Local Political Uncertainty, Family Control, and Investment Behavior
利用意大利企业数据，研究发现地方政治不确定性会抑制企业投资，但家族控制能抵消这一效应，使家族企业在政治不确定时期更倾向于投资，尤其在依赖公共支出的行业或由家族成员管理的企业中，这种投资韧性最终带来更高的盈利和增长。
Estimating difference-in-differences models on a comprehensive data set of Italian companies, we provide novel insights into the literature on political uncertainty and firm investment. We first establish that local political uncertainty leads to declining investment. Next, we show that family control neutralizes this effect: Family firms are more likely than other firms to invest during politically uncertain times, especially when operating in industries dependent on public spending and/or managed by family members. Finally, we document that this investment resilience of family firms under political uncertainty translates into significantly greater profitability and growth.