IDEAS home Printed from https://ideas.repec.org/a/cup/jomorg/v18y2012i03p363-382_00.html
   My bibliography  Save this article

Are financing decisions of family-owned SMEs different? Empirical evidence using panel data

Author

Listed:
  • Serrasqueiro, Zélia
  • Nunes, Paulo Maçãs
  • da Silva, Jacinto Vidigal

Abstract

This paper analyses if ownership structure is an important determinant of capital structure decisions, on the basis of two sub-samples of family-owned and non-family owned SMEs, and using panel data models. The results suggest that family ownership is an important determinant for: i) the variations of short and long-term debt stimulated by financial deficit; ii) the speed of adjustment of short and long-term debt towards the respective target levels; and iii) the relationships between determinants and short-term debt and long-term debt. In general, the capital structure decisions of family-owned SMEs are closer to what is forecast by trade-off theory than those of non-family owned SMEs, whereas the capital structure decisions of non-family owned SMEs are closer to the forecasts of pecking order theory than those of family-owned SMEs.

Suggested Citation

  • Serrasqueiro, Zélia & Nunes, Paulo Maçãs & da Silva, Jacinto Vidigal, 2012. "Are financing decisions of family-owned SMEs different? Empirical evidence using panel data," Journal of Management & Organization, Cambridge University Press, vol. 18(3), pages 363-382, May.
  • Handle: RePEc:cup:jomorg:v:18:y:2012:i:03:p:363-382_00
    as

    Download full text from publisher

    File URL: https://www.cambridge.org/core/product/identifier/S1833367200000857/type/journal_article
    File Function: link to article abstract page
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Thao Nguyen & Min Bai & Greg Hou & Cameron Truong, 2021. "Speed of adjustment towards target leverage: evidence from a quantile regression analysis," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5073-5109, December.
    2. P. López-Delgado & J. Diéguez-Soto, 2020. "Indebtedness in family-managed firms: the moderating role of female directors on the board," Review of Managerial Science, Springer, vol. 14(4), pages 727-762, August.
    3. Farok J. Contractor & Vikas Kumar & Charles Dhanaraj, 2015. "Leveraging India: Global Interconnectedness and Locational Competitive Advantage," Management International Review, Springer, vol. 55(2), pages 159-179, April.
    4. Oscar Domenichelli, 2019. "Zero-Leverage Policy: Is the Family Nature of Private Firms Relevant?," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(7), pages 1-28, July.
    5. faten CHIBANI LTAIEF & jamel Eddine HENCHIRI, 2016. "structure financière des entreprises familiales : une analyse fondée sur la théorie du Pecking Order," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 7(2), pages 84-97, November.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cup:jomorg:v:18:y:2012:i:03:p:363-382_00. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kirk Stebbing (email available below). General contact details of provider: https://www.cambridge.org/jmo .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.