Does Professional Management of a Family Business Affect Its Financing Channels? Evidence from China

Lianjun Li, Tingting Ni, Jian Ma and Mengheng Li

Emerging Markets Finance and Trade, 2022, vol. 58, issue 13, 3770-3780

Abstract: Despite developing rapidly in the Chinese market, family firms still face financing issues. This article uses Chinese family firms that went public from 2007 to 2019 as a sample and empirically examines whether professional management of a family business affects its financing channels. Our results indicate that the degree of professional management has a significantly negative impact on the internal financing rate and a significantly positive effect on increasing the external financing rate. In addition, industry competition intensifies the positive correlation between the degree of professional management and external financing.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:mes:emfitr:v:58:y:2022:i:13:p:3770-3780

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DOI: 10.1080/1540496X.2022.2068411

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