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Corporate Investment Policy In The Context Of Family Firms

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  • Elisabete F. Simoes Vieira

    (University of Aveiro, Portugal)

Abstract

This paper studies the impact of family-controlled firms on firms’ investment policy considering the 1999-2010 period. The results indicate that changes in firms’ investments are sensitive to internal resources, suggesting that corporate investments are constrained by internal liquidity. Comparing the family and the non-family firms’ results, we conclude that the investment cash flow sensitivity is higher for family con-trolled firms than for non-family counterparts, finding also some evidence that family firms’ corporate investment is more negatively related to crisis than non-family investments. During crisis period, family firms take a more conservative investment policy.

Suggested Citation

  • Elisabete F. Simoes Vieira, 2012. "Corporate Investment Policy In The Context Of Family Firms," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 1(4), pages 450-458.
  • Handle: RePEc:ods:journl:v:1:y:2012:i:4:p:450-458
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    Cited by:

    1. Anatoliy G. Goncharuk, 2015. "Application of the Investment Theory in Research and Practice," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(2), pages 119-126.
    2. Rajiv Agarwal & Arya Kumar & Keith D'Souza, 2016. "Issues in Career Choices of Successors in Family Businesses: Perspective from Literature Review," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(1), pages 1-19, February.

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    Keywords

    investment policy; family firms; panel data;

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