The role of gender and succession on the debt adjustments of family firm capital structure

Filipe Sardo (), Elisabete S. Vieira () and Zélia Serrasqueiro ()
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Filipe Sardo: Portucalense University
Elisabete S. Vieira: Universidade de Aveiro
Zélia Serrasqueiro: University of Beira Interior

Eurasian Business Review, 2022, vol. 12, issue 2, No 6, 349-372

Abstract: Abstract This study seeks to analyze the effects of gender and succession on the financing behavior of unlisted small and medium-sized family firms (FFs). Deploying the GMM estimator system to analyze for eventual differences in firm financing behavior by gender in a panel of Portuguese FFs over a period from 2010 to 2017, the results convey how the speed of adjustment towards the target debt ratio is lower in FFs under female ownership than in FFs under male ownership. The findings reveal that second and further generations positively influence the speed of adjustment towards the FF target debt level. Moreover, the generational effect on the speed of adjustment towards the target debt ratio is higher in FFs with female ownership than in family firms with male ownership. This study thus sheds light on the role of gender and succession on FF financing behavior.

Keywords: Capital structure; Family firms; Gender; Succession; Speed of adjustment (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s40821-021-00186-w

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