 Socioemotional wealth and financial decisions in private family SMEsJ. Samuel Baixauli-Soler, María Belda-Ruiz and Gregorio Sánchez-Marín Journal of Business Research, 2021, vol. 123, issue C, 657-668 Abstract: This study focuses on heterogeneity in family firms by analyzing whether the non-economic aspects that meet the family’s affective needs, or socioemotional wealth (SEW), influence debt financing. In the context of private family small and medium-sized enterprises (SMEs), our results indicate that family firms which are more concerned about preserving their SEW have lower debt levels (total and financial debt) and that CEO gender plays an important moderating role, with female CEOs strengthening the negative effect of SEW preservation on debt financing. Moreover, when family firms are managed by the first generation, the SEW effect on financial debt is even more negative. The findings are consistent with SEW being the point of reference in family SMEs’ financial decisions, and highlight the importance of the CEO and family generation in charge of the firm as moderators of the relationship between SEW preservation and debt financing. Keywords: Socioemotional wealth; Financial decisions; Debt; Private family SMEs; CEO gender (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:123:y:2021:i:c:p:657-668 DOI: 10.1016/j.jbusres.2020.10.022 Access Statistics for this article Journal of Business Research is currently edited by A. G. Woodside More articles in Journal of Business Research from Elsevier |
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