Family-centered goals, family board representation, and debt financing

V Molly, LM Uhlaner, A De Massis, E Laveren - Small business economics, 2019 - Springer
Small business economics, 2019Springer
This study investigates the effect of both family-centered goals and family board
representation (family member representation on the board of directors) on family firm
capital structure. Based on a sample of 327 Belgian family SMEs, our findings show that
family-centered goals indirectly affect the total debt rate through family board representation.
More specifically, the results indicate that this mediating effect holds primarily for the short-
term (vs. long-term) debt rate and for the financial (vs. nonfinancial) debt rate. Taken …
Abstract
This study investigates the effect of both family-centered goals and family board representation (family member representation on the board of directors) on family firm capital structure. Based on a sample of 327 Belgian family SMEs, our findings show that family-centered goals indirectly affect the total debt rate through family board representation. More specifically, the results indicate that this mediating effect holds primarily for the short-term (vs. long-term) debt rate and for the financial (vs. nonfinancial) debt rate. Taken together, our findings suggest that the socioemotional wealth (SEW) perspective is relevant and fruitful to explain debt decisions in family firms. Our findings contribute to family business literature and enable scholars and practitioners to gain a better understanding of family firm capital structure decisions.
Springer
以上显示的是最相近的搜索结果。 查看全部搜索结果