Czasopismo
Tytuł artykułu
Autorzy
Warianty tytułu
Struktura kapitałowa i polityka dywidendowa firm rodzinnych
Języki publikacji
Abstrakty
This paper sheds light on the capital structure and the dividend policy of family firms. From a theoretical point of view it can be shown that agency conflicts in family firms and therefore their financing decisions are affected by family specific factors. Our analysis, however, shows no clear evidence that family influence leads to (1) more or less leverage and (2) higher or lower dividend payments by family firms compared to their non-family counterparts. The same holds true for empirical studies which present mixed results concerning the leverage and payout propensity of these companies. Finally, factors are addressed which could be held responsible for this ambiguous empirical evidence. (original abstract)
Artykuł rzuca światło na strukturę kapitału i politykę dywidend firm rodzinnych. Z teoretycznego punktu widzenia można wskazać, że w firmach rodzinnych występuje konflikt agencji, ponieważ na ich decyzje finansowe mają wpływ specyficzne czynniki rodzinne. Przedstawiona w artykule analiza nie dowiodła jednak , że wpływ rodziny oddziałuje na (1) stosowanie większej lub mniejszej dźwigni finansowej ani na (2) wyższe lub niższe dywidendy wypłacane przez firmy rodzinne w porównaniu do nierodzinnych konkurentów. Podobnie badania empiryczne dały mieszane rezultaty w odniesieniu do dźwigni finansowej i skłonności do wypłat w tych firmach. W zakończeniu wskazano czynniki, które mogą stanowić przyczynę uzyskiwania tak zróżnicowanych dowodów empirycznych. (abstrakt oryginalny)
Rocznik
Tom
Numer
Strony
95--104
Opis fizyczny
Twórcy
autor
- Johannes Kepler University Linz, Austria
autor
- Johannes Kepler University Linz, Austria
Bibliografia
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171280363