Ellul, Andrew; Pagano, Marco; PAnunzi, Fausto - Centro Studi di Economia e Finanza (CSEF) - 2008
Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of...