The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/16229 |
Resumo: | In this article, we investigate the influence of family ownership on firm leverage across different subgroups of family and non-family firms. In addition, we examine the influence of firm size, geographical location and the 2008 global financial crisis on the capital structure of family firms. In both cases, we study the probability of firms using debt and, conditional on its use, the proportion of debt issued. We find that family ownership affects both decisions positively, namely, when the firm is large or located in a metropolitan area. For small firms located outside metropolitan areas, there is no clear family ownership effect. We also find the 2008 crisis had a substantial, but diversified, impact on family firm leverage. On the one hand, all family firms were more prone to use debt after 2008; on the other, the proportion of debt held by levered family firms decreased for micro and small firms, but increased for large firms. Overall, the crisis effects on family firm leverage seem to be the result of both supply- and demand-side factors, with the former particularly affecting the availability of debt to micro and small firms. |
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The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisisCapital structureFamily firmsFinancial crisisFirm sizeGeographical locationZero leverageIn this article, we investigate the influence of family ownership on firm leverage across different subgroups of family and non-family firms. In addition, we examine the influence of firm size, geographical location and the 2008 global financial crisis on the capital structure of family firms. In both cases, we study the probability of firms using debt and, conditional on its use, the proportion of debt issued. We find that family ownership affects both decisions positively, namely, when the firm is large or located in a metropolitan area. For small firms located outside metropolitan areas, there is no clear family ownership effect. We also find the 2008 crisis had a substantial, but diversified, impact on family firm leverage. On the one hand, all family firms were more prone to use debt after 2008; on the other, the proportion of debt held by levered family firms decreased for micro and small firms, but increased for large firms. Overall, the crisis effects on family firm leverage seem to be the result of both supply- and demand-side factors, with the former particularly affecting the availability of debt to micro and small firms.SAGE Publications2018-06-27T10:17:34Z2018-01-01T00:00:00Z20182019-03-08T12:03:18Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/16229eng0266-242610.1177/0266242617753050Ramalho, J. J. S.Rita, R. M. S.da Silva, J. V.info: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:RCAAP2023-11-09T17:55:51Zoai:repositorio.iscte-iul.pt:10071/16229Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:28:32.544782Repositório 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 |
The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis |
title |
The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis |
spellingShingle |
The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis Ramalho, J. J. S. Capital structure Family firms Financial crisis Firm size Geographical location Zero leverage |
title_short |
The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis |
title_full |
The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis |
title_fullStr |
The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis |
title_full_unstemmed |
The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis |
title_sort |
The impact of family ownership on capital structure of firms: exploring the role of zero-leverage, size, location and the global financial crisis |
author |
Ramalho, J. J. S. |
author_facet |
Ramalho, J. J. S. Rita, R. M. S. da Silva, J. V. |
author_role |
author |
author2 |
Rita, R. M. S. da Silva, J. V. |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Ramalho, J. J. S. Rita, R. M. S. da Silva, J. V. |
dc.subject.por.fl_str_mv |
Capital structure Family firms Financial crisis Firm size Geographical location Zero leverage |
topic |
Capital structure Family firms Financial crisis Firm size Geographical location Zero leverage |
description |
In this article, we investigate the influence of family ownership on firm leverage across different subgroups of family and non-family firms. In addition, we examine the influence of firm size, geographical location and the 2008 global financial crisis on the capital structure of family firms. In both cases, we study the probability of firms using debt and, conditional on its use, the proportion of debt issued. We find that family ownership affects both decisions positively, namely, when the firm is large or located in a metropolitan area. For small firms located outside metropolitan areas, there is no clear family ownership effect. We also find the 2008 crisis had a substantial, but diversified, impact on family firm leverage. On the one hand, all family firms were more prone to use debt after 2008; on the other, the proportion of debt held by levered family firms decreased for micro and small firms, but increased for large firms. Overall, the crisis effects on family firm leverage seem to be the result of both supply- and demand-side factors, with the former particularly affecting the availability of debt to micro and small firms. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-06-27T10:17:34Z 2018-01-01T00:00:00Z 2018 2019-03-08T12:03:18Z |
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/10071/16229 |
url |
http://hdl.handle.net/10071/16229 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
0266-2426 10.1177/0266242617753050 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
SAGE Publications |
publisher.none.fl_str_mv |
SAGE Publications |
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 |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799134847986302976 |