Family impact on capital structure: does financial crisis matter?

Detalhes bibliográficos
Autor(a) principal: Lisboa, Inês
Data de Publicação: 2015
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.8/3222
Resumo: This study analyses whether family control impacts the firm’s capital structure and if results are influenced by financial turbulences. Using a sample of Portuguese listed firms during fourteen years, results show that family and-non family firms have different debt levels in periods of expansion. Moreover, the higher concentration of family ownership leads to reduction in the firm’s leverage, especially in recession periods. These results confirm the behavioural-agency theory: the family looks to socio-emotional wealth but assuring the firm presence for future generations.
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spelling Family impact on capital structure: does financial crisis matter?Family firmsFamily controlF-PEC scaleCapital structureDebtFinancial crisisThis study analyses whether family control impacts the firm’s capital structure and if results are influenced by financial turbulences. Using a sample of Portuguese listed firms during fourteen years, results show that family and-non family firms have different debt levels in periods of expansion. Moreover, the higher concentration of family ownership leads to reduction in the firm’s leverage, especially in recession periods. These results confirm the behavioural-agency theory: the family looks to socio-emotional wealth but assuring the firm presence for future generations.Journal of Business and EconomicsIC-OnlineLisboa, Inês2018-04-27T14:58:39Z20152015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.8/3222eng2155-7950metadata only accessinfo: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:RCAAP2024-01-17T15:46:43Zoai:iconline.ipleiria.pt:10400.8/3222Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:47:23.075693Repositório 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 Family impact on capital structure: does financial crisis matter?
title Family impact on capital structure: does financial crisis matter?
spellingShingle Family impact on capital structure: does financial crisis matter?
Lisboa, Inês
Family firms
Family control
F-PEC scale
Capital structure
Debt
Financial crisis
title_short Family impact on capital structure: does financial crisis matter?
title_full Family impact on capital structure: does financial crisis matter?
title_fullStr Family impact on capital structure: does financial crisis matter?
title_full_unstemmed Family impact on capital structure: does financial crisis matter?
title_sort Family impact on capital structure: does financial crisis matter?
author Lisboa, Inês
author_facet Lisboa, Inês
author_role author
dc.contributor.none.fl_str_mv IC-Online
dc.contributor.author.fl_str_mv Lisboa, Inês
dc.subject.por.fl_str_mv Family firms
Family control
F-PEC scale
Capital structure
Debt
Financial crisis
topic Family firms
Family control
F-PEC scale
Capital structure
Debt
Financial crisis
description This study analyses whether family control impacts the firm’s capital structure and if results are influenced by financial turbulences. Using a sample of Portuguese listed firms during fourteen years, results show that family and-non family firms have different debt levels in periods of expansion. Moreover, the higher concentration of family ownership leads to reduction in the firm’s leverage, especially in recession periods. These results confirm the behavioural-agency theory: the family looks to socio-emotional wealth but assuring the firm presence for future generations.
publishDate 2015
dc.date.none.fl_str_mv 2015
2015-01-01T00:00:00Z
2018-04-27T14:58:39Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.8/3222
url http://hdl.handle.net/10400.8/3222
dc.language.iso.fl_str_mv eng
language eng
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dc.publisher.none.fl_str_mv Journal of Business and Economics
publisher.none.fl_str_mv Journal of Business and Economics
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
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