Debt maturity in family firms: Heterogeneity across countries

Isabel Feito-Ruiz and Susana Menéndez-Requejo

Journal of International Financial Markets, Institutions and Money, 2022, vol. 81, issue C

Abstract: This study examines whether the heterogeneity of family firms and their legal and institutional contexts shape their debt maturity. We analyze a dataset of 121,238 listed and private firms worldwide (105 countries) and find significant differences in the determinants of family firms’ debt maturity according to whether they are listed or private SMEs. Our findings show that listed family firms have shorter debt maturities when they have a family CEO, have more concentrated ownership, and are in weak contexts, while these same features facilitate private family SMEs’ access to long-term debt. Generational transition favors longer-term debt in both listed and private family firms.

Keywords: Debt Maturity; Capital Structure; Family Firm; Legal and Institutional Environment; SMEs (search for similar items in EconPapers)
JEL-codes: F15 G30 G32 G34 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:intfin:v:81:y:2022:i:c:s1042443122001536

DOI: 10.1016/j.intfin.2022.101681

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