that family firms derive more value and incur lower costs than nonfamily firms when they increase their cash holdings. We then delve deeper into family firms’ cash management choices by exploring how different levels of family control and influence as well as types of board governance arrangements moderate this relationship. The empirical results indicate that the positive effects of family ownership are more pronounced under a high level of family control and influence and with separation of the board chair and CEO positions.

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附加条件:家族企业现金管理选择中的社会情感财富混合赌博

由于存在社会情感财富(SEW)问题，家族所有者与其他类型的所有者不同。我们通过研究家族控制对家族企业现金管理选择的影响和SEW的影响维度来深入研究这一独特方面，将其概念化为一种混合赌博选择。我们对2003年至2015年在米兰证券交易所上市的195家意大利企业的实证分析表明，家族企业在增加现金持有量时比非家族企业获得更多的价值，并产生更低的成本。然后，我们通过探索不同程度的家族控制和影响以及董事会治理安排类型如何调节这种关系，深入研究家族企业的现金管理选择。实证结果表明，在高水平的家族控制和影响力以及董事会主席和CEO职位分离的情况下，家族所有权的积极作用更为明显。

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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.