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Family involvement and dividend policy in closely held firms

dc.contributor.authorGonzález Ferrero, Maximilianospa
dc.contributor.authorGuzmán Vásquez, Alexanderspa
dc.contributor.authorPombo Vejarano, Carlosspa
dc.contributor.authorTrujillo Dávila , María Andreaspa
dc.date.accessioned2023-06-21T22:23:11Z
dc.date.available2023-06-21T22:23:11Z
dc.date.issued2014-06-11
dc.identifier.issn0894-4865
dc.identifier.urihttp://hdl.handle.net/10726/5124
dc.language.isoeng
dc.publisherSage Publications Inc
dc.subjectAgency problems
dc.subjectClosely held firms
dc.subjectColombia
dc.subjectDividend policy
dc.subjectFamily firms
dc.titleFamily involvement and dividend policy in closely held firmseng
dc.typearticle
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.localAcceso Restringido
dc.type.versioninfo:eu-repo/semantics/acceptedVersion
dc.identifier.instnameinstname:Colegio de Estudios Superiores de Administración – CESA
dc.identifier.reponamereponame:Biblioteca Digital – CESA
dc.identifier.repourlrepourl:https://repository.cesa.edu.co/
dc.description.abstractenglishThis article examines the effects of family involvement on dividend policy in closely held firms that face agency problems involving majority?minority shareholders. We argue that minority shareholders press for dividends when they perceive situations fostering wealth expropriation. Looking at 458 Colombian companies, we find that family involvement in management does not affect dividend policy; family involvement in both ownership and control through pyramids affects dividend policy negatively; and family involvement in control through disproportionate board representation affects dividend policy positively. Thus, family influence on agency problems, and hence on dividend policy as a mitigating mechanism, varies depending on family involvement.eng
dc.type.coarhttp://purl.org/coar/resource_type/c_2df8fbb1
dc.relation.citationvolume27
dc.relation.citationissue4
dc.relation.citationstartpage365
dc.relation.citationendpage385
dc.contributor.orcidGonzález Ferrero, Maximiliano [0000-0002-8675-6911]
dc.contributor.orcidGuzmán Vásquez, Alexander [0000-0001-7675-048X]
dc.contributor.orcidPombo Vejarano, Carlos [0000-0001-9638-0586]
dc.contributor.orcidTrujillo Dávila, María Andrea [0000-0002-9592-7890]
dc.type.driverinfo:eu-repo/semantics/article
dc.type.redcolhttp://purl.org/redcol/resource_type/ART
dc.type.coarversionhttp://purl.org/coar/version/c_71e4c1898caa6e32
dc.contributor.scopusGonzález Ferrero, Maximiliano [17434254200]
dc.contributor.scopusGuzmán Vásquez, Alexander [55207224400]
dc.contributor.scopusPombo Vejarano, Carlos [6603836065]
dc.contributor.scopusTrujillo Dávila, María Andrea [55206416700]
dc.description.orcidhttps://orcid.org/0000-0002-8675-6911
dc.description.orcidhttps://orcid.org/0000-0001-7675-048X
dc.description.orcidhttps://orcid.org/0000-0001-9638-0586
dc.description.orcidhttps://orcid.org/0000-0002-9592-7890
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=17434254200
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55207224400
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=6603836065
dc.description.scopushttps://www.scopus.com/authid/detail.uri?authorId=55206416700
dc.identifier.eissn1741-6248
dc.relation.ispartofjournalFamily Business Review
dc.identifier.doihttps://doi.org/10.1177/0894486514538448
dc.rights.coarhttp://vocabularies.coar-repositories.org/access_rights/c_16ec/


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