메뉴 건너뛰기




Volumn 53, Issue 2, 2013, Pages 537-560

The determinants of cash holdings in private family firms

Author keywords

Agency theory; Cash; D22; Descendant CEO; Family firms; G32; M40; Outside CEO

Indexed keywords


EID: 84877627697     PISSN: 08105391     EISSN: 1467629X     Source Type: Journal    
DOI: 10.1111/j.1467-629X.2012.00467.x     Document Type: Article
Times cited : (49)

References (42)
  • 1
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: evidence from the SandP 500
    • Anderson, R., and D. Reeb, 2003, Founding-family ownership and firm performance: evidence from the SandP 500, Journal of Finance58, 1301-1328.
    • (2003) Journal of Finance , vol.58 , pp. 1301-1328
    • Anderson, R.1    Reeb, D.2
  • 2
  • 4
    • 0001434672 scopus 로고    scopus 로고
    • The ability of banks to lend to informationally opaque small businesses
    • Berger, A., L. Klapper, and G. F. Udell, 2001, The ability of banks to lend to informationally opaque small businesses, Journal of Banking and Finance25, 2127-2167.
    • (2001) Journal of Banking and Finance , vol.25 , pp. 2127-2167
    • Berger, A.1    Klapper, L.2    Udell, G.F.3
  • 5
    • 34547769857 scopus 로고    scopus 로고
    • The trade-off between financial resources and agency costs in the family business: an exploratory study
    • Blanco-Mazagatos, V., E. Quevedo-Puente, and L. Castrillo, 2007, The trade-off between financial resources and agency costs in the family business: an exploratory study, Family Business Review20, 199-213.
    • (2007) Family Business Review , vol.20 , pp. 199-213
    • Blanco-Mazagatos, V.1    Quevedo-Puente, E.2    Castrillo, L.3
  • 6
    • 31044445688 scopus 로고    scopus 로고
    • Understanding interaction models: improving empirical analyses
    • Brambor, T., W. R. Clark, and M. Golder, 2006, Understanding interaction models: improving empirical analyses, Political Analysis14, 63-82.
    • (2006) Political Analysis , vol.14 , pp. 63-82
    • Brambor, T.1    Clark, W.R.2    Golder, M.3
  • 9
    • 0038974441 scopus 로고    scopus 로고
    • Bank relationships and firm profitability
    • Degryse, H., and S. Ongena, 2001, Bank relationships and firm profitability, Financial Management30, 9-34.
    • (2001) Financial Management , vol.30 , pp. 9-34
    • Degryse, H.1    Ongena, S.2
  • 10
    • 0038831326 scopus 로고    scopus 로고
    • Multiple versus single banking relationships: theory and evidence
    • Detragiache, E., P. Garella, and L. Guiso, 2000, Multiple versus single banking relationships: theory and evidence, Journal of Finance55, 1133-1161.
    • (2000) Journal of Finance , vol.55 , pp. 1133-1161
    • Detragiache, E.1    Garella, P.2    Guiso, L.3
  • 11
  • 12
    • 84877608017 scopus 로고    scopus 로고
    • Cash holdings among small businesses, Working paper (University of Maryland).
    • Faulkender, M., 2002, Cash holdings among small businesses, Working paper (University of Maryland).
    • (2002)
    • Faulkender, M.1
  • 13
    • 34548091164 scopus 로고    scopus 로고
    • Why do firms hold cash? Evidence from EMU countries
    • Ferreira, M. A., and A. S. Vilela, 2004, Why do firms hold cash? Evidence from EMU countries, European Financial Management10, 295-319.
    • (2004) European Financial Management , vol.10 , pp. 295-319
    • Ferreira, M.A.1    Vilela, A.S.2
  • 15
    • 3142760294 scopus 로고    scopus 로고
    • Crossing the threshold from founder management to professional management: a governance perspective
    • Gedajlovic, E., M. H. Lubatkin, and W. S. Schulze, 2004, Crossing the threshold from founder management to professional management: a governance perspective, Journal of Management Studies41, 899-912.
    • (2004) Journal of Management Studies , vol.41 , pp. 899-912
    • Gedajlovic, E.1    Lubatkin, M.H.2    Schulze, W.S.3
  • 17
    • 0007043402 scopus 로고
    • One share-vote and the market for corporate control
    • Grossman, S. J., and O. Hart, 1988, One share-vote and the market for corporate control, Journal of Financial Economics20, 175-202.
    • (1988) Journal of Financial Economics , vol.20 , pp. 175-202
    • Grossman, S.J.1    Hart, O.2
  • 18
    • 33845591939 scopus 로고    scopus 로고
    • International evidence on the non-linear impact of leverage on corporate cash holdings
    • Guney, Y., A. Ozkan, and N. Ozkan, 2007, International evidence on the non-linear impact of leverage on corporate cash holdings, Journal of Multinational Financial Management17, 45-60.
    • (2007) Journal of Multinational Financial Management , vol.17 , pp. 45-60
    • Guney, Y.1    Ozkan, A.2    Ozkan, N.3
  • 19
    • 84996158987 scopus 로고    scopus 로고
    • Does the family business interaction factor represent a resource or a cost?
    • Hanlon, S., R. Kishida, and E. Poza, 2004, Does the family business interaction factor represent a resource or a cost?, Family Business Review17, 99-118.
    • (2004) Family Business Review , vol.17 , pp. 99-118
    • Hanlon, S.1    Kishida, R.2    Poza, E.3
  • 20
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen, M., 1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 21
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen, M., and W. Meckling, 1976, Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 23
    • 69249097019 scopus 로고    scopus 로고
    • Pruning the family tree: family business continuity and family harmony
    • Lambrecht, J., and J. Lievens, 2008, Pruning the family tree: family business continuity and family harmony, Family Business Review21, 295-313.
    • (2008) Family Business Review , vol.21 , pp. 295-313
    • Lambrecht, J.1    Lievens, J.2
  • 24
    • 79955573869 scopus 로고    scopus 로고
    • Excess cash holdings and shareholder value
    • Lee, E., and R. Powell, 2011, Excess cash holdings and shareholder value, Accounting and Finance51, 549-574.
    • (2011) Accounting and Finance , vol.51 , pp. 549-574
    • Lee, E.1    Powell, R.2
  • 25
    • 20744432326 scopus 로고    scopus 로고
    • The effects of parental altruism on the governance of family-managed firms
    • Lubatkin, M., W. Schulze, Y. Ling, and R. Dino, 2005, The effects of parental altruism on the governance of family-managed firms, Journal of Organizational Behavior26, 313-330.
    • (2005) Journal of Organizational Behavior , vol.26 , pp. 313-330
    • Lubatkin, M.1    Schulze, W.2    Ling, Y.3    Dino, R.4
  • 26
    • 33644817790 scopus 로고    scopus 로고
    • Family governance and firm performance: agency, stewardship, and capabilities
    • Miller, D., and I. Le Breton-Miller, 2006, Family governance and firm performance: agency, stewardship, and capabilities, Family Business Review19, 73-87.
    • (2006) Family Business Review , vol.19 , pp. 73-87
    • Miller, D.1    Le Breton-Miller, I.2
  • 27
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S. C., 1977, Determinants of corporate borrowing, Journal of Financial Economics5, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 29
    • 0002898789 scopus 로고    scopus 로고
    • What determines the number of bank relationships? Cross country evidence
    • Ongena, S., and D. C. Smith, 2000, What determines the number of bank relationships? Cross country evidence, Journal of Financial Intermediation9, 26-56.
    • (2000) Journal of Financial Intermediation , vol.9 , pp. 26-56
    • Ongena, S.1    Smith, D.C.2
  • 31
    • 3242885273 scopus 로고    scopus 로고
    • Corporate cash holdings: an empirical investigation of UK companies
    • Ozkan, A., and N. Ozkan, 2004, Corporate cash holdings: an empirical investigation of UK companies, Journal of Banking and Finance28, 2103-2134.
    • (2004) Journal of Banking and Finance , vol.28 , pp. 2103-2134
    • Ozkan, A.1    Ozkan, N.2
  • 32
    • 33847607987 scopus 로고    scopus 로고
    • Inherited control and firm performance
    • Pérez-González, F., 2006, Inherited control and firm performance, American Economic Review96, 1559-1588.
    • (2006) American Economic Review , vol.96 , pp. 1559-1588
    • Pérez-González, F.1
  • 33
    • 84977702514 scopus 로고
    • Insiders and outsiders: the choice between informed and arm's length debt
    • Rajan, R., 1992, Insiders and outsiders: the choice between informed and arm's length debt, Journal of Finance47, 1367-1400.
    • (1992) Journal of Finance , vol.47 , pp. 1367-1400
    • Rajan, R.1
  • 35
    • 0038809082 scopus 로고    scopus 로고
    • Exploring the agency consequences of ownership dispersion among the directors of private family firms
    • Schulze, W. S., M. Lubatkin, and R. Dino, 2003a, Exploring the agency consequences of ownership dispersion among the directors of private family firms, Academy of Management Journal46, 179-194.
    • (2003) Academy of Management Journal , vol.46 , pp. 179-194
    • Schulze, W.S.1    Lubatkin, M.2    Dino, R.3
  • 37
    • 84977733424 scopus 로고
    • Asymmetric information, bank lending, and implicit contract: a stylized model of customer relationships
    • Sharpe, S., 1990, Asymmetric information, bank lending, and implicit contract: a stylized model of customer relationships, Journal of Finance45, 1069-1087.
    • (1990) Journal of Finance , vol.45 , pp. 1069-1087
    • Sharpe, S.1
  • 38
    • 70749117538 scopus 로고    scopus 로고
    • Private family ownership and the agency costs of debt
    • Steijvers, T., and W. Voordeckers, 2009, Private family ownership and the agency costs of debt, Family Business Review22, 333-346.
    • (2009) Family Business Review , vol.22 , pp. 333-346
    • Steijvers, T.1    Voordeckers, W.2
  • 39
    • 0040240356 scopus 로고    scopus 로고
    • Capital requirements, monetary policy and aggregate bank lending: theory and empirical evidence
    • Thakor, A., 1996, Capital requirements, monetary policy and aggregate bank lending: theory and empirical evidence, Journal of Finance51, 279-324.
    • (1996) Journal of Finance , vol.51 , pp. 279-324
    • Thakor, A.1
  • 40
    • 84996226894 scopus 로고    scopus 로고
    • Freeing the shackles of family business ownership
    • Thomas, J., 2002, Freeing the shackles of family business ownership, Family Business Review15, 321-336.
    • (2002) Family Business Review , vol.15 , pp. 321-336
    • Thomas, J.1
  • 41
    • 33749647748 scopus 로고    scopus 로고
    • Business collateral and personal commitments in SME lending
    • Voordeckers, W., and T. Steijvers, 2006, Business collateral and personal commitments in SME lending, Journal of Banking and Finance30, 3067-3086.
    • (2006) Journal of Banking and Finance , vol.30 , pp. 3067-3086
    • Voordeckers, W.1    Steijvers, T.2
  • 42
    • 34648831625 scopus 로고    scopus 로고
    • Types of private family firms: an exploratory conceptual and empirical analysis
    • Westhead, P., and C. Howorth, 2007, Types of private family firms: an exploratory conceptual and empirical analysis, Entrepreneurship and Regional Development19, 405-431.
    • (2007) Entrepreneurship and Regional Development , vol.19 , pp. 405-431
    • Westhead, P.1    Howorth, C.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.