Eect of family control on company’s investment-cash flow sensitivity: Evidence from China’s listed companies

The research on family-controlled enterprises is also high profile. Pindado et al (2011) find that family control can reduce the tendency of over-investment and under-investment in the Europe area, and then depress company’s investment-cash flow sensitivity, but Hung and kuo (2011) reach the opposite conclusion using data from Taiwan area, that familycontrolled companies have higher investment-cash flow sensitivity.