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Eurasian Business Review

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07.06.2021 | Regular Article

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

verfasst von: Filipe Sardo, Elisabete S. Vieira, Zélia Serrasqueiro

Erschienen in: Eurasian Business Review | Ausgabe 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.

Vorheriger Artikel Manager gender, entrepreneurial orientation and SMEs export and import propensities: evidence for Spanish businesses

Nächster Artikel Internal governance and corporate acquisition activities

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The estimated results are not reported for brevity but are available from the authors upon request.

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Titel: The role of gender and succession on the debt adjustments of family firm capital structure
verfasst von: Filipe Sardo
Elisabete S. Vieira
Zélia Serrasqueiro
Publikationsdatum: 07.06.2021
Verlag: Springer International Publishing
Erschienen in: Eurasian Business Review / Ausgabe 2/2022
Print ISSN: 1309-4297
Elektronische ISSN: 2147-4281
DOI: https://doi.org/10.1007/s40821-021-00186-w

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