Leverage and Family Firms: A Multi-Theoretical Approach
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https://doi.org/10.4018/978-1-6684-3550-2.ch014 |
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Title
Leverage and Family Firms: A Multi-Theoretical ApproachAuthor (s)
Date
2022Publisher
IGI GlobalISBN
9781668435502Bibliographic citation
CAMISÓN-HABA, Sergio, et al. Leverage and Family Firms: A Multi-Theoretical Approach. En Research Anthology on Strategies for Maintaining Successful Family Firms. IGI Global, 2022. p. 324-341Type
info:eu-repo/semantics/bookPartPublisher version
https://www.igi-global.com/book/research-anthology-strategies-maintaining-succes ...Version
info:eu-repo/semantics/publishedVersionAbstract
This chapter analyses the relationship between ownership structure and leverage, providing an integrated
theoretical approach that combines traditional financial theories, agency theory, and recently developed
theories ... [+]
This chapter analyses the relationship between ownership structure and leverage, providing an integrated
theoretical approach that combines traditional financial theories, agency theory, and recently developed
theories relating to non-financial preferences. The results show that, after controlling for endogeneity,
being a family firm has a positive effect on the propensity to incur debt. These findings add to the existing
body of literature and underline the need for a multi-theoretical approach when explaining the capital
structure of family firms. The authors apply panel data methodology to control for individual hetero-
geneity of family firms. The chapter uses a sample of Spanish firms operating in the tourism industry. [-]
Is part of
Research Anthology on Strategies for Maintaining Successful Family Firms. IGI Global, 2022. p. 324-341Rights
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