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Eurasian Business Review
Published in: Eurasian Business Review 2/2022

07-06-2021 | Regular Article

The role of gender and succession on the debt adjustments of family firm capital structure

Authors: Filipe Sardo, Elisabete S. Vieira, Zélia Serrasqueiro

Published in: Eurasian Business Review | Issue 2/2022

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Abstract

This study seeks to analyze the effects of gender and succession on the financing behavior of unlisted small and medium-sized family firms (FFs). Deploying the GMM estimator system to analyze for eventual differences in firm financing behavior by gender in a panel of Portuguese FFs over a period from 2010 to 2017, the results convey how the speed of adjustment towards the target debt ratio is lower in FFs under female ownership than in FFs under male ownership. The findings reveal that second and further generations positively influence the speed of adjustment towards the FF target debt level. Moreover, the generational effect on the speed of adjustment towards the target debt ratio is higher in FFs with female ownership than in family firms with male ownership. This study thus sheds light on the role of gender and succession on FF financing behavior.
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Footnotes
1
The estimated results are not reported for brevity but are available from the authors upon request.
 
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Metadata
Title
The role of gender and succession on the debt adjustments of family firm capital structure
Authors
Filipe Sardo
Elisabete S. Vieira
Zélia Serrasqueiro
Publication date
07-06-2021
Publisher
Springer International Publishing
Published in
Eurasian Business Review / Issue 2/2022
Print ISSN: 1309-4297
Electronic ISSN: 2147-4281
DOI
https://doi.org/10.1007/s40821-021-00186-w

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