Private family firms, generations and bank debt

Nieves Lidia Díaz‐Díaz, Pedro J. García‐Teruel and Pedro Martínez‐Solano

Accounting and Finance, 2023, vol. 63, issue 3, 3043-3075

Abstract: This 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.

Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/acfi.13013

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:bla:acctfi:v:63:y:2023:i:3:p:3043-3075

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0810-5391

Access Statistics for this article

Accounting and Finance is currently edited by Robert Faff

More articles in Accounting and Finance from Accounting and Finance Association of Australia and New Zealand Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().