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Private family firms, generations and bank debt

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dc.contributor.authorDíaz-Díaz, Nieves Lidia
dc.contributor.authorGarcía-Teurel, Pedro J.
dc.contributor.authorMartínez-Solano, Pedro
dc.contributor.departmentOrganización de Empresas y Finanzas
dc.date.accessioned2024-06-05T11:01:56Z
dc.date.available2024-06-05T11:01:56Z
dc.date.issued2023
dc.description©2022 The Authors. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/. This document is the Published version of a Published Work that appeared in final form in Accounting & Finance. To access the final edited and published work see https://doi.org/10.1111/acfi.13013
dc.description.abstractThis paper focuses on the use of bank debt by private family firms and whether it is higher for the first generations of family businesses than for their descendants and subsequent generations. We use a unique hand-collected data set of 4,041 private Spanish firms for the years 2004 to 2013. We find statistical evidence that family-controlled firms make greater use of bank credit. Moreover, we show that first-generation family firms acquire more bank debt than those of second and subsequent generations. Furthermore, during financial crises, family-controlled firms were subjected to less rationing, with increased bank financing for first generations.es
dc.formatapplication/pdfes
dc.format.extent32
dc.identifier.doihttps://doi.org/10.1111/acfi.13013
dc.identifier.eisbnAccounting & Finance, 63, 3043–3075es
dc.identifier.issnPrint: 0810-5391
dc.identifier.issnElectronic: 1467-629X
dc.identifier.urihttp://hdl.handle.net/10201/142120
dc.languageenges
dc.publisherWiley
dc.relationMCIN/AEI/10.13039/501100011033, Grant/Award Number: PID2020-113741GB-I00; European Regional Development Fund, Grant/Award Number: ECO2016-76481-P; MCIN/AEI/10.13039/501100011033, Grant/Award Number: ECO2016-76481-Pes
dc.relation.publisherversionhttps://onlinelibrary.wiley.com/doi/10.1111/acfi.13013
dc.rightsinfo:eu-repo/semantics/openAccesses
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internacional*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectBank debtes
dc.subjectFamily firms
dc.subjectFounder
dc.subjectGeneration
dc.titlePrivate family firms, generations and bank debtes
dc.typeinfo:eu-repo/semantics/articlees
dspace.entity.typePublicationes
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