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Do family firms pay less for external funding?

Author

Listed:
  • Muhammad Jahangir Ali
  • Seema Miglani

    (La Trobe University, Melbourne, VIC, Australia)

  • Man Dang

    (University of Economics, The University of Da Nang, Da Nang, Vietnam)

  • Premkanth Puwanenthiren

    (University of Westminster, London, UK)

  • Mazur Mieszko

    (IESEG School of Management, Paris la Défense, France)

Abstract

We examine the impact of family control on the cost of raising external funds by family enterprises. Using a sample of Australian publicly listed firms, we find a significantly negative relation between cost of newly raised capital and family control. Moreover, we show that this relationship varies with the quality of corporate governance and the quality of firm’s information environment. Furthermore, we conduct several robustness checks and consistently find that our main results remain unchanged. Overall, our evidence suggests that family firms have easier access to external financing fostered by family involvement in the ownership and control. JEL Classification: G31; G32; M41; M42

Suggested Citation

  • Muhammad Jahangir Ali & Seema Miglani & Man Dang & Premkanth Puwanenthiren & Mazur Mieszko, 2022. "Do family firms pay less for external funding?," Australian Journal of Management, Australian School of Business, vol. 47(2), pages 225-250, May.
    • Handle: RePEc:sae:ausman:v:47:y:2022:i:2:p:225-250
    DOI: 10.1177/03128962211018241
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    More about this item

    Keywords

    Australian family firms; corporate governance; cost of capital; financial analysts; institutional ownership;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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