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2019 | OriginalPaper | Buchkapitel

2. Family Control and Capital Structure Choices

verfasst von : Pietro Gottardo, Anna Maria Moisello

Erschienen in: Capital Structure, Earnings Management, and Risk of Financial Distress

Verlag: Springer International Publishing

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Abstract

This empirical study analyses the effect of family governance on family firms financing behavior. It combines elements of the capital structure theories with the socioemotional wealth approach (SEW), linking the emotional endowment of firm governance and the financing behavior. Using a dataset of 2986 private and listed Italian medium-large firms over the period 2001–2010, we show that family control and influence, as key dimension of the SEW, shapes a firm’s capital structure choices. Multiple family members on the board and in executive positions, generational stage and ownership dispersion explain the results. A multiple presence of family members on the board and in executive positions has a signaling value for creditors. Moreover, we find that family businesses leverage is significantly affected by tangibility, legal structure, firm’s market share and the sensibility to credit restrictions.

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Vorheriges Kapitel Introduction

Nächstes Kapitel Family Influence, Leverage and Probability of Financial Distress

The threshold on revenues ensures the availability of the basic balance sheet items to carry out our analysis.

This is a very concise indicator of dispersion, so, in order to also take into account the number of owners, we modified the dummy variable assuming that it takes value 1 only once the data respects a joint condition: no shareholders hold more than 50% (direct or total) of the voting rights and the owners number is at least four. The (unreported) results with this different definition of the variable do not modify the effect and significance of ownership dispersion on leverage.

The results in sub-sample analyses of family and non-family firms indicate that the effect is stronger for family than non-family firms.

To construct our yearly indicator we use the results of the quarterly Bank Landing Survey realized by the Bank of Italy and the other central banks in the Euro area. Unfortunately, the survey has existed since 2003, so, to carry out this analysis, we limit ourselves to the 2003–2010 period.

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Titel: Family Control and Capital Structure Choices
verfasst von: Pietro Gottardo
Anna Maria Moisello
Verlag: Springer International Publishing
Buch: Capital Structure, Earnings Management, and Risk of Financial Distress
Print ISBN: 978-3-030-00343-2

Electronic ISBN: 978-3-030-00344-9

Copyright-Jahr: 2019
DOI: https://doi.org/10.1007/978-3-030-00344-9_2

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