Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage

This paper reexamines the factors influencing debt-financing decisions in family firms, considering the importance of socioemotional wealth and heterogeneity issues. In particular, we explore the board of directors and the generational stage as key explicative factors of heterogeneity in family busi...

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Authors: Comino-Jurado, María, Sánchez-Andújar, Sonia, Parrado-Martínez, Purificación
Format: article
Status:Versión aceptada para publicación
Publication Date:2021
Country:España
Institution:Universidad de Jaén
Repository:RUJA. Repositorio Institucional de la Producción Científica de la Universidad de Jaén
OAI Identifier:oai:dnet:ruja________::2dcec2307eb6f75c6537d117fda90bf2
Online Access:https://doi.org/10.1016/j.jbusres.2021.06.060
https://hdl.handle.net/10953/7794
Access Level:Open access
Keyword:Indebtedness
Board of directors
Generational stage
Family involvement
Socioemotional wealth
Partial least squares
658.14/.17
334.722.24(460)
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network_acronym_str ES
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spelling Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stageComino-Jurado, MaríaSánchez-Andújar, SoniaParrado-Martínez, PurificaciónIndebtednessBoard of directorsGenerational stageFamily involvementSocioemotional wealthPartial least squares658.14/.17334.722.24(460)This paper reexamines the factors influencing debt-financing decisions in family firms, considering the importance of socioemotional wealth and heterogeneity issues. In particular, we explore the board of directors and the generational stage as key explicative factors of heterogeneity in family businesses. Focused on a large sample of Spanish family firms, we estimate a partial least squares model, whose results show that the higher the level of family involvement in the board of directors and the lower the generational stage, the higher the debt level of the family firm. Consequently, in addition to traditional determinants of the level of debt, the above variables should be considered to better understand the heterogeneous debt-financing decisions of family firms, and this has practical implications for them and their internal and external relationships.Elsevier Science Inc.202620262021info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfhttps://doi.org/10.1016/j.jbusres.2021.06.060https://hdl.handle.net/10953/7794reponame:RUJA. Repositorio Institucional de la Producción Científica de la Universidad de Jaéninstname:Universidad de JaénInglésJournal of Business ResearchAttribution-NonCommercial-NoDerivs 3.0 Spainhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/info:eu-repo/semantics/openAccessoai:dnet:ruja________::2dcec2307eb6f75c6537d117fda90bf22026-06-24T12:41:07Z
dc.title.none.fl_str_mv Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage
title Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage
spellingShingle Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage
Comino-Jurado, María
Indebtedness
Board of directors
Generational stage
Family involvement
Socioemotional wealth
Partial least squares
658.14/.17
334.722.24(460)
title_short Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage
title_full Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage
title_fullStr Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage
title_full_unstemmed Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage
title_sort Reassessing debt-financing decisions in family firms: Family involvement on the board of directors and generational stage
dc.creator.none.fl_str_mv Comino-Jurado, María
Sánchez-Andújar, Sonia
Parrado-Martínez, Purificación
author Comino-Jurado, María
author_facet Comino-Jurado, María
Sánchez-Andújar, Sonia
Parrado-Martínez, Purificación
author_role author
author2 Sánchez-Andújar, Sonia
Parrado-Martínez, Purificación
author2_role author
author
dc.subject.none.fl_str_mv Indebtedness
Board of directors
Generational stage
Family involvement
Socioemotional wealth
Partial least squares
658.14/.17
334.722.24(460)
topic Indebtedness
Board of directors
Generational stage
Family involvement
Socioemotional wealth
Partial least squares
658.14/.17
334.722.24(460)
description This paper reexamines the factors influencing debt-financing decisions in family firms, considering the importance of socioemotional wealth and heterogeneity issues. In particular, we explore the board of directors and the generational stage as key explicative factors of heterogeneity in family businesses. Focused on a large sample of Spanish family firms, we estimate a partial least squares model, whose results show that the higher the level of family involvement in the board of directors and the lower the generational stage, the higher the debt level of the family firm. Consequently, in addition to traditional determinants of the level of debt, the above variables should be considered to better understand the heterogeneous debt-financing decisions of family firms, and this has practical implications for them and their internal and external relationships.
publishDate 2021
dc.date.none.fl_str_mv 2021
2026
2026
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://doi.org/10.1016/j.jbusres.2021.06.060
https://hdl.handle.net/10953/7794
url https://doi.org/10.1016/j.jbusres.2021.06.060
https://hdl.handle.net/10953/7794
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Journal of Business Research
dc.rights.none.fl_str_mv Attribution-NonCommercial-NoDerivs 3.0 Spain
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Attribution-NonCommercial-NoDerivs 3.0 Spain
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier Science Inc.
publisher.none.fl_str_mv Elsevier Science Inc.
dc.source.none.fl_str_mv reponame:RUJA. Repositorio Institucional de la Producción Científica de la Universidad de Jaén
instname:Universidad de Jaén
instname_str Universidad de Jaén
reponame_str RUJA. Repositorio Institucional de la Producción Científica de la Universidad de Jaén
collection RUJA. Repositorio Institucional de la Producción Científica de la Universidad de Jaén
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,811543

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