Debt maturity structure in private firms: Does the family control matter?

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

Journal of Corporate Finance, 2016, vol. 37, issue C, 393-411

Abstract: This research studies the effect of family control on the debt maturity structure of private firms. It uses a sample of unlisted Spanish firms for the period 2004–2013. Our results indicate that family firms get better access to long-term debt, even when exercising control by pyramid structures. However, the presence of a second largest family shareholder has a negative effect on debt maturity. Moreover, in line with previous studies, we find that firms use more long-term debt when they have fewer growth opportunities, higher asset maturity and are more leveraged.

Keywords: Debt maturity structure; Family firms; Controlling shareholders (search for similar items in EconPapers)
JEL-codes: G3 G32 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:corfin:v:37:y:2016:i:c:p:393-411

DOI: 10.1016/j.jcorpfin.2016.01.016

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