Do Family Owners Use Firm Hedging Policy to Hedge Personal Undiversified Wealth Risk?
研究了家族所有权如何影响公司对冲政策的价值，发现家族企业的市场估值更高，但运营和金融对冲在家族企业中不创造价值，支持家族为对冲个人财富风险而做出次优风险管理决策的观点。
We examine whether family ownership affects the value impact of the operational and financial dimensions of firms’ hedging policies. We show that family firms’ market valuations are higher than those of non‐family firms, consistent with the view that family firms benefit from family owners’ long‐term perspectives and ability to monitor managers. In addition, while both operational and financial hedging policies per se are valuable in non‐family firms, they do not create any value in family firms. These results support the notion that the founding families’ need to hedge the risk of their undiversified personal wealth portfolio leads to suboptimal risk management decisions.