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
Datum der Publikation: 2017
Ausgabe: 67
Nummer: 2
Seiten: 80-103
Art: Artikel
Andere Publikationen in: Finance a Uver
Indikatoren
JCR (Journal Impact Factor)
- Jahr 2017
- Impact Factor der Zeitschrift: 0.563
- Impact Factor ohne Selbstzitierung: 0.521
- Article influence score: 0.123
- Höchstes Quartil: Q4
- Bereich: BUSINESS, FINANCE Quartil: Q4 Position im Bereich: 86/98 (Ausgabe: SSCI)
SCImago Journal Rank
- Jahr 2017
- Impact SJR der Zeitschrift: 0.259
- Höchstes Quartil: Q3
- Bereich: Accounting Quartil: Q3 Position im Bereich: 92/157
- Bereich: Finance Quartil: Q3 Position im Bereich: 156/295
- Bereich: Economics and Econometrics Quartil: Q3 Position im Bereich: 413/703
CIRC
- Sozialwissenschaften: B
Scopus CiteScore
- Jahr 2017
- CiteScore der Zeitschrift: 1.2
- Bereich: Finance Perzentil: 55
- Bereich: Economics and Econometrics Perzentil: 43
- Bereich: Accounting Perzentil: 40
Journal Citation Indicator (JCI)
- Jahr 2017
- JCI der Zeitschrift: 0.52
- Höchstes Quartil: Q3
- Bereich: BUSINESS, FINANCE Quartil: Q3 Position im Bereich: 120/213
Zusammenfassung
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.