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Title: The determinants of cash holdings in private family firms
Authors: Steijvers, Tensie 
Niskanen, Mervi
Issue Date: 2013
Source: Accounting and Finance, 53 (2), p. 537-560
Abstract: We present empirical evidence on traditional and family firm specific determinants of cash holdings in the under-researched context of private family firms. We examine, from an agency theoretic perspective, how and to what extent the relation between family firm management and cash holdings is moderated by the ownership structure. Results reveal that descendant CEOs appear to maintain higher cash holdings than founder CEOs. This effect seems to be stronger if there is a low ownership dispersion. Moreover, outside CEOs maintain higher cash holdings than family CEOs if the family firm is owned by a single owner.
Notes: Reprint Address: Steijvers, T (reprint author) Show the Organization-Enhanced name(s) Hasselt Univ, KIZOK Res Ctr, Diepenbeek, Belgium.
Keywords: cash; family firms; agency theory; outside CEO; descendant CEO
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ISSN: 0810-5391
e-ISSN: 1467-629X
DOI: 10.1111/j.1467-629X.2012.00467.x
ISI #: 000318368100009
Category: A1
Type: Journal Contribution
Validations: ecoom 2014
Appears in Collections:Research publications

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