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Ownership Dispersion and Capital Structures in Family firms: A study of closed medium sized enterprises

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  • Bjuggren, Per-Olof

    ()
    (The Ratio Institute and Jönköping International Business School)

  • Duggal, Rubecca

    ()
    (Jönköping International Business School and Center for Family Enterprise and Ownership in Jönköping)

  • Giang, Dinh Tung

    ()
    (Jönköping International Business School)

Abstract

Family firms are entities that possess and contribute greatly to all economies worldwide. In the following study we investigate capital structures and ownership dispersion among Swedish family firms. In order to find concluding results, we proceed with a regression between leverage and family business, leverage and family firm age, and leverage and ownership dispersion. Our regression outcomes support a U- shaped relationship between family ownership dispersion and leverage, but do not confirm a relation between leverage and family business. Earlier studies made in the field have generated differing results; however, there are some studies that are actually in line with our findings. A unique database developed at Jönköping University is used that enables us to obtain access to firm level data. Earlier studies in the same genre have only had access to industry level data.

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File URL: http://www.ratio.se/media/93414/pob_rd_dtg_ownership.pdf
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Bibliographic Info

Paper provided by The Ratio Institute in its series Ratio Working Papers with number 175.

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Length: 30 pages
Date of creation: 06 Sep 2011
Date of revision:
Handle: RePEc:hhs:ratioi:0175

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Keywords: Family firms; Capital structure; Closed medium sized enterprises; Ownership Dispersion; Corporate Governance;

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  1. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
  2. Morten Bennedsen & Kasper M. Nielsen & Francisco Pérez-González & Daniel Wolfenzon, 2006. "Inside the Family Firm: The Role of Families in Succession Decisions and Performance," NBER Working Papers 12356, National Bureau of Economic Research, Inc.
  3. Ampenberger, Markus & Schmid, Thomas & Achleitner, Ann-Kristin & Kaserer, Christoph, 2009. "Capital structure decisions in family firms: empirical evidence from a bank-based economy," CEFS Working Paper Series 2009-05, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
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