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Chakrabarti, A., & Krishnan, K. (2021). Change in Illiquidity of Family Firms with

                             Institutional Pressure: Evidence from India. American Business Review, 24(2),

                             173-197.


            This paper investigates the impact of the family business on illiquidity in an emerging market and how it evolves
            with regulatory changes. The study uses panel data multiple regression on a sample of 25,418 observations on
            3,606 firms from India within nine years from 2006 to 2014. The study finds that family firms have significantly
            higher  illiquidity  compared  to  non-family  firms.  Moreover,  family  businesses  have  successfully  resisted  the
            institutional pressure to  decrease illiquidity  and have also  defied these coercive pressures  to increase  the
            illiquidity of family businesses finally. The study also found heterogeneity in the behaviour of family businesses
            based on their ownership characteristics.





























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