Determinants of capital structure: Family businesses versus non-family firms
- Acedo-Ramírez, M.A. 2
- Ayala-Calvo, J.C. 2
- Navarrete-Martínez, E. 1
- 1 Caja Rural de Navarra, Spain
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2
Universidad de La Rioja
info
ISSN: 0015-1920
Any de publicació: 2017
Volum: 67
Número: 2
Pàgines: 80-103
Tipus: Article
Altres publicacions en: Finance a Uver
Indicadors
JCR (Journal Impact Factor)
- Any 2017
- Factor d'impacte de la revista: 0.563
- Factor d'impacte sense autocites: 0.521
- Article influence score: 0.123
- Quartil major: Q4
- Àrea: BUSINESS, FINANCE Quartil: Q4 Posició en l'àrea: 86/98 (Edició: SSCI)
SCImago Journal Rank
- Any 2017
- Impacte SJR de la revista: 0.259
- Quartil major: Q3
- Àrea: Accounting Quartil: Q3 Posició en l'àrea: 92/157
- Àrea: Finance Quartil: Q3 Posició en l'àrea: 156/295
- Àrea: Economics and Econometrics Quartil: Q3 Posició en l'àrea: 413/703
CIRC
- Ciències Socials: B
Scopus CiteScore
- Any 2017
- CiteScore de la revista: 1.2
- Àrea: Finance Percentil: 55
- Àrea: Economics and Econometrics Percentil: 43
- Àrea: Accounting Percentil: 40
Journal Citation Indicator (JCI)
- Any 2017
- JCI de la revista: 0.52
- Quartil major: Q3
- Àrea: BUSINESS, FINANCE Quartil: Q3 Posició en l'àrea: 120/213
Resum
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.