Cash holdings decision-making in spanish family firmsExploring the impact of heterogeneity

  1. Sonia Sánchez-Andújar 1
  2. Purificación Parrado-Martínez 1
  3. María Comino-Jurado 1
  1. 1 Departamento de Economía Financiera y Contabilidad, Universidad de Jaén
Libro:
IX Jornada Internacional AECA sobre Valoración, Financiación y Gestión de Riesgos: actas. Cuenca 2022

Editorial: Asociación Española de Contabilidad y Administración de Empresas, AECA

ISBN: 978-84-19167-36-1

Año de publicación: 2022

Congreso: IX Jornada Internacional AECA de Valoración, Financiación y Gestión de Riesgos (9. 2022. Cuenca)

Tipo: Aportación congreso

DIALNET GOOGLE SCHOLAR

Resumen

This paper analyses the determinants of the level of cash holdings in family firms, with an especial focus on the family involvement on the board of directors and the generational stage as key explicative factors of heterogeneity within this particular type of businesses. We estimate a partial least squares model based on a large sample of Spanish family firms. Our results show that the lower the level of family involvement on the board of directors and the higher thegenerational stage, the higher the level of cash holdings. Consequently, in addition to traditional determinants of corporate liquidity, the above variables should be considered to better understand the complexity of cash holdings decision-making in family firms.

Fuente de los datos: Dialnet