The aim of this article is to investigate the financing behavior of privately held firms along the dispersion of family ownership. Drawing on the socio-emotional wealth perspective, we argue that debt levels are contingent on the degree of owner- ship dispersion among family members. Based on a sample of 2451 observations, in a 10-year time frame, our results reveal the existence of an inverted U-shaped relationship between debt level and intra- family ownership dispersion. We demonstrate that this relationship is moderated by the generational involvement that inverts it in later generations.
Family ownership dispersion and debt level: the moderating role of intergenerational stage / Terzani Simone; Bacci Silvia; Mussolino Donata; Cirillo Alessandro. - ELETTRONICO. - (2016), pp. 0-0. (Intervento presentato al convegno Euram 2016 Annual Conference “Manageable Cooperation?” tenutosi a Parigi nel 1-4 Giugno 2016).
Family ownership dispersion and debt level: the moderating role of intergenerational stage
Bacci Silvia;
2016
Abstract
The aim of this article is to investigate the financing behavior of privately held firms along the dispersion of family ownership. Drawing on the socio-emotional wealth perspective, we argue that debt levels are contingent on the degree of owner- ship dispersion among family members. Based on a sample of 2451 observations, in a 10-year time frame, our results reveal the existence of an inverted U-shaped relationship between debt level and intra- family ownership dispersion. We demonstrate that this relationship is moderated by the generational involvement that inverts it in later generations.I documenti in FLORE sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.