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Leverage and Family Firms: A Multi-Theoretical Approach

Leverage and Family Firms: A Multi-Theoretical Approach
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Author(s): Sergio Camisón-Haba (Universitat de València, Spain), José Antonio Clemente (Universidad Internacional de La Rioja, Spain), Beatriz Forés (Universitat Jaume I, Spain) and Melanie Grueso-Gala (Universitat de València, Spain)
Copyright: 2022
Pages: 18
Source title: Research Anthology on Strategies for Maintaining Successful Family Firms
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-6684-3550-2.ch014

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Abstract

This chapter analyses the relationship between ownership structure and leverage, providing an integrated theoretical approach that combines traditional financial theories, agency theory, and recently developed theories relating to non-financial preferences. The results show that, after controlling for endogeneity, being a family firm has a positive effect on the propensity to incur debt. These findings add to the existing body of literature and underline the need for a multi-theoretical approach when explaining the capital structure of family firms. The authors apply panel data methodology to control for individual heterogeneity of family firms. The chapter uses a sample of Spanish firms operating in the tourism industry.

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