Owners' Portfolio Diversification and Firm Investment

被引：11

作者：

Lyandres, Evgeny ^{[1
]}

Marchica, Maria-Teresa ^{[2
]}

Michaely, Roni ^{[3
,4
]}

Mura, Roberto ^{[2
]}

机构：

[1] Boston Univ, Questrom Sch Business, 595 Commonwealth Ave, Boston, MA 02445 USA

[2] Univ Manchester, Alliance Manchester Business Sch, Manchester, Lancs, England

[3] Univ Geneva, Geneva Finance Res Inst, Geneva, Switzerland

[4] SFI, Geneva, Switzerland

来源：

REVIEW OF FINANCIAL STUDIES | 2019年 / 32卷 / 12期

关键词：

FREE CASH FLOW; SHAREHOLDER DIVERSIFICATION; CORPORATE GOVERNANCE; FAMILY CONTROL; AGENCY COSTS; INFORMATION; RISK; PERFORMANCE; RETURNS; PRICE;

D O I：

10.1093/rfs/hhz050

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Portfolio diversification of firms' controlling owners influences their firms' capital investment. Empirically, the effect of owners' portfolio diversification on their firms' investment levels is positive for publicly traded firms and tends to be negative for privately held ones. These findings are consistent with predictions of a model in which a risk-averse investor simultaneously chooses her portfolio structure, and both the level and riskiness of capital investment of the firm she controls, and in which the firm can be potentially constrained in its capital investment choices. Overall, our results indicate that owners' portfolio underdiversification and firms' financial constraints can affect firms' resource allocation.

引用

页码：4855 / 4904

页数：50

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