The influence of family ownership dispersion on debt level in privately held firms

被引：22
|
作者：
Bacci, Silvia [1 ]
Cirillo, Alessandro [2 ]
Mussolino, Donata [3 ]
Terzani, Simone [4 ]
机构：
[1] Univ Perugia, Dept Econ, Via A Pascoli 20, I-06123 Perugia, Italy
[2] Univ Foggia, Dept Econ, Via R Caggese 1, I-71121 Foggia, Italy
[3] Univ Naples Federico II, Dept Business Econ, Via Cinthia, I-80126 Naples, Italy
[4] Univ Perugia, Dept Econ, Via A Pascoli 20, I-06123 Perugia, Italy
来源：
SMALL BUSINESS ECONOMICS | 2018年 / 51卷 / 03期
关键词：
Family ownership dispersion; Debt level; Intergenerational stage; Socio-emotional wealth; Capital structure; Panel data; CAPITAL STRUCTURE; SOCIOEMOTIONAL WEALTH; DECISION-MAKING; AGENCY COSTS; BUSINESS; MODEL; DETERMINANTS; PERFORMANCE; MANAGEMENT; BEHAVIOR;
D O I：
10.1007/s11187-017-9930-2
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The aim of this article is to investigate the financing behavior of privately held firms along the dispersion of family ownership. Drawing on the socio-emotional wealth perspective, we argue that debt levels are contingent on the degree of ownership dispersion among family members. Based on a sample of 2451 observations, in a 10-year time frame, our results reveal the existence of an inverted U-shaped relationship between debt level and intra-family ownership dispersion. We demonstrate that this relationship is moderated by the generational involvement that inverts it in later generations.
引用
收藏
页码：557 / 576
页数：20
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