财务与金融系学术讲座系列2020年第10讲

主 题：Conflicts in Private Family Firms

主讲人: Alminas Žaldokas（香港科技大学金融学副教授）

协调人: 高晓丹

时 间：2020-11-20 10:00

地 点：Zoom 会议室

语 言：英文

Zoom 会议室

https://zoom.com.cn/j/66488695559?pwd=STkvM1VXVzQyNEdURzAvNUcwOVJTZz09

会议 ID：664 8869 5559

密码：425923

讲座摘要: 

We use Norwegian household-level data and full structures of family relationships to understand how succession decisions are made when the family has multiple potential heirs. We argue that the decision on ownership distribution in family firms is related to the potential of future family conflicts, and that such within-family dynamics have implications for firm investment and growth. We identify the causal effect by looking at whether the founder has experienced a divorce or a separation in the distant past. We instrument the founder's divorce with the frequency of divorces in the extended family relationships outside of the nuclear family, which makes the founder's divorce more socially acceptable. Since some family conflicts are inevitable and family heirs might not be able to trade their shares, founders should consider adjusting their inheritance to minimize the possibility of heir feuds and adverse effects on firm growth.

主讲人简介:

Alminas Žaldokas is an Associate Professor of Finance at the HKUST. He received his Ph.D. in Finance from INSEAD (France). Professor Žaldokas’s research papers have been published in the leading academic journals such as the Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Accounting Research, RAND Journal of Economics, Journal of International Economics, and Journal of Financial Intermediation. His research focuses on the interaction between firm decisions in the financial and in the product markets. In particular, he studies corporate finance decisions that relate to the firm investment in innovation and the formation of collusive arrangements between firms. His work on international antitrust laws and M&A transactions was awarded Jerry S. Cohen Award for Antitrust Scholarship for the best antitrust work in 2019.