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L’hétérogénéité des investisseurs institutionnels et la détention d’actifs liquides : Effet modérateur du contrôle familial

Author

Listed:
  • Afef Slama
  • Faten Lakhal
  • Ramzi Benkraiem

    (Audencia Business School)

Abstract

The purpose of this study is to examine the effect of the presence of institutional investors (II) on the level of cash holding in a context of family ownership. Empirical results reveal that IIs with a long-term investment horizon and majority ownership are better able to control and limit cash holding accumulation. However, a passive investment behavior from these II leads managers to favor their private interests and thus extract rents from high cash hoarding. The results also show that family control can moderate institutional activism and amplifies the passivity of these investors. Indeed, family firms may favor a coalition of control with passive IIs to facilitate the expropriation of minority shareholders' interests and weaken the power of active IIs.

Suggested Citation

  • Afef Slama & Faten Lakhal & Ramzi Benkraiem, 2023. "L’hétérogénéité des investisseurs institutionnels et la détention d’actifs liquides : Effet modérateur du contrôle familial," Post-Print hal-04434302, HAL.
    • Handle: RePEc:hal:journl:hal-04434302
    DOI: 10.59876/a-mf8r-5xqa
    Note: View the original document on HAL open archive server: https://hal.science/hal-04434302
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