Family Control and Grouping : Possible Expropriation via Dividends
نویسنده
چکیده
Despite the prevalence and economic importance of the family-owned firms and group -affiliated firms in north America, Western Europe and East-Asia, little attention, if any, has been given to these types of organizations in finance. Using parametric and non parametric tests on a sample of Canadian listed firms, this paper provided empirical evidence of sharp contrast in financial features and policies between family grouping and their individually counterparts. Firms surveyed exhibit evidence that family-owned firms and group-affiliated firms are prone to engage in expropriation of minority shareholders in a very sophisticated and implicit ways.
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