Strings attached : socioemotional wealth mixed gambles in the cash management choices of family firms
Cambrea, Domenici Rocco (Università Cattolica del Sacro Cuore)
Ponomareva, Yuliya (Universitat Autònoma de Barcelona)
Pittino, Daniel (University of Udine)
Minichilli, Alessandro (Bocconi University)

Data:	2021
Resum:	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.
Ajuts:	Agencia Estatal de Investigación PID2020-115018RB- C32
Nota:	Altres ajuts: acords transformatius de la UAB
Drets:	Aquest document està subjecte a una llicència d'ús Creative Commons. Es permet la reproducció total o parcial, la distribució, la comunicació pública de l'obra i la creació d'obres derivades, fins i tot amb finalitats comercials, sempre i quan es reconegui l'autoria de l'obra original.
Llengua:	Anglès
Document:	Article ; recerca ; Versió acceptada per publicar
Publicat a:	Journal of family business strategy, Vol.13 N.3 (September 2022) , ISSN 1877-8585

DOI: 10.1016/j.jfbs.2021.100466

18 p, 1.3 MB

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