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

Revista:
Finance a Uver

ISSN: 0015-1920

Ano de publicación: 2017

Volume: 67

Número: 2

Páxinas: 80-103

Tipo: Artigo

Outras publicacións en: Finance a Uver

Indicadores

Citas recibidas

  • Citas en Scopus: 21 (24-02-2024)
  • Citas en Web of Science: 15 (10-10-2023)

JCR (Journal Impact Factor)

  • Ano 2017
  • Factor de impacto da revista: 0.563
  • Factor de impacto sen autocitas: 0.521
  • Article influence score: 0.123
  • Cuartil maior: Q4
  • Área: BUSINESS, FINANCE Cuartil: Q4 Posición na área: 86/98 (Edición: SSCI)

SCImago Journal Rank

  • Ano 2017
  • Impacto SJR da revista: 0.259
  • Cuartil maior: Q3
  • Área: Accounting Cuartil: Q3 Posición na área: 92/157
  • Área: Finance Cuartil: Q3 Posición na área: 156/295
  • Área: Economics and Econometrics Cuartil: Q3 Posición na área: 413/703

CIRC

  • Ciencias Sociais: B

Scopus CiteScore

  • Ano 2017
  • CiteScore da revista: 1.2
  • Área: Finance Percentil: 55
  • Área: Economics and Econometrics Percentil: 43
  • Área: Accounting Percentil: 40

Journal Citation Indicator (JCI)

  • Ano 2017
  • JCI da revista: 0.52
  • Cuartil maior: Q3
  • Área: BUSINESS, FINANCE Cuartil: Q3 Posición na área: 120/213

Resumo

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.