Replication data for: Inheritance Law and Investment in Family Firms

Andrew Ellul, Fausto Panunzi & Marco Pagano
Entrepreneurs may be legally bound to bequeath a minimal stake to noncontrolling 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 inheritance law and data for 10,004 firms from 38 countries in 1990-2006, we find that stricter inheritance law is associated with lower investment in family firms but does not affect investment in...
This data repository is not currently reporting usage information. For information on how your repository can submit usage information, please see our documentation.