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Leverage and Family Firms: A Multi-Theoretical Approach

Leverage and Family Firms: A Multi-Theoretical Approach

Sergio Camisón-Haba, José Antonio Clemente, Beatriz Forés, Melanie Grueso-Gala
Copyright: © 2020 |Pages: 18
ISBN13: 9781799816553|ISBN10: 1799816559|ISBN13 Softcover: 9781799816584|EISBN13: 9781799816560
DOI: 10.4018/978-1-7998-1655-3.ch008
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MLA

Camisón-Haba, Sergio, et al. "Leverage and Family Firms: A Multi-Theoretical Approach." Competitiveness, Organizational Management, and Governance in Family Firms, edited by Cesar Camisón and Tomás González, IGI Global, 2020, pp. 191-208. https://doi.org/10.4018/978-1-7998-1655-3.ch008

APA

Camisón-Haba, S., Clemente, J. A., Forés, B., & Grueso-Gala, M. (2020). Leverage and Family Firms: A Multi-Theoretical Approach. In C. Camisón & T. González (Eds.), Competitiveness, Organizational Management, and Governance in Family Firms (pp. 191-208). IGI Global. https://doi.org/10.4018/978-1-7998-1655-3.ch008

Chicago

Camisón-Haba, Sergio, et al. "Leverage and Family Firms: A Multi-Theoretical Approach." In Competitiveness, Organizational Management, and Governance in Family Firms, edited by Cesar Camisón and Tomás González, 191-208. Hershey, PA: IGI Global, 2020. https://doi.org/10.4018/978-1-7998-1655-3.ch008

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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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