Title
Intergenerational differences in family firms : impact on capital structure and growth behaviorIntergenerational differences in family firms : impact on capital structure and growth behavior
Author
Faculty/Department
Faculty of Applied Economics
Research group
Accountancy and Finance
Publication type
article
Publication
Waco, Tex.,
Subject
Economics
Source (journal)
Entrepreneurship: theory and practice. - Waco, Tex.
Volume/pages
36(2012):4, p. 703-725
ISSN
1042-2587
ISI
000306312800005
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
Based on a sample of 425 SMEs, we investigate whether intergenerational differences affect the capital structure and growth behavior of family firms. We integrate the financing and growth relation into our research by using a 2SLS approach and the internal and sustainable growth concepts. Evidence is found that the capital structure is not directly influenced by the managing generation, but indirectly through the realized growth rate. Moreover, results indicate that next-generation companies grow slower because they have the tendency to forego part of their growth rather than risk the loss of family control due to the increased use of debt.
E-info
https://repository.uantwerpen.be/docman/iruaauth/d84a1d/10a2507.pdf
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