Struktura kapitałowa i polityka dywidendowa firm rodzinnych

Helmut Pernsteiner

Streszczenie w języku polskim


Artykuł rzuca światło na strukturę kapitału i  politykę dywidend firm rodzinnych. Z  teoretycznego punktu widzenia można wskazać, że w  firmach rodzinnych występuje konflikt agencji, ponieważ na ich decyzje finansowe mają wpływ specyficzne czynniki rodzinne. Przedstawiona w  artykule analiza nie dowiodła jednak , że wpływ rodziny oddziałuje na (1) stosowanie większej lub mniejszej dźwigni finansowej ani na (2) wyższe lub niższe dywidendy wypłacane przez firmy rodzinne w  porównaniu do nierodzinnych konkurentów. Podobnie badania empiryczne dały mieszane rezultaty w  odniesieniu do dźwigni finansowej i  skłonności do wypłat w  tych firmach. W  zakończeniu wskazano czynniki, które mogą stanowić przyczynę uzyskiwania tak zróżnicowanych dowodów empirycznych.

Słowa kluczowe


firmy rodzinne; polityka dywidend; finanse przedsiębiorstw

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DOI: http://dx.doi.org/10.17951/h.2013.47.4.95
Data publikacji: 2015-07-23 22:45:59
Data złożenia artykułu: 2015-07-23 20:00:51


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