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Family Ownership, Dual Class Shares and Risk Management

Artikel i vetenskaplig tidskrift
Författare Niclas Hagelin
Martin Holmén
Bengt Pramborg
Publicerad i Global Finance Journal
Volym 16
Nummer/häfte 3
Sidor 283-301
ISSN 1044-0283
Publiceringsår 2006
Publicerad vid Centrum för finans
Sidor 283-301
Språk en
Länkar dx.doi.org/10.1016/j.gfj.2006.01.00...
Ämnesord Dual-class shares; Hedging; Risk management; Capital structure; Family firms
Ämneskategorier Nationalekonomi

Sammanfattning

We investigate whether the use of dual-class shares affects the financial policy of Swedish public corporations. Specifically, we distinguish between firms that are controlled by owners with poor portfolio diversification (families) and those controlled by owners with diversified portfolios (institutions). We find that, on average, family-controlled firms do not rely on less debt, more corporate diversification, or more financial hedging than non-family firms do. For family-controlled firms, however, we find that controlling owners with higher vote-to-capital ratios are associated with firms with less debt and lower probabilities of hedging. This evidence is consistent with the perception that family-controlled firms use shares with different voting rights so as simultaneously to maintain control and reduce the family's portfolio risk.

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