Journal of Financial & Quantitative Analysis. Volume 53, Issue 4. August 2018

地方政治不确定性、家族控制与投资者行为

作者：Mario Daniele Amore (Bocconi University)

Alessandro Minichilli (Bocconi University)

摘要：利用双重差分模型对一个有关意大利公司的综合数据集进行估计，我们提出了一个关于政治不确定性对公司投资影响的新颖观点。我们率先提出了当地政治不确定性会导致投资的下滑。接下来，我们研究了家族控制中和了这一影响：相较于其他公司而言，家族公司更倾向于在政治不确定性时期进行投资，（该行为）尤其是在公众消费行业和家族成员控制的时期更为明显。最后，我们发现家族公司在政治不确定背景下的投资弹性转换为了更高的盈利和成长能力。

Local Political Uncertainty, Family Control, and Investment Behavior

Mario Daniele Amore (Bocconi University), Alessandro Minichilli (Bocconi University)

ABSTRACT

Estimating difference-in-differences models on a comprehensive data set of Italian companies, we provide novel insights into the literature on political uncertainty and firm investment. We first establish that local political uncertainty leads to declining investment. Next, we show that family control neutralizes this effect: Family firms are more likely than other firms to invest during politically uncertain times, especially when operating in industries dependent on public spending and/or managed by family members. Finally, we document that this investment resilience of family firms under political uncertainty translates into significantly greater profitability and growth.

原文链接: https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/local-political-uncertainty-family-control-and-investment-behavior/8931C6C3AEE8919FFA34C2E405FFD538

翻译：汪国颂