The Impact of Family Ownership and Size on Capital Structure Decisions
Autor(a) principal: | |
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Data de Publicação: | 2014 |
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/10174/17268 |
Resumo: | This paper examines the following three hypotheses about which there is some lack of clarification in the financial literature: i) family ownership is a relevant factor in determining firms’ financing decisions; ii) family ownership has a different influence on the use of debt from determining its proportion; and iii) the differentiated influence of the family ownership factor on the decision to use long-term debt and on its proportion depends on firm size. Using a binary choice model to explain the probability of the firm using debt and a fractional data model to explain the proportion of debt issued, we find strong support for the first and third hypotheses. Particularly, we find that: i) depending on size, family ownership influences positively the probability of using debt; ii) depending on size and the use of debt, family ownership influences positively the proportion of debt used. |
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The Impact of Family Ownership and Size on Capital Structure Decisionsfamily firmslong-term debtzero leveragetwo-part fractional modelThis paper examines the following three hypotheses about which there is some lack of clarification in the financial literature: i) family ownership is a relevant factor in determining firms’ financing decisions; ii) family ownership has a different influence on the use of debt from determining its proportion; and iii) the differentiated influence of the family ownership factor on the decision to use long-term debt and on its proportion depends on firm size. Using a binary choice model to explain the probability of the firm using debt and a fractional data model to explain the proportion of debt issued, we find strong support for the first and third hypotheses. Particularly, we find that: i) depending on size, family ownership influences positively the probability of using debt; ii) depending on size and the use of debt, family ownership influences positively the proportion of debt used.Portuguese Finance Network2016-02-03T18:32:48Z2016-02-032014-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://hdl.handle.net/10174/17268http://hdl.handle.net/10174/17268engjsr@uevora.ptrui.rita@esce.ips.ptjsilva@uevora.pt8th Finance Conference Portuguese Finance Network Proceedings664Ramalho, JoaquimRita, RuiVidigal 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:RCAAP2024-01-03T19:04:37Zoai:dspace.uevora.pt:10174/17268Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:09:27.209204Repositório 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 and Size on Capital Structure Decisions |
title |
The Impact of Family Ownership and Size on Capital Structure Decisions |
spellingShingle |
The Impact of Family Ownership and Size on Capital Structure Decisions Ramalho, Joaquim family firms long-term debt zero leverage two-part fractional model |
title_short |
The Impact of Family Ownership and Size on Capital Structure Decisions |
title_full |
The Impact of Family Ownership and Size on Capital Structure Decisions |
title_fullStr |
The Impact of Family Ownership and Size on Capital Structure Decisions |
title_full_unstemmed |
The Impact of Family Ownership and Size on Capital Structure Decisions |
title_sort |
The Impact of Family Ownership and Size on Capital Structure Decisions |
author |
Ramalho, Joaquim |
author_facet |
Ramalho, Joaquim Rita, Rui Vidigal da Silva, Jacinto |
author_role |
author |
author2 |
Rita, Rui Vidigal da Silva, Jacinto |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Ramalho, Joaquim Rita, Rui Vidigal da Silva, Jacinto |
dc.subject.por.fl_str_mv |
family firms long-term debt zero leverage two-part fractional model |
topic |
family firms long-term debt zero leverage two-part fractional model |
description |
This paper examines the following three hypotheses about which there is some lack of clarification in the financial literature: i) family ownership is a relevant factor in determining firms’ financing decisions; ii) family ownership has a different influence on the use of debt from determining its proportion; and iii) the differentiated influence of the family ownership factor on the decision to use long-term debt and on its proportion depends on firm size. Using a binary choice model to explain the probability of the firm using debt and a fractional data model to explain the proportion of debt issued, we find strong support for the first and third hypotheses. Particularly, we find that: i) depending on size, family ownership influences positively the probability of using debt; ii) depending on size and the use of debt, family ownership influences positively the proportion of debt used. |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014-01-01T00:00:00Z 2016-02-03T18:32:48Z 2016-02-03 |
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/10174/17268 http://hdl.handle.net/10174/17268 |
url |
http://hdl.handle.net/10174/17268 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
jsr@uevora.pt rui.rita@esce.ips.pt jsilva@uevora.pt 8th Finance Conference Portuguese Finance Network Proceedings 664 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Portuguese Finance Network |
publisher.none.fl_str_mv |
Portuguese Finance Network |
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 |
|
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1799136577175158784 |