Family Firm, Real Option, and Investment Policy
| Autor: | CHEN,MING-YU, 陳明裕 |
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| Rok vydání: | 2016 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 104 We examine the relation between family ownership and corporate investment policy. Our analysis centers on two hypotheses: (1) family owners’ risk aversion (Anderson et al., 2012) and (2) their option to invest (Grullon et al., 2012), which potentially influence the level and type of investments that family firms undertake. If real option hypothesis dominates the risk aversion hypothesis,(1) we find that firms in Taiwan devote more capital to long-term investments while they possess real option; (2) when dividing long-term investment into its two components of R&D and capital expenditures, we note that family firms, relative to non-family firms, prefer investing in physical assets relative to riskier R&D projects, even though they possess real option; (3) additional tests indicate that family firms receive more patents per dollar of R&D investment and more patent citations per dollar of R&D investment relative to nonfamily firms. Overall, our empirical results indicate that family preferences for lower firm risk, across all family subtypes, affects corporate R&D spending and capital expenditures. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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