Weitere Artikel dieser Ausgabe durch Wischen aufrufen
The aim of this paper is to investigate the role of family CEOs’ relational capital and non-family CEOs’ managerial skills in the context of bank relationships for a large sample of small- and medium-sized European firms. The results indicate that family firms appointing family managers are significantly more likely to maintain soft-information-based and longer-lasting lending relationships than family firms managed by professionals, and that these closer bank-firm ties reduce the likelihood of experiencing credit restrictions. Moreover, we find that having professional CEOs does not directly affect the probability of being credit rationed. Hence, family relational capital appears to have a univocal beneficial impact on bank-firm relationships.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Alesina, A., Giuliano, P., & Nunn, N. (2013). On the origins of gender roles: women and the plough. The Quarterly Journal of Economics, 128, 469–530. CrossRef
Alfani, G., & Gourdon, V. (2012). Entrepreneurs, formalization of social ties, and trustbuilding in Europe (fourteenth to twentieth centuries). Economic History Review, 65, 1005–1028. CrossRef
Altomonte, C., Aquilante, T., 2012. The Eu-Efige/Bruegel-Unicredit dataset. Bruegel Working Paper.
Amore, M. D., & Bennedsen, M. (2013). The value of local political connections in a low-corruption environment. Journal of Financial Economics, 110, 387–402. CrossRef
Anderson, R., & Reeb, D. (2003). Founding family owner and firm performance: evidence from the S&P500. Journal of Finance, 58, 1302–1328. CrossRef
Anderson, R., Mansi, S., & Reeb, D. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68, 263–285. CrossRef
Andersson, F. W., Johansson, D., Karlsson, J., Lodefalk, M., & Poldahl, A. (2017). The characteristics of family firms: exploiting information on ownership, kinship, and governance using total population data. Small Business Economics.https://doi.org/10.1007/s11187-017-9947-6.
Andres, C. (2011). Family ownership, financing constraints and investment decisions. Applied Financial Economics, 21, 1641–1659. CrossRef
Andrieu, G., Staglianò, R., & van der Zwan, P. (2017). Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants. Small Business Economics. https://doi.org/10.1007/s11187-017-9926-y.
Barontini, R., & Caprio, L. (2006). The effect of family control on firm value and performance: Evidence from continental Europe. European Financial Management, 12, 689–723. CrossRef
Bartoli, F., Ferri, G., Murro, P., & Rotondi, Z. (2013). SME financing and the choice of lending technology in Italy: Complementarity or substitutability? Journal of Banking & Finance, 37, 5476–5485. CrossRef
Bellucci, A., Borisov, A., & Zazzaro, A. (2010). Does gender matter in bank-firm relationships? Evidence from small business lending. Journal of Banking and Finance, 34, 2968–2984. CrossRef
Bennedsen, M., & Fan, J. P. H. (2014). The family business map. Assets and roadblocks in long term planning. Basingstoke, Hampshire, UK: Palgrave Macmillan.
Bennedsen, M., Fan, J. P. H., Jian, M., & Yeh, Y. (2015). The family business map: framework, selective survey, and evidence from Chinese family firm succession. Journal of Corporate Finance, 33, 212–226. CrossRef
Berger, A. N., & Udell, G. F. (2006). A more complete conceptual framework for SME finance. Journal of Banking and Finance, 30, 2945–2966. CrossRef
Bertrand, M., & Schoar, A. (2006). The role of family in family firms. The Journal of Economic Perspectives, 20, 73–96. CrossRef
Bloom, N., & Van Reenen, J. (2007). Measuring and explaining management practices across firms and countries. The Quarterly Journal of Economics, 122, 1351–1408. CrossRef
Bopaiah, C. (1998). Availability of credit to family businesses. Small Business Economics, 11, 75–86. CrossRef
Braggion, F. (2011). Managers and (secret) social networks; the influence of the freemasonry on firm performance. Journal of the European Economic Association, 3, 1053–1081. CrossRef
Brau, J. C. (2002). Do banks price owner-manager agency costs? An examination of small business borrowing. Journal of Small Business Management, 40, 273–286. CrossRef
Brown, M., Ongena, S., Popov, A., & Yesin, P. (2011). Who needs credit and who gets credit in Eastern Europe? Economic Policy, 26, 93–130. CrossRef
Bunkanwanicha, P., Fan, J. P. H., & Wiwattanakantang, Y. (2013). The value of marriage to family firms. Journal of Financial and Quantitative Analysis, 48, 611–636. CrossRef
Caprio, G., Laeven, L., & Levine, R. (2007). Ownership and bank valuation. Journal of Financial Intermediation, 16, 584–617.
Carillo, M. R., Lombardo, V., Zazzaro, A., 2015. Family firms and entrepreneurial human capital in the process of development, CSEF working papers 400.
Caselli, F., & Gennaioli, N. (2013). Dynastic management. Economic Inquiry, 51, 971–996. CrossRef
Chelli, F., & Zazzaro, A. (2008). I finanziamenti bancari allo start-up: L’esperienza e il ruolo dei direttori di filiale. In A. Zazzaro (Ed.), I vincoli finanziari alla crescita delle imprese (pp. 19–44). Roma: Carocci Editore.
Chrisman, J. J., Chua, J. H., De Massis, A., Minola, T., & Vismara, S. (2016). Management processes and strategy execution in family firms: From “what” to “how”. Small Business Economics, 47, 719–734. CrossRef
Chung, C., & Luo, X. R. (2013). Leadership succession and firm performance in an emerging economy: Successor origin, relational embeddedness, and legitimacy. Strategic Management Journal, 34, 338–357. CrossRef
Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58, 81–112. CrossRef
Colli, A. (2012). Contextualizing performances of family firms: the perspective of business history. Family Business Review, 25, 243–257. CrossRef
Cosci, S., Meliciani, V., & Sabato, V. (2015). Relationship lending and innovation: empirical evidence on a sample of European firms. Economics of Innovation and New Technology, 25, 335–357. CrossRef
Cucculelli, M., & Peruzzi, V. (2016). Bank screening technologies and the founder effect: evidence from European lending relationships. Finance Research Letters. https://doi.org/10.1016/j.frl.2016.10.004.
D’Aurizio, L., Oliviero, T., & Romano, L. (2015). Family firms, soft information and bank lending in a financial crisis. Journal of Corporate Finance, 33, 279–292. CrossRef
Faccio, M., & Lang, L. H. P. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65, 365–395. CrossRef
Faccio, M., & Parsley, D. C. (2009). Sudden deaths: taking stock of geographic ties. Journal of Financial and Quantitative Analysis, 44, 683–718. CrossRef
Ferri, G., & Murro, P. (2015). Do firm-bank “odd couples” exacerbate credit rationing? Journal of Financial Intermediation, 24, 231–251. CrossRef
Freel, M., Carter, S., Tagg, S., & Mason, C. (2012). The latent demand for bank debt: characterizing “discouraged borrowers”. Small Business Economics, 38, 399–418. CrossRef
Gambini, A., & Zazzaro, A. (2013). Long-lasting bank relationships and growth of firms. Small Business Economics, 40, 977–1007. CrossRef
Heckman, J. (1979). Sample selection bias as a specification error. Econometrica, 47, 153–161. CrossRef
Hernández-Cánovas, G., & Martínez-Solano, P. (2007). Effect of the number of banking relationships on credit availability: evidence from panel data of Spanish small firms. Small Business Economics, 28, 37. CrossRef
Herrera, A. M., & Minetti, R. (2007). Informed finance and technological change: evidence from credit relationships. Journal of Financial Economics, 83, 223–269. CrossRef
La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54, 471–518. CrossRef
Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93, 259–275.
Le Breton, I., & Miller, D. (2005). Managing for the long run: lessons in competitive advantage from great family businesses. Boston MA: Harvard Business School Press.
Lee, L. F., Maddala, G. S., & Trost, R. P. (1980). Asymptotic covariance matrices of two-stage probit and two-stage tobit methods for simultaneous equations models with selectivity. Econometrica: Journal of the Econometric Society, 491–503.
Liberti, J. M., & Mian, A. R. (2009). Estimating the effect of hierarchies on information use. Review of Financial Studies, 22, 4057–4090. CrossRef
Lollivier, S. (2001). Endogénéité d’une variable explicative dichotomique dans le cadre d’un modèle probit bivarié. Annales d’Economie et de Statistique, 62, 251–269. CrossRef
Luo, X., Kanuri, V. K., & Andrews, M. (2014). How does CEO tenure matter? The mediating role of firm-employee and firm-customer relationships. Strategic Management Journal, 35, 492–511. CrossRef
Miller, D., Le-Breton-Miller, I., & Lester, R. H. (2011). Stewardship or agency: a social embeddedness reconciliation of conduct and performance in public family businesses. Organization Science, 22, 704–721. CrossRef
Miller, D., Minichilli, A., & Corbetta, G. (2013). Is family leadership always beneficial? Strategic Management Journal, 34, 553–571. CrossRef
Minetti, R., Murro, P., & Paiella, M. (2015). Ownership structure, governance, and innovation. European Economic Review, 80, 165–193. CrossRef
Ogura, Y., & Uchida, H. (2014). Bank consolidation and soft information acquisition in small business lending. Journal of Financial Services Research, 45, 173–200. CrossRef
Petersen, M. A., & Rajan, R. G. (1994). The benefits of lending relationships: evidence from small business data. Journal of Finance, 49, 3–37. CrossRef
Petersen, M. A., & Rajan, R. G. (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110, 407–443. CrossRef
Pindado, J., & de la Torre, C. (2011). Family control and investment-cash flow sensitivity: empirical evidence from the euro zone. Journal of Corporate Finance, 17, 1389–1409. CrossRef
Rose, M. B. (2000). Firms, networks and business values: the British and American cotton industries since 1700. Cambridge: Cambridge University Press. CrossRef
Salvato, C., & Melin, L. (2008). Creating value across generations in family-controlled businesses: the role of family social capital. Family Business Review, 21, 259–276. CrossRef
Schäfer, D., Stephan, A., & Mosquera, J. S. (2017). Family ownership: does it matter for funding and success of corporate innovations? Small Business Economics, 48, 931–951. CrossRef
Scott, J. (2004). Small business and the value of community financial institutions. Journal of Financial Services Research, 25, 207–230. CrossRef
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737–783. CrossRef
Sirmon, D. G., & Hitt, M. A. (2003). Managing resources: linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice, 27, 339–358.
Stacchini, M., & Degasperi, P. (2015). Trust, family businesses and financial intermediaries. Journal of Corporate Finance, 33, 293–316. CrossRef
Steijvers, T., Voordeckers, W., & Vanhoof, K. (2010). Collateral, relationship lending and family firms. Small Business Economics, 34, 243–259. CrossRef
Uchida, H., Udell, G. F., Yamori, N., 2006. SME financing and the choice of lending technology. RIETI Discussion Paper Series.
Uchida, H., Udell, G. F., & Yamori, N. (2012). Loan officers and relationship lending to SMEs. Journal of Financial Intermediation, 21, 97–122. CrossRef
Uzzi, B., & Lancaster, R. (2003). Relational embeddedness and learning: the case of bank loan managers and their clients. Management Science, 49, 383–399. CrossRef
Villalonga, B. (2004). Intangible resources, Tobin’s q and sustainability of performance differences. Journal of Economic Behavior & Organization, 54, 205–230. CrossRef
Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80, 385–441. CrossRef
Voordeckers, W., & Steijvers, T. (2006). Business collateral and personal commitments in SME lending. Journal of Banking and Finance, 30(11), 3067–3086.
Wooldridge, J. M. (1997). On two stage least squares estimation of the average treatment effect in a random coefficient model. Economics Letters, 56, 129–133. CrossRef
Xu, N., Xu, X., & Yuan, Q. (2013). Political connections, financing friction, and corporate investment: evidence from Chinese listed family firms. European Financial Management, 19, 675–702. CrossRef
Zahra, S. A. (2010). Harvesting family firms' organizational social capital: a relational perspective. Journal of Management Studies, 47, 345–366.
Zona, F. (2016). CEO leadership and board decision processes in family-controlled firms: comparing family and non-family CEOs. Small Business Economics, 47, 735–753. CrossRef
- Relational capital in lending relationships: evidence from European family firms
- Springer US
- Small Business Economics
An Entrepreneurship Journal
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Best Practices zu agiler Qualität