Determinants of capital structure: Family businesses versus non-family firms

  1. Acedo-Ramírez, M.A. 2
  2. Ayala-Calvo, J.C. 2
  3. Navarrete-Martínez, E. 1
  1. 1 Caja Rural de Navarra, Spain
  2. 2 Universidad de La Rioja

    Universidad de La Rioja

    Logroño, España


Finance a Uver

ISSN: 0015-1920

Year of publication: 2017

Volume: 67

Issue: 2

Pages: 80-103

Type: Article

More publications in: Finance a Uver


Cited by

  • Scopus Cited by: 17 (07-05-2023)
  • Web of Science Cited by: 14 (20-05-2023)

JCR (Journal Impact Factor)

  • Year 2017
  • Journal Impact Factor: 0.563
  • Journal Impact Factor without self cites: 0.521
  • Article influence score: 0.123
  • Best Quartile: Q4
  • Area: BUSINESS, FINANCE Quartile: Q4 Rank in area: 86/98 (Ranking edition: SSCI)

SCImago Journal Rank

  • Year 2017
  • SJR Journal Impact: 0.259
  • Best Quartile: Q3
  • Area: Accounting Quartile: Q3 Rank in area: 91/154
  • Area: Finance Quartile: Q3 Rank in area: 155/290
  • Area: Economics and Econometrics Quartile: Q3 Rank in area: 411/691


  • Social Sciences: B

Scopus CiteScore

  • Year 2017
  • CiteScore of the Journal : 1.2
  • Area: Finance Percentile: 55
  • Area: Economics and Econometrics Percentile: 43
  • Area: Accounting Percentile: 40

Journal Citation Indicator (JCI)

  • Year 2017
  • Journal Citation Indicator (JCI): 0.52
  • Best Quartile: Q3
  • Area: BUSINESS, FINANCE Quartile: Q3 Rank in area: 120/213


The study applies a GMM technique to a panel data sample of 2,093 private Spanish companies, 1,434 of which are family firms to investigate whether or not the capital structure of family business differs from that of non-family firms. The results show that family firms are more indebted than non-family firms. Moreover, the factors that have an influence on capital structure have different impacts on family firms and non-family firms. Furthermore, our findings also reveal that the financial structure (leverage ratio) of family firms changes with the size of the business and the firm’s life cycle, and that the variables that explain the financial behaviour of the family firms have different levels of importance, depending on the size of the business and the firm’s life cycle. © 2017, Faculty of Social Sciences. All rights reserved.