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
Año de publicación: 2017
Volumen: 67
Número: 2
Páginas: 80-103
Tipo: Artículo
Otras publicaciones en: Finance a Uver
Indicadores
JCR (Journal Impact Factor)
- Año 2017
- Factor de impacto de la revista: 0.563
- Factor de impacto sin autocitas: 0.521
- Article influence score: 0.123
- Cuartil mayor: Q4
- Área: BUSINESS, FINANCE Cuartil: Q4 Posición en el área: 86/98 (Edicion: SSCI)
SCImago Journal Rank
- Año 2017
- Impacto SJR de la revista: 0.259
- Cuartil mayor: Q3
- Área: Accounting Cuartil: Q3 Posición en el área: 92/157
- Área: Finance Cuartil: Q3 Posición en el área: 156/295
- Área: Economics and Econometrics Cuartil: Q3 Posición en el área: 413/703
CIRC
- Ciencias Sociales: B
Scopus CiteScore
- Año 2017
- CiteScore de la revista: 1.2
- Área: Finance Percentil: 55
- Área: Economics and Econometrics Percentil: 43
- Área: Accounting Percentil: 40
Journal Citation Indicator (JCI)
- Año 2017
- JCI de la revista: 0.52
- Cuartil mayor: Q3
- Área: BUSINESS, FINANCE Cuartil: Q3 Posición en el área: 120/213
Resumen
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.