Exploring the link between family ownership and leverage: a mediating pathway through socioemotional wealth objectives
Author
Abstract
Suggested Citation
DOI: 10.1007/s11846-023-00713-1
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Danny Miller & Isabelle Le Breton‐Miller & Barry Scholnick, 2008. "Stewardship vs. Stagnation: An Empirical Comparison of Small Family and Non‐Family Businesses," Journal of Management Studies, Wiley Blackwell, vol. 45(1), pages 51-78, January.
- Hussinger, Katrin & Issah, Abdul-Basit, 2019.
"Firm acquisitions by family firms: A mixed gamble approach,"
ZEW Discussion Papers
19-044, ZEW - Leibniz Centre for European Economic Research.
- Katrin Hussinger & Abdul-Basit Issah, 2019. "Firm Acquisitions by Family Firms: a Mixed Gamble Approach," DEM Discussion Paper Series 19-16, Department of Economics at the University of Luxembourg.
- William S. Schulze & Franz W. Kellermanns, 2015. "Reifying Socioemotional Wealth," Entrepreneurship Theory and Practice, , vol. 39(3), pages 447-459, May.
- Comino-Jurado, María & Sánchez-Andújar, Sonia & Parrado-Martínez, Purificación, 2021. "Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage," Journal of Business Research, Elsevier, vol. 135(C), pages 426-435.
- Schmid, Thomas, 2013. "Control considerations, creditor monitoring, and the capital structure of family firms," Journal of Banking & Finance, Elsevier, vol. 37(2), pages 257-272.
- G.T. Lumpkin & Keith H. Brigham & Todd W. Moss, 2010. "Long-term orientation: Implications for the entrepreneurial orientation and performance of family businesses," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 22(3-4), pages 241-264, May.
- DeAngelo, Harry & DeAngelo, Linda & Stulz, Rene M., 2006. "Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory," Journal of Financial Economics, Elsevier, vol. 81(2), pages 227-254, August.
- Luis R. Gomez‐Mejia & Marianna Makri & Martin Larraza Kintana, 2010. "Diversification Decisions in Family‐Controlled Firms," Journal of Management Studies, Wiley Blackwell, vol. 47(2), pages 223-252, March.
- Ettore Croci & John A. Doukas & Halit Gonenc, 2011. "Family Control and Financing Decisions," European Financial Management, European Financial Management Association, vol. 17(5), pages 860-897, November.
- Samuel Baixauli-Soler, J. & Belda-Ruiz, María & Sánchez-Marín, Gregorio, 2021. "Socioemotional wealth and financial decisions in private family SMEs," Journal of Business Research, Elsevier, vol. 123(C), pages 657-668.
- Murro, Pierluigi & Peruzzi, Valentina, 2019.
"Family firms and access to credit. Is family ownership beneficial?,"
Journal of Banking & Finance, Elsevier, vol. 101(C), pages 173-187.
- Pierluigi Murro & Valentina Peruzzi, 2017. "Family firms and access to credit. Is family ownership beneficial?," CERBE Working Papers wpC23, CERBE Center for Relationship Banking and Economics.
- David L. Deephouse & Peter Jaskiewicz, 2013. "Do Family Firms Have Better Reputations Than Non-Family Firms? An Integration of Socioemotional Wealth and Social Identity Theories," Journal of Management Studies, Wiley Blackwell, vol. 50(3), pages 337-360, May.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Hemant K. Bhargava & Abhay Nath Mishra, 2014. "Electronic Medical Records and Physician Productivity: Evidence from Panel Data Analysis," Management Science, INFORMS, vol. 60(10), pages 2543-2562, October.
- Blundell, Richard & Bond, Stephen, 1998.
"Initial conditions and moment restrictions in dynamic panel data models,"
Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
- R Blundell & Steven Bond, "undated". "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
- Blundell, R. & Bond, S., 1995. "Initial Conditions and Moment Restrictions in Dynamic Panel Data Models," Economics Papers 104, Economics Group, Nuffield College, University of Oxford.
- Richard Blundell & Stephen Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
- Davila, Jessenia & Duran, Patricio & Gómez-Mejía, Luis & Sanchez-Bueno, Maria J., 2023. "Socioemotional wealth and family firm performance: A meta-analytic integration," Journal of Family Business Strategy, Elsevier, vol. 14(2).
- Unai Arzubiaga & Alfredo De Massis & Amaia Maseda & Txomin Iturralde, 2023. "The influence of family firm image on access to financial resources in family SMEs: a signaling theory perspective," Review of Managerial Science, Springer, vol. 17(1), pages 233-258, January.
- González, Maximiliano & Guzmán, Alexander & Pombo, Carlos & Trujillo, María-Andrea, 2013.
"Family firms and debt: Risk aversion versus risk of losing control,"
Journal of Business Research, Elsevier, vol. 66(11), pages 2308-2320.
- González, Maximiliano & Guzmán, Alexander & Pombo, Carlos & Trujillo, María Andréa, 2011. "Family firms and debt: Risk aversion versus risk of losing control," Galeras. Working Papers Series 033, Universidad de Los Andes. Facultad de Administración. School of Management.
- David B. Audretsch & Maksim Belitski & Sameeksha Desai, 2019. "National Business Regulations and City Entrepreneurship in Europe: A Multilevel Nested Analysis," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1148-1165, November.
- Luis R. Gómez-Mejia & Francesco Chirico & Geoffrey Martin & Massimo Baù, 2023. "Best Among the Worst or Worst Among the Best? Socioemotional Wealth and Risk-Performance Returns for Family and Non-family Firms Under Financial Distress," Entrepreneurship Theory and Practice, , vol. 47(4), pages 1031-1058, July.
- Fuente, Gabriel de la & Velasco, Pilar, 2022. "Bank debt signalling and corporate sustainability: Does incongruence blur the message?," Finance Research Letters, Elsevier, vol. 46(PA).
- Tim Verheyden & Robert G. Eccles & Andreas Feiner, 2016. "ESG for All? The Impact of ESG Screening on Return, Risk, and Diversification," Journal of Applied Corporate Finance, Morgan Stanley, vol. 28(2), pages 47-55, June.
- Daniel Kahneman & Amos Tversky, 2013.
"Prospect Theory: An Analysis of Decision Under Risk,"
World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127,
World Scientific Publishing Co. Pte. Ltd..
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Srinivasan Balakrishnan & Isaac Fox, 1993. "Abstract," Strategic Management Journal, Wiley Blackwell, vol. 14(1), pages 3-16, January.
- Lukas Setia‐Atmaja & George A. Tanewski & Michael Skully, 2009.
"The Role of Dividends, Debt and Board Structure in the Governance of Family Controlled Firms,"
Journal of Business Finance & Accounting,
Wiley Blackwell, vol. 36(7‐8), pages 863-898, September.
- Lukas Setia-Atmaja & George A. Tanewski & Michael Skully, 2009. "The Role of Dividends, Debt and Board Structure in the Governance of Family Controlled Firms," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(7-8), pages 863-898.
- Anderson, Ronald C. & Mansi, Sattar A. & Reeb, David M., 2003. "Founding family ownership and the agency cost of debt," Journal of Financial Economics, Elsevier, vol. 68(2), pages 263-285, May.
- Gómez-Mejía, Luis R. & Herrero, Inés, 2022. "Back to square one: The measurement of Socioemotional Wealth (SEW)," Journal of Family Business Strategy, Elsevier, vol. 13(4).
- César Camisón & José Antonio Clemente & Sergio Camisón-Haba, 2022. "Asset tangibility, information asymmetries and intangibles as determinants of family firms leverage," Review of Managerial Science, Springer, vol. 16(7), pages 2047-2082, October.
- Vincent Molly & Lorraine M. Uhlaner & Alfredo De Massis & Eddy Laveren, 2019. "Family-centered goals, family board representation, and debt financing," Small Business Economics, Springer, vol. 53(1), pages 269-286, June.
- Keasey, Kevin & Martinez, Beatriz & Pindado, Julio, 2015. "Young family firms: Financing decisions and the willingness to dilute control," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 47-63.
- Paolo Saona & Pablo San Martín, 2018. "Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors," Review of Managerial Science, Springer, vol. 12(1), pages 65-112, January.
- Isabel‐María García‐Sánchez & Julia Martín‐Moreno & Sana Akbar Khan & Nazim Hussain, 2021. "Socio‐emotional wealth and corporate responses to environmental hostility: Are family firms more stakeholder oriented?," Business Strategy and the Environment, Wiley Blackwell, vol. 30(2), pages 1003-1018, February.
- Hanqing “Chevy” Fang & Esra Memili & James J. Chrisman & Linjia Tang, 2021. "Narrow‐Framing and Risk Preferences in Family and Non‐Family Firms," Journal of Management Studies, Wiley Blackwell, vol. 58(1), pages 201-235, January.
- Elisabete Simões Vieira, 2017. "Debt policy and firm performance of family firms: the impact of economic adversity," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 13(3), pages 267-286, June.
- Santiago, Andrea & Pandey, Shweta & Manalac, Ma. Theresa, 2019. "Family presence, family firm reputation and perceived financial performance: Empirical evidence from the Philippines," Journal of Family Business Strategy, Elsevier, vol. 10(1), pages 49-56.
- Flannery, Mark J. & Rangan, Kasturi P., 2006. "Partial adjustment toward target capital structures," Journal of Financial Economics, Elsevier, vol. 79(3), pages 469-506, March.
- Debicki, Bart J. & Kellermanns, Franz W. & Chrisman, James J. & Pearson, Allison W. & Spencer, Barbara A., 2016. "Development of a socioemotional wealth importance (SEWi) scale for family firm research," Journal of Family Business Strategy, Elsevier, vol. 7(1), pages 47-57.
- Rajan, Raghuram G & Zingales, Luigi, 1995.
"What Do We Know about Capital Structure? Some Evidence from International Data,"
Journal of Finance, American Finance Association, vol. 50(5), pages 1421-1460, December.
- Raghuram G. Rajan & Luigi Zingales, 1994. "What Do We Know About Capital Structure? Some Evidence from International Data," NBER Working Papers 4875, National Bureau of Economic Research, Inc.
- Jiang, Fuxiu & Cai, Xinni & Nofsinger, John R. & Zheng, Xiaojia, 2020. "Can reputation concern restrain bad news hoarding in family firms?," Journal of Banking & Finance, Elsevier, vol. 114(C).
- Romano, Claudio A. & Tanewski, George A. & Smyrnios, Kosmas X., 2001. "Capital structure decision making: A model for family business," Journal of Business Venturing, Elsevier, vol. 16(3), pages 285-310, May.
- Cesinger, Beate & Hughes, Mathew & Mensching, Helge & Bouncken, Ricarda & Fredrich, Viktor & Kraus, Sascha, 2016. "A socioemotional wealth perspective on how collaboration intensity, trust, and international market knowledge affect family firms’ multinationality," Journal of World Business, Elsevier, vol. 51(4), pages 586-599.
- Johanna Gast & Matthias Filser & J. Rigtering & Rainer Harms & Sascha Kraus & Man-Ling Chang, 2018. "Socioemotional Wealth and Innovativeness in Small- and Medium-Sized Family Enterprises: A Configuration Approach," Post-Print hal-02057176, HAL.
- Elisabete Simões Vieira, 2017. "Debt policy and firm performance of family firms: the impact of economic adversity," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 13(3), pages 267-286, June.
- Fuente, Gabriel de la & Velasco, Pilar, 2020. "Capital structure and corporate diversification: Is debt a panacea for the diversification discount?," Journal of Banking & Finance, Elsevier, vol. 111(C).
- Manuel Arellano & Stephen Bond, 1991.
"Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
- Tom Doan, "undated". "RATS program to replicate Arellano-Bond 1991 dynamic panel," Statistical Software Components RTZ00169, Boston College Department of Economics.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Virginia Blanco-Mazagatos & M. Elena Romero-Merino & Marcos Santamaría-Mariscal & Juan Bautista Delgado-García, 2024. "One more piece of the family firm debt puzzle: the influence of socioemotional wealth dimensions," Small Business Economics, Springer, vol. 63(2), pages 831-849, August.
- De Massis, Alfredo & Muñoz-Bullón, Fernando & Sanchez-Bueno, Maria J. & Velasco, Pilar & Vismara, Silvio, 2024. "Executive gender and firm leverage decisions: The role of firm ownership and governance," Journal of Business Research, Elsevier, vol. 179(C).
- Nieves Lidia Díaz‐Díaz & Pedro J. García‐Teruel & Pedro Martínez‐Solano, 2023. "Private family firms, generations and bank debt," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 3043-3075, September.
- Jannine Poletti‐Hughes & Beatriz Martínez Garcia, 2022. "Leverage in family firms: The moderating role of female directors and board quality," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 207-223, January.
- Samuel Baixauli-Soler, J. & Belda-Ruiz, María & Sánchez-Marín, Gregorio, 2021. "Socioemotional wealth and financial decisions in private family SMEs," Journal of Business Research, Elsevier, vol. 123(C), pages 657-668.
- César Camisón & José Antonio Clemente & Sergio Camisón-Haba, 2022. "Asset tangibility, information asymmetries and intangibles as determinants of family firms leverage," Review of Managerial Science, Springer, vol. 16(7), pages 2047-2082, October.
- Silvia Bacci & Alessandro Cirillo & Donata Mussolino & Simone Terzani, 2018. "The influence of family ownership dispersion on debt level in privately held firms," Small Business Economics, Springer, vol. 51(3), pages 557-576, October.
- Ginesti, Gianluca & Ossorio, Mario & Dawson, Alexandra, 2023. "Family businesses and debt maturity structure: Focusing on family involvement in governance to explain heterogeneity," Journal of Family Business Strategy, Elsevier, vol. 14(2).
- Keasey, Kevin & Martinez, Beatriz & Pindado, Julio, 2015. "Young family firms: Financing decisions and the willingness to dilute control," Journal of Corporate Finance, Elsevier, vol. 34(C), pages 47-63.
- Cambrea, Domenico Rocco & Ponomareva, Yuliya & Pittino, Daniel & Minichilli, Alessandro, 2022. "Strings attached: Socioemotional wealth mixed gambles in the cash management choices of family firms," Journal of Family Business Strategy, Elsevier, vol. 13(3).
- Pilar Rivera-Franco & Ignacio Requejo & Isabel Suárez-González, 2025. "Does CSR facilitate access to trade credit? The role of family ownership," Review of Managerial Science, Springer, vol. 19(5), pages 1477-1512, May.
- Mário Santos & António Moreira & Elisabete Vieira, 2014. "Ownership concentration, contestability, family firms, and capital structure," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(4), pages 1063-1107, November.
- Katrien Jansen & Anneleen Michiels & Wim Voordeckers & Tensie Steijvers, 2023. "Financing decisions in private family firms: a family firm pecking order," Small Business Economics, Springer, vol. 61(2), pages 495-515, August.
- Lo, Huai-Chun & Ting, Irene Wei Kiong & Kweh, Qian Long & Yang, Ming Jing, 2016. "Nonlinear association between ownership concentration and leverage: The role of family control," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 113-123.
- Michael Espindola Araki & Henrique Castro Martins, 2022. "Integrating uncertainty and governance into a capital structure puzzle: can risk-taking and rule-taking explain zero-leverage firms?," Review of Managerial Science, Springer, vol. 16(6), pages 1979-2034, August.
- Lohwasser, Todor S., 2019. "The relative performance of family firms depending on the type of financial market," Discussion Papers of the Institute for Organisational Economics 8/2019, University of Münster, Institute for Organisational Economics.
- Isabel Abinzano & Pilar Corredor & Beatriz Martinez, 2021. "Does family ownership always reduce default risk?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(3), pages 4025-4060, September.
- Calabrò, Andrea & Requejo, Ignacio & Reyes-Reina, Fernando & Sanchez-Bueno, Maria J. & Suárez-González, Isabel, 2024. "Nearby or faraway? Determinants of target selection in family firm acquisitions," International Business Review, Elsevier, vol. 33(4).
- Susana Álvarez‐Díez & J. Samuel Baixauli‐Soler & María Belda‐Ruiz & Gregorio Sánchez‐Marín, 2023. "Variable selection for classification and forecasting of the family firm's socioemotional wealth," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(8), pages 2063-2078, December.
- 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.
More about this item
Keywords
Leverage; Family control; Long-term horizon; Family firm reputation; Performance aspiration gap; Mediating effect;All these keywords.
JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
- M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
Statistics
Access and download statisticsCorrections
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:spr:rvmgts:v:18:y:2024:i:11:d:10.1007_s11846-023-00713-1. 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.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.