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Two models of family firms in dividends and investments policy

Author

Listed:
  • Stefano Bresciani
  • Francesca Culasso
  • Elisa Giacosa
  • Laura Broccardo

Abstract

The purpose of our research is to verify the role of the family variable in the dividends policy and investments one, distinguishing family firms (FFs) and non-family firms (NFFs) and between large FFs (FFs listed in FTSE MIB index) and medium-sized FFs (FFs listed in STAR index), in terms of dividends and investments policies adopted. Medium-sized FFs have a weaker dividends distribution policy than large FFs, due to a high interest in saving the liquidity in order to finance the attractive investment opportunities. Large FFs are interested in a stronger dividends policy, in order to attract new shareholders and reward the old ones, more than with large NFFs. FFs have a stronger investments policy compared with NFFs and this difference is more evident in medium-sized companies. The medium-sized FF can take advantage of the power of the family to maintain a continuous growth and development of the business, even when liquidity is restricted.

Suggested Citation

  • Stefano Bresciani & Francesca Culasso & Elisa Giacosa & Laura Broccardo, 2016. "Two models of family firms in dividends and investments policy," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 18(3/4), pages 320-343.
    • Handle: RePEc:ids:gbusec:v:18:y:2016:i:3/4:p:320-343
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    Cited by:

    1. Said Toumi & Zhan Su, 2023. "Effect of Family Involvement and Corporate Governance on Dividend Policy: A Study of Non-Financial Listed Firms in Morocco," International Journal of Business and Management, Canadian Center of Science and Education, vol. 17(11), pages 1-55, February.
    2. Matarazzo, Michela & Penco, Lara & Profumo, Giorgia & Quaglia, Roberto, 2021. "Digital transformation and customer value creation in Made in Italy SMEs: A dynamic capabilities perspective," Journal of Business Research, Elsevier, vol. 123(C), pages 642-656.

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