RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH

Detalhes bibliográficos
Autor(a) principal: Nguyen , Kieu Minh
Data de Publicação: 2023
Outros Autores: Vu, Tu Minh
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Lex Humana
Texto Completo: https://seer.ucp.br/seer/index.php/LexHumana/article/view/2587
Resumo: This article explores effect of family socioemotional wealth on capital structure, especially in the situation that the company is in a difficult or loss situation.  Relation between ownership (family) and cap.struc has been a leading research focus around the world for more than twenty years. However, existing empirical evidences on the relation b.t ownership (family) and cap.struc have been inconclusive. According to B.A theory, family owners preserve their socioemotional wealth by maintaining control of the firms. The more socioemotional wealth they have, the more effort they put to reduce firm control (risk-losing), thereby limiting the dilution of ownership status by increasing the capital structure. In order to explain the differences of the previous empirical evidences, this article applies a B.A approach to investigate effect of family socioemotional wealth – the most vital dimensions of ownership (family) - on cap.struc, with data from 390 companies listed in Vietnam from 2010 to 2020. the regression results show that family socioemotional wealth has a positive impact on capital structure, but with the existences of performance below aspiration, family socioemotional wealth have a negative impact on capital structure. The results of the study contributes to cap.struc literature by explaining the difference between the capital structure of the family firms compared to the non-family firms according to socioemotional wealth and performance below aspiration. With these results, this paper has contribution in applying B.A model to interprete the I.F.O on capital structure
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spelling RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACHPESQUISA SOBRE A RIQUEZA SOCIOEMOCIONAL DA FAMÍLIA, DESEMPENHO ABAIXO DA ASPIRAÇÃO E ESTRUTURA DE CAPITAL: UMA ABORDAGEM DE AGÊNCIA COMPORTAMENTALCapital structuresocioemotional wealthperformance below aspirationfamily ownershipThis article explores effect of family socioemotional wealth on capital structure, especially in the situation that the company is in a difficult or loss situation.  Relation between ownership (family) and cap.struc has been a leading research focus around the world for more than twenty years. However, existing empirical evidences on the relation b.t ownership (family) and cap.struc have been inconclusive. According to B.A theory, family owners preserve their socioemotional wealth by maintaining control of the firms. The more socioemotional wealth they have, the more effort they put to reduce firm control (risk-losing), thereby limiting the dilution of ownership status by increasing the capital structure. In order to explain the differences of the previous empirical evidences, this article applies a B.A approach to investigate effect of family socioemotional wealth – the most vital dimensions of ownership (family) - on cap.struc, with data from 390 companies listed in Vietnam from 2010 to 2020. the regression results show that family socioemotional wealth has a positive impact on capital structure, but with the existences of performance below aspiration, family socioemotional wealth have a negative impact on capital structure. The results of the study contributes to cap.struc literature by explaining the difference between the capital structure of the family firms compared to the non-family firms according to socioemotional wealth and performance below aspiration. With these results, this paper has contribution in applying B.A model to interprete the I.F.O on capital structureEste artigo explora o efeito da riqueza socioemocional da família na estrutura de capital, especialmente quando a empresa se encontra em uma situação difícil ou de prejuízo. A relação entre propriedade (família) e estrutura de capital tem sido um dos principais focos de pesquisa em todo o mundo há mais de vinte anos. Entretanto, as evidências empíricas existentes sobre a relação entre propriedade (família) e estrutura de capital têm sido inconclusivas. De acordo com a teoria B.A., os proprietários familiares preservam sua riqueza socioemocional ao manter o controle das empresas. Quanto mais riqueza socioemocional eles tiverem, mais esforço farão para reduzir o controle da empresa (perda de risco), limitando assim a diluição do status de propriedade por meio do aumento da estrutura de capital. Para explicar as diferenças das evidências empíricas anteriores, este artigo aplica uma abordagem B.A. para investigar o efeito da riqueza socioemocional familiar - as dimensões mais vitais da propriedade (família) - na estrutura de capital, com dados de 390 empresas listadas no Vietnã de 2010 a 2020. Os resultados da regressão mostram que a riqueza socioemocional familiar tem um impacto positivo na estrutura de capital, mas, com a existência de desempenho abaixo da aspiração, a riqueza socioemocional familiar tem um impacto negativo na estrutura de capital. Os resultados do estudo contribuem para a literatura sobre estrutura de capital ao explicar a diferença entre a estrutura de capital das empresas familiares em comparação com as empresas não familiares de acordo com a riqueza socioemocional e o desempenho abaixo da aspiração. Com esses resultados, este estudo contribuiu para a aplicação do modelo B.A. para interpretar o I.F.O. na estrutura de capitalUniversidade Católica de Petrópolis2023-05-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://seer.ucp.br/seer/index.php/LexHumana/article/view/2587Lex Humana (ISSN 2175-0947); Vol. 15 No. 3 (2023): JUL-SEP; 245-259Lex Humana (ISSN 2175-0947); v. 15 n. 3 (2023): JUL-SET; 245-2592175-0947reponame:Lex Humanainstname:Universidade Católica de Petrópolis (UCP)instacron:UCPenghttps://seer.ucp.br/seer/index.php/LexHumana/article/view/2587/3529Copyright (c) 2023 Lex Humana (ISSN 2175-0947)https://creativecommons.org/licenses/by-nc-nd/4.0info:eu-repo/semantics/openAccessNguyen , Kieu Minh Vu, Tu Minh 2023-05-02T00:27:31Zoai:ojs.pkp.sfu.ca:article/2587Revistahttp://seer.ucp.br/seer/index.php?journal=LexHumanaPUBhttp://seer.ucp.br/seer/index.php/LexHumana/oai||sergio.salles@ucp.br2175-09472175-0947opendoar:2023-05-02T00:27:31Lex Humana - Universidade Católica de Petrópolis (UCP)false
dc.title.none.fl_str_mv RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH
PESQUISA SOBRE A RIQUEZA SOCIOEMOCIONAL DA FAMÍLIA, DESEMPENHO ABAIXO DA ASPIRAÇÃO E ESTRUTURA DE CAPITAL: UMA ABORDAGEM DE AGÊNCIA COMPORTAMENTAL
title RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH
spellingShingle RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH
Nguyen , Kieu Minh
Capital structure
socioemotional wealth
performance below aspiration
family ownership
title_short RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH
title_full RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH
title_fullStr RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH
title_full_unstemmed RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH
title_sort RESEARCH ON FAMILY SOCIOEMOTIONAL WEALTH, PERFORMANCE BELOW ASPIRATION AND CAPITAL STRUCTURE: A BEHAVIORAL AGENCY APPROACH
author Nguyen , Kieu Minh
author_facet Nguyen , Kieu Minh
Vu, Tu Minh
author_role author
author2 Vu, Tu Minh
author2_role author
dc.contributor.author.fl_str_mv Nguyen , Kieu Minh
Vu, Tu Minh
dc.subject.por.fl_str_mv Capital structure
socioemotional wealth
performance below aspiration
family ownership
topic Capital structure
socioemotional wealth
performance below aspiration
family ownership
description This article explores effect of family socioemotional wealth on capital structure, especially in the situation that the company is in a difficult or loss situation.  Relation between ownership (family) and cap.struc has been a leading research focus around the world for more than twenty years. However, existing empirical evidences on the relation b.t ownership (family) and cap.struc have been inconclusive. According to B.A theory, family owners preserve their socioemotional wealth by maintaining control of the firms. The more socioemotional wealth they have, the more effort they put to reduce firm control (risk-losing), thereby limiting the dilution of ownership status by increasing the capital structure. In order to explain the differences of the previous empirical evidences, this article applies a B.A approach to investigate effect of family socioemotional wealth – the most vital dimensions of ownership (family) - on cap.struc, with data from 390 companies listed in Vietnam from 2010 to 2020. the regression results show that family socioemotional wealth has a positive impact on capital structure, but with the existences of performance below aspiration, family socioemotional wealth have a negative impact on capital structure. The results of the study contributes to cap.struc literature by explaining the difference between the capital structure of the family firms compared to the non-family firms according to socioemotional wealth and performance below aspiration. With these results, this paper has contribution in applying B.A model to interprete the I.F.O on capital structure
publishDate 2023
dc.date.none.fl_str_mv 2023-05-12
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ucp.br/seer/index.php/LexHumana/article/view/2587
url https://seer.ucp.br/seer/index.php/LexHumana/article/view/2587
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://seer.ucp.br/seer/index.php/LexHumana/article/view/2587/3529
dc.rights.driver.fl_str_mv Copyright (c) 2023 Lex Humana (ISSN 2175-0947)
https://creativecommons.org/licenses/by-nc-nd/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2023 Lex Humana (ISSN 2175-0947)
https://creativecommons.org/licenses/by-nc-nd/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Católica de Petrópolis
publisher.none.fl_str_mv Universidade Católica de Petrópolis
dc.source.none.fl_str_mv Lex Humana (ISSN 2175-0947); Vol. 15 No. 3 (2023): JUL-SEP; 245-259
Lex Humana (ISSN 2175-0947); v. 15 n. 3 (2023): JUL-SET; 245-259
2175-0947
reponame:Lex Humana
instname:Universidade Católica de Petrópolis (UCP)
instacron:UCP
instname_str Universidade Católica de Petrópolis (UCP)
instacron_str UCP
institution UCP
reponame_str Lex Humana
collection Lex Humana
repository.name.fl_str_mv Lex Humana - Universidade Católica de Petrópolis (UCP)
repository.mail.fl_str_mv ||sergio.salles@ucp.br
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