The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Inheritance Law and Investment in Family Firms
Abstract
Entrepreneurs may be legally bound to bequeath a minimal stake to noncontrolling 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 10,004 firms from 38 countries in 1990–2006, we find that stricter inheritance law is associated with lower investment in family firms but does not affect investment in nonfamily firms. Moreover, as the model predicts, inheritance law affects investment only in family firms that experience a succession. (JEL G31, G32, K22, L26, O17).
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Cites
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
Measuring and Explaining Management Practices Across Firms and Countries
Bloom, N., & Van Reenen, J. (2007) · The Quarterly Journal of Economics · doi:10.1162/qjec.2007.122.4.1351 · Cited by 2,373
Alesina, A., & Giuliano, P. (2007) · doi:10.3386/w13051 · Cited by 117
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Masulis, R. W., Pham, P. K., & Zein, J. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr052 · Cited by 523
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Metadata
- Authors
- Ellul, A., Pagano, M., & Panunzi, F.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2010-12-01
- Volume
- 100
- Issue
- 5
- Pages
- 2414-2450
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3023149464
- Cited by
- 219
- References
- 4
- FWCI
- 32.12
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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