Ownership Dispersion and Capital Structures in Family firms: A study of closed medium sized enterprises

Per-Olof Bjuggren (), Rubecca Duggal () and Dinh Tung Giang ()
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Rubecca Duggal: Jönköping International Business School and Center for Family Enterprise and Ownership in Jönköping
Dinh Tung Giang: Jönköping International Business School

No 175, Ratio Working Papers from The Ratio Institute

Abstract: Family firms are entities that possess and contribute greatly to all economies worldwide. In the following study we investigate capital structures and ownership dispersion among Swedish family firms. In order to find concluding results, we proceed with a regression between leverage and family business, leverage and family firm age, and leverage and ownership dispersion. Our regression outcomes support a U- shaped relationship between family ownership dispersion and leverage, but do not confirm a relation between leverage and family business. Earlier studies made in the field have generated differing results; however, there are some studies that are actually in line with our findings. A unique database developed at Jönköping University is used that enables us to obtain access to firm level data. Earlier studies in the same genre have only had access to industry level data.

Keywords: Family firms; Capital structure; Closed medium sized enterprises; Ownership Dispersion; Corporate Governance (search for similar items in EconPapers)
JEL-codes: G30 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2011-09-06
New Economics Papers: this item is included in nep-bec and nep-sbm
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