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Founding Family Firms and Bank Loan Contracts

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  • Ju-Fang Yen
  • Chih-Yung Lin
  • Yan-Shing Chen
  • Ying-Chen Huang

Abstract

Given the economic importance of bank loan financing worldwide, we empirically investigate the role of founding family ownership in bank loan contracts after controlling other governance practices via individual bank loan contracts in Taiwan. We first find that founding family firms can enjoy favorable loan contracts in terms of loan spread. Second, we find that these favors tend to decrease or even disappear when founding families are more likely to expropriate other investors or when the information asymmetry between the borrower and the bank is not severe. Third, we document that the favorable spread effect of founding family firms enlarge for firms with greater credit risk, or during periods of financial crisis. Copyright Springer Science+Business Media New York 2015

Suggested Citation

  • Ju-Fang Yen & Chih-Yung Lin & Yan-Shing Chen & Ying-Chen Huang, 2015. "Founding Family Firms and Bank Loan Contracts," Journal of Financial Services Research, Springer;Western Finance Association, vol. 48(1), pages 53-82, August.
    • Handle: RePEc:kap:jfsres:v:48:y:2015:i:1:p:53-82
    DOI: 10.1007/s10693-014-0199-1
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    More about this item

    Keywords

    Founding family ownership; Corporate governance; Bank loan contracts; Credit risk; Financial crisis; G21; G32; G34;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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