Publicação
Capital structure determinants in the context of listed family firms
| Resumo: | This paper provides an analysis of the capital structure in the context of Portuguese listed family firms, covering the period from 1999 to 2010. Using a panel data approach, we find that family controlled firms differ from non-family firms in several aspects. Family firms use more debt than non-family firms and have a lower proportion of independent directors. In addition, they finance new projects with debt financing and are sensitive to the cost of debt and the crisis periods, whereas non-family firms with higher levels of cash have more debt financing. Overall, we find a negative relationship between profitability and non-debt tax shield and debt and a positive relationship between firms’ age and debt. |
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| Autores principais: | Vieira, Elisabete Simões |
| Assunto: | Capital Structure Family Firms Panel Data |
| Ano: | 2014 |
| País: | Portugal |
| Tipo de documento: | artigo |
| Tipo de acesso: | acesso restrito |
| Instituição associada: | Universidade de Aveiro |
| Idioma: | inglês |
| Origem: | RIA - Repositório Institucional da Universidade de Aveiro |
| Resumo: | This paper provides an analysis of the capital structure in the context of Portuguese listed family firms, covering the period from 1999 to 2010. Using a panel data approach, we find that family controlled firms differ from non-family firms in several aspects. Family firms use more debt than non-family firms and have a lower proportion of independent directors. In addition, they finance new projects with debt financing and are sensitive to the cost of debt and the crisis periods, whereas non-family firms with higher levels of cash have more debt financing. Overall, we find a negative relationship between profitability and non-debt tax shield and debt and a positive relationship between firms’ age and debt. |
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