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Effects of family ownership and management on small business equity financing

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  • Wu, Zhenyu
  • Chua, Jess H.
  • Chrisman, James J.
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Venturing.

    Volume (Year): 22 (2007)
    Issue (Month): 6 (November)
    Pages: 875-895

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    Handle: RePEc:eee:jbvent:v:22:y:2007:i:6:p:875-895

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    Web page: http://www.elsevier.com/locate/jbusvent

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    1. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 26(2), pages 301-25, June.
    2. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
    3. Grossman, Sanford J & Hart, Oliver, 1985. "The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration," CEPR Discussion Papers, C.E.P.R. Discussion Papers 70, C.E.P.R. Discussion Papers.
    4. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1989. "Alternative Mechanisms for Corporate Control," American Economic Review, American Economic Association, American Economic Association, vol. 79(4), pages 842-52, September.
    5. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2002. "Family Firms," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1944, Harvard - Institute of Economic Research.
    6. Petersen, Mitchell A & Rajan, Raghuram G, 1994. " The Benefits of Lending Relationships: Evidence from Small Business Data," Journal of Finance, American Finance Association, American Finance Association, vol. 49(1), pages 3-37, March.
    7. Bernheim, B Douglas & Stark, Oded, 1988. "Altruism within the Family Reconsidered: Do Nice Guys Finish Last?," American Economic Review, American Economic Association, American Economic Association, vol. 78(5), pages 1034-45, December.
    8. Becker, Gary S, 1974. "A Theory of Social Interactions," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(6), pages 1063-93, Nov.-Dec..
    9. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 84(3), pages 488-500, August.
    10. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, American Finance Association, vol. 48(3), pages 831-80, July.
    11. Schulze, William S. & Lubatkin, Michael H. & Dino, Richard N., 2003. "Toward a theory of agency and altruism in family firms," Journal of Business Venturing, Elsevier, Elsevier, vol. 18(4), pages 473-490, July.
    12. John Lintner, 1963. "The Cost Of Capital And Optimal Financing Of Corporate Growth," Journal of Finance, American Finance Association, American Finance Association, vol. 18(2), pages 292-310, 05.
    13. Eisenberg, Theodore & Sundgren, Stefan & Wells, Martin T., 1998. "Larger board size and decreasing firm value in small firms," Journal of Financial Economics, Elsevier, Elsevier, vol. 48(1), pages 35-54, April.
    14. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
    15. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, American Economic Association, vol. 63(2), pages 134-39, May.
    16. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, Elsevier, vol. 20(1-2), pages 293-315, January.
    17. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, Elsevier, vol. 5(2), pages 147-175, November.
    18. Benjamin E. Hermalin & Michael S. Weisbach, 1996. "Endogenously Chosen Boards of Directors and Their Monitoring of the CEO," Working Papers, University of California at Berkeley, Haas School of Business _004, University of California at Berkeley, Haas School of Business.
    19. James S. Ang & Rebel A. Cole & James Wuh Lin, 2000. "Agency Costs and Ownership Structure," Journal of Finance, American Finance Association, American Finance Association, vol. 55(1), pages 81-106, 02.
    20. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, American Finance Association, vol. 46(1), pages 297-355, March.
    21. Anderson, Ronald C. & Mansi, Sattar A. & Reeb, David M., 2003. "Founding family ownership and the agency cost of debt," Journal of Financial Economics, Elsevier, Elsevier, vol. 68(2), pages 263-285, May.
    22. Diamond, Douglas W, 1991. "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(4), pages 689-721, August.
    23. Smith, Clifford Jr. & Warner, Jerold B., 1979. "On financial contracting : An analysis of bond covenants," Journal of Financial Economics, Elsevier, Elsevier, vol. 7(2), pages 117-161, June.
    24. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
    25. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 34, pages 411.
    26. Carroll, Glenn R. & Mosakowski, Elaine M., 1987. "The Career Dynamics of Self-Employment," Institute for Research on Labor and Employment, Working Paper Series, Institute of Industrial Relations, UC Berkeley qt13p1n10b, Institute of Industrial Relations, UC Berkeley.
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    Cited by:
    1. Ding, Yuan & Nowak, Eric & Zhang, Hua, 2010. "Foreign vs. domestic listing: An entrepreneurial decision," Journal of Business Venturing, Elsevier, Elsevier, vol. 25(2), pages 175-191, March.
    2. Chrisman, James J. & Chua, Jess H. & Steier, Lloyd P. & Wright, Mike & McKee, D’Lisa N., 2012. "An agency theoretic analysis of value creation through management buy-outs of family firms," Journal of Family Business Strategy, Elsevier, Elsevier, vol. 3(4), pages 197-206.
    3. Hsiang-Lan Chen & Wen-Tsung Hsu & Yen-Sheng Huang, 2010. "Top management team characteristics, R&D investment and capital structure in the IT industry," Small Business Economics, Springer, Springer, vol. 35(3), pages 319-333, October.
    4. Evila Piva & Cristina Rossi-Lamastra & Alfredo De Massis, 2013. "Family firms and internationalization: An exploratory study on high-tech entrepreneurial ventures," Journal of International Entrepreneurship, Springer, Springer, vol. 11(2), pages 108-129, June.
    5. Chua, Jess H. & Chrisman, James J. & Kellermanns, Franz & Wu, Zhenyu, 2011. "Family involvement and new venture debt financing," Journal of Business Venturing, Elsevier, Elsevier, vol. 26(4), pages 472-488, July.

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