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Relational capital in lending relationships: evidence from European family firms

Author

Listed:
  • Marco Cucculelli

    (Università Politecnica delle Marche and MoFiR)

  • Valentina Peruzzi

    (Università Politecnica delle Marche)

  • Alberto Zazzaro

    (Università di Napoli Federico II, CSEF and MoFiR)

Abstract

The aim of this paper is to investigate the role of family CEOs’ relational capital and non-family CEOs’ managerial skills in the context of bank relationships for a large sample of small- and medium-sized European firms. The results indicate that family firms appointing family managers are significantly more likely to maintain soft-information-based and longer-lasting lending relationships than family firms managed by professionals, and that these closer bank-firm ties reduce the likelihood of experiencing credit restrictions. Moreover, we find that having professional CEOs does not directly affect the probability of being credit rationed. Hence, family relational capital appears to have a univocal beneficial impact on bank-firm relationships.

Suggested Citation

  • Marco Cucculelli & Valentina Peruzzi & Alberto Zazzaro, 2019. "Relational capital in lending relationships: evidence from European family firms," Small Business Economics, Springer, vol. 52(1), pages 277-301, January.
    • Handle: RePEc:kap:sbusec:v:52:y:2019:i:1:d:10.1007_s11187-018-0019-3
    DOI: 10.1007/s11187-018-0019-3
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    Cited by:

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    8. Shenglei Pi & Kuei-Feng Chang & I-Tung Shih, 2021. "Research on the Performance of Human Capital at Different Organizational Levels of Pharmaceutical Corporations: Moderation of Informal Relational Capital," IJERPH, MDPI, vol. 18(15), pages 1-16, July.
    9. Jackowicz, Krzysztof & Kozłowski, Łukasz, 2019. "Social ties between SME managers and bank employees: Financial consequences vs. SME managers' perceptions," Emerging Markets Review, Elsevier, vol. 40(C), pages 1-1.
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    12. Debicki, Bart J. & Ramírez-Solís, Edgar Rogelio & Baños-Monroy, Verónica Ilián & Gutiérrez-Patrón, Lilia Magali, 2020. "The impact of strategic focus on relational capital: A comparative study of family and non-family firms," Journal of Business Research, Elsevier, vol. 119(C), pages 585-598.
    13. Ferri, Giovanni & Murro, Pierluigi & Pini, Marco, 2020. "Credit rationing and the relationship between family businesses and banks in Italy," Global Finance Journal, Elsevier, vol. 43(C).
    14. Jeremie Bertrand & Pierluigi Murro, 2018. "Is trade credit a substitute for relationship lending credit?," CERBE Working Papers wpC25, CERBE Center for Relationship Banking and Economics.
    15. Ferri, Giovanni & Murro, Pierluigi & Peruzzi, Valentina & Rotondi, Zeno, 2019. "Bank lending technologies and credit availability in Europe: What can we learn from the crisis?," Journal of International Money and Finance, Elsevier, vol. 95(C), pages 128-148.
    16. Godlewski, Christophe J. & Le, Nhung Hong, 2022. "Family firms and the cost of borrowing: empirical evidence from East Asia," Research in International Business and Finance, Elsevier, vol. 60(C).
    17. Hoch, Felix & Rudsinske, Jonas, 2021. "Building bridges: Bilateral manager connections and international trade," CIW Discussion Papers 4/2021, University of Münster, Center for Interdisciplinary Economics (CIW).
    18. Valentina Peruzzi, 2024. "Open innovation in family-owned firms," Working Papers CASMEF 2401, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    19. Nadia Zahoor & Ali Meftah Gerged, 2021. "Relational capital, environmental knowledge integration, and environmental performance of small and medium enterprises in emerging markets," Business Strategy and the Environment, Wiley Blackwell, vol. 30(8), pages 3789-3803, December.
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    More about this item

    Keywords

    Family firm; Family CEO; Soft information; Relational capital; Relationship lending; Credit rationing;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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