The influence of family firm image on access to financial resources in family SMEs: a signaling theory perspective

Unai Arzubiaga (), Alfredo De Massis (), Amaia Maseda () and Txomin Iturralde ()
Additional contact information
Unai Arzubiaga: University of the Basque Country (UPV/EHU)
Alfredo De Massis: Free University of Bozen-Bolzano
Amaia Maseda: University of the Basque Country (UPV/EHU)
Txomin Iturralde: University of the Basque Country (UPV/EHU)

Review of Managerial Science, 2023, vol. 17, issue 1, No 9, 233-258

Abstract: Abstract This study investigates whether a projected family firm image can affect access to financial resources, which is key to providing broader strategic options and meeting short-term financial needs, especially for small and medium-sized enterprises (SMEs). Building on the signaling literature, we consider the family SME leaders’ perspective and conceptually and empirically examine whether they believe a projected family firm image acts as a credible signal to the lender. We also examine additional boundary conditions influencing the family SME’s projected image–access to financial resources relationship, by specifically investigating whether firm age and size alter the degree of the signaling effect. Our unique data on 289 Spanish family SMEs reveal that projected family firm image can act as an attractive signal to lenders, leading to better access to financial resources for SMEs. Furthermore, firm size reinforces the role of the projected family firm image as a positive signal. These findings address an important practical issue in terms of family firm stakeholder perceptions, offering contributions to the corporate branding, family business, and financing literature.

Keywords: Family SMEs; Family firm image; Access to financial resources; Signaling theory; Firm age; Firm size (search for similar items in EconPapers)
JEL-codes: L20 M10 M30 M31 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://link.springer.com/10.1007/s11846-021-00516-2 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:rvmgts:v:17:y:2023:i:1:d:10.1007_s11846-021-00516-2

Ordering information: This journal article can be ordered from
http://www.springer.com/business/journal/11846

DOI: 10.1007/s11846-021-00516-2

Access Statistics for this article

Review of Managerial Science is currently edited by R. Ewert and W. Kürsten

More articles in Review of Managerial Science from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().