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Small Business Economics - Company survival after recessions depends on the entrepreneurial ability of decision makers to react to the crisis and learn how to make the best use of chances. The aim... 相似文献
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Valentina Peruzzi 《Applied economics》2017,49(43):4378-4393
The aim of this article is to investigate whether family control, family management and family ownership concentration affect the investment-cash flow sensitivity of small- and medium-sized enterprises (SMEs). By analysing a sample of Italian SMEs for the period 2004–2013, I find that family-owned businesses are significantly associated with higher investment-cash flow dependence. This relation, however, is found to be driven by two distinct factors: (i) the presence of a highly concentrated family ownership (ownership concentration channel) and (ii) the active involvement of the family in the business (family management channel). 相似文献
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