Influence of family-centered goals on dividend policy in family firms: A socioemotional wealth approach
| Autor: | Gregorio Sánchez-Marín, Maria Belda-Ruiz, J. Samuel Baixauli-Soler |
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| Rok vydání: | 2021 |
| Předmět: |
Entrepreneurship
Socioemotional selectivity theory 05 social sciences Dividend policy Negative association Hazard Management Information Systems Negative relationship Management of Technology and Innovation 0502 economics and business Top management Dividend 050211 marketing Demographic economics Business 050203 business & management |
| Zdroj: | International Entrepreneurship and Management Journal. 18:1503-1526 |
| ISSN: | 1555-1938 1554-7191 |
| DOI: | 10.1007/s11365-021-00741-x |
| Popis: | Socioemotional wealth (SEW) preservation is likely to be a key determinant for family firms when shaping their dividend policy. This paper analyzes how family-centered goals reflected by SEW can influence dividend policy in private family firms and explores how family involvement in management, generational stage, and firm hazard might moderate these relationships. Results indicate a negative association between SEW preservation and both the likelihood of giving dividends and the amount of dividend paid. This negative relationship is stronger when the CEO is a family member, in early generational stages and when the firm faces greater performance hazard. The amount of dividend paid is also lower when there are family members in other top management positions apart from the CEO. The evidence provided thus suggests that the existing heterogeneity in dividend policy in privately held family firms is strongly driven by differences in SEW priorities. |
| Databáze: | OpenAIRE |
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