Ellul, Andrew; Pagano, Marco; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2008
purpose-built indicator of the permissiveness of inheritance law and data for 10,245 firms from 32 countries over the 1990 …-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment … unaffected in non-family firms. Moreover, as predicted by the model, inheritance laws affects investment only in family firms …