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
Argitalpen urtea: 2017
Alea: 67
Zenbakia: 2
Orrialdeak: 80-103
Mota: Artikulua
Beste argitalpen batzuk: Finance a Uver
Adierazleak
Jasotako aipamenak
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.