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
    info

    Universidad de La Rioja

    Logroño, España

    ROR https://ror.org/0553yr311

Aldizkaria:
Finance a Uver

ISSN: 0015-1920

Argitalpen urtea: 2017

Alea: 67

Zenbakia: 2

Orrialdeak: 80-103

Mota: Artikulua

Beste argitalpen batzuk: Finance a Uver

Adierazleak

Jasotako aipamenak

  • Aipamenak Scopus atarian: 21 (24-02-2024)
  • Aipamenak 'Web of Science' atarian: 15 (10-10-2023)

JCR (Journal Impact Factor)

  • Urtea 2017
  • Aldizkariaren eragin faktorea: 0.563
  • Aldizkariaren eragin faktorea auto-aipamenik gabe: 0.521
  • Article influence score: 0.123
  • Kuartil nagusia: Q4
  • Arloa: BUSINESS, FINANCE Kuartila: Q4 Postua arloan: 86/98 (Edizioa: SSCI)

SCImago Journal Rank

  • Urtea 2017
  • Aldizkariaren SJR eragina: 0.259
  • Kuartil nagusia: Q3
  • Arloa: Accounting Kuartila: Q3 Postua arloan: 92/157
  • Arloa: Finance Kuartila: Q3 Postua arloan: 156/295
  • Arloa: Economics and Econometrics Kuartila: Q3 Postua arloan: 413/703

CIRC

  • Gizarte Zientziak: B

Scopus CiteScore

  • Urtea 2017
  • Aldizkariaren CiteScore-a: 1.2
  • Arloa: Finance Pertzentila: 55
  • Arloa: Economics and Econometrics Pertzentila: 43
  • Arloa: Accounting Pertzentila: 40

Journal Citation Indicator (JCI)

  • Urtea 2017
  • Aldizkariaren JCI eragina: 0.52
  • Kuartil nagusia: Q3
  • Arloa: BUSINESS, FINANCE Kuartila: Q3 Postua arloan: 120/213

Laburpena

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.