When Does Financial Slack Matter? Family Ownership, CEO Family Status, and SME Performance
研究了家族与非家族中小企业中不同类型财务冗余（未吸收、已吸收和潜在）对绩效的异质性影响，发现家族CEO会加剧代理问题，且未吸收冗余对绩效的影响存在反直觉结果。
We offer novel insights into the utilization of heterogeneous types of financial slack (unabsorbed, absorbed, and potential) by family versus non-family small- and medium-sized enterprises (SMEs). We hypothesize that agency problems in family SMEs imply idiosyncratic effects on the ability to leverage the different types of financial slack, with implications for financial performance. Moreover, among family SMEs, having a family CEO can engender additional agency problems, reinforcing the heterogeneous effects of slack resources on performance. A longitudinal analysis of a panel dataset of Italian SMEs generally supports our expectations while revealing some counterintuitive findings regarding the effect of unabsorbed financial slack on performance.