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Title: Are financing decisions of family-owned SMEs different? Empirical evidence using panel data
Authors: Serrasqueiro, Zélia
Nunes, Paulo
Vidigal da Silva, Jacinto
Keywords: family -owned SMEs
long term debt
non-family owned
panel data models
Issue Date: 2012
Publisher: eContent Management Pty Ltd
Citation: Serrasqueiro, Z; Nunes, P. and Vidigal da Silva, J. (2012). Are financing decisions of family-owned SMEs different? Empirical evidence using panel data. Journal of Management & Organization, 18 (3), 363-382
Abstract: This paper analyses if ownership structure is an important determinant of capital structure decisions, on the basis of two sub-samples of family-owned and non-family owned SMEs, and using panel data models. The results suggest that family ownership is an important determinant for: i) the variations of short and long-term debt stimulated by the financial deficit; and ii) the speed of adjustment of short and long-term debt toward the respective target levels; and iii) the relationships between determinants and short-term debt and long-term debt. In general, the capital structure decisions of family-owned SMEs are closer to what is forecast by trade-off theory than those non-family owned SMEs, whereas the capital structure decisions of non-family owned SMEs are closer to forecast of pecking order theory than those family-owned SMEs.
Type: article
Appears in Collections:CEFAGE - Publicações - Artigos em Revistas Internacionais Com Arbitragem Científica

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