Family firms and access to credit. Is family ownership beneficial?
Pierluigi Murro () and
Valentina Peruzzi ()
Journal of Banking & Finance, 2019, vol. 101, issue C, 173-187
This paper investigates the impact of family ownership on credit rationing using a rich sample of Italian firms. Estimation results indicate that family owned firms are more likely to experience credit restrictions. The adverse impact of family ownership on credit rationing is particularly relevant for small-sized firms, whereas it is mitigated in firms with closer lending relationships. Finally, we find some evidence that family firms with high ownership concentration are more likely to be rationed by banks.
Keywords: Family firms; Credit rationing; Agency conflicts; Relationship lending (search for similar items in EconPapers)
JEL-codes: D22 G21 G32 (search for similar items in EconPapers)
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Working Paper: Family firms and access to credit. Is family ownership beneficial? (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:101:y:2019:i:c:p:173-187
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