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Please use this identifier to cite or link to this item: http://hdl.handle.net/1942/18608

Title: Dividends and family governance practices in private family firms
Authors: MICHIELS, Anneleen
Lybaert, Nadine
Steijvers, Tensie
Issue Date: 2015
Citation: SMALL BUSINESS ECONOMICS, 44 (2), p. 299-314
Abstract: Intra-familial principal–principal conflict are a relevant agency problem in privately held family firms. These conflicts of interest commonly occur between active and passive family shareholders, and require remedies different from those that deal with principal-agent conflicts. This article empirically examines whether or not firms use dividends as instruments to cope with conflicts of interest between active and passive family shareholders and how family governance practices moderate this relationship. The results show that the existence of an intra-familial conflict of interest results in a higher propensity to pay dividends and that the use of family governance practices strengthens this relationship. Additionally, the findings suggest that using family governance practices leads to a more efficient dividend policy.
Notes: E-mail Addresses:anneleen.michiels@kuleuven.be; wim.voordeckers@uhasselt.be; nadine.lybaert@uhasselt.be; tensie.steijvers@uhasselt.be
URI: http://hdl.handle.net/1942/18608
DOI: 10.1007/s11187-014-9594-0
ISI #: 000348929300005
ISSN: 0921-898X
Category: A1
Type: Journal Contribution
Validation: ecoom, 2016
Appears in Collections: Research publications

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