Are financing decisions of family-owned SMEs different? Empirical evidence using panel data
Autor(a) principal: | |
---|---|
Data de Publicação: | 2012 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10174/7757 https://doi.org/10.5172/jmo.2012.18.3.363 |
Resumo: | This paper analyses if ownership structure is an important determinant of capital structure decisions, on the basis of two sub-samples of family-owned and non-family owned SMEs, and using panel data models. The results suggest that family ownership is an important determinant for: i) the variations of short and long-term debt stimulated by the financial deficit; and ii) the speed of adjustment of short and long-term debt toward the respective target levels; and iii) the relationships between determinants and short-term debt and long-term debt. In general, the capital structure decisions of family-owned SMEs are closer to what is forecast by trade-off theory than those non-family owned SMEs, whereas the capital structure decisions of non-family owned SMEs are closer to forecast of pecking order theory than those family-owned SMEs. |
id |
RCAP_171071316aabfb32aafe4e6015c5da92 |
---|---|
oai_identifier_str |
oai:dspace.uevora.pt:10174/7757 |
network_acronym_str |
RCAP |
network_name_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository_id_str |
7160 |
spelling |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel datafamily -owned SMEslong term debtnon-family ownedpanel data modelsThis paper analyses if ownership structure is an important determinant of capital structure decisions, on the basis of two sub-samples of family-owned and non-family owned SMEs, and using panel data models. The results suggest that family ownership is an important determinant for: i) the variations of short and long-term debt stimulated by the financial deficit; and ii) the speed of adjustment of short and long-term debt toward the respective target levels; and iii) the relationships between determinants and short-term debt and long-term debt. In general, the capital structure decisions of family-owned SMEs are closer to what is forecast by trade-off theory than those non-family owned SMEs, whereas the capital structure decisions of non-family owned SMEs are closer to forecast of pecking order theory than those family-owned SMEs.eContent Management Pty Ltd2013-01-25T17:36:07Z2013-01-252012-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10174/7757http://hdl.handle.net/10174/7757https://doi.org/10.5172/jmo.2012.18.3.363porSerrasqueiro, Z; Nunes, P. and Vidigal da Silva, J. (2012). Are financing decisions of family-owned SMEs different? Empirical evidence using panel data. Journal of Management & Organization, 18 (3), 363-382zelia@ubi.ptmacas@ubi.ptjsilva@uevora.pt664Serrasqueiro, ZéliaNunes, PauloVidigal da Silva, Jacintoinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-03T18:48:16Zoai:dspace.uevora.pt:10174/7757Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:02:13.804056Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel data |
title |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel data |
spellingShingle |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel data Serrasqueiro, Zélia family -owned SMEs long term debt non-family owned panel data models |
title_short |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel data |
title_full |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel data |
title_fullStr |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel data |
title_full_unstemmed |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel data |
title_sort |
Are financing decisions of family-owned SMEs different? Empirical evidence using panel data |
author |
Serrasqueiro, Zélia |
author_facet |
Serrasqueiro, Zélia Nunes, Paulo Vidigal da Silva, Jacinto |
author_role |
author |
author2 |
Nunes, Paulo Vidigal da Silva, Jacinto |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Serrasqueiro, Zélia Nunes, Paulo Vidigal da Silva, Jacinto |
dc.subject.por.fl_str_mv |
family -owned SMEs long term debt non-family owned panel data models |
topic |
family -owned SMEs long term debt non-family owned panel data models |
description |
This paper analyses if ownership structure is an important determinant of capital structure decisions, on the basis of two sub-samples of family-owned and non-family owned SMEs, and using panel data models. The results suggest that family ownership is an important determinant for: i) the variations of short and long-term debt stimulated by the financial deficit; and ii) the speed of adjustment of short and long-term debt toward the respective target levels; and iii) the relationships between determinants and short-term debt and long-term debt. In general, the capital structure decisions of family-owned SMEs are closer to what is forecast by trade-off theory than those non-family owned SMEs, whereas the capital structure decisions of non-family owned SMEs are closer to forecast of pecking order theory than those family-owned SMEs. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012-01-01T00:00:00Z 2013-01-25T17:36:07Z 2013-01-25 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10174/7757 http://hdl.handle.net/10174/7757 https://doi.org/10.5172/jmo.2012.18.3.363 |
url |
http://hdl.handle.net/10174/7757 https://doi.org/10.5172/jmo.2012.18.3.363 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
Serrasqueiro, Z; Nunes, P. and Vidigal da Silva, J. (2012). Are financing decisions of family-owned SMEs different? Empirical evidence using panel data. Journal of Management & Organization, 18 (3), 363-382 zelia@ubi.pt macas@ubi.pt jsilva@uevora.pt 664 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
eContent Management Pty Ltd |
publisher.none.fl_str_mv |
eContent Management Pty Ltd |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
|
_version_ |
1799136505978945536 |