La heterogeneidad de la empresa familiar y su efecto sobre la estructura de capitalEl papel de la riqueza socioemocional

Abstract

The present doctoral research dissertation reassesses family firm capital structure decisions, providing new evidence concerning the effect of the heterogeneity and socioemotional wealth in these companies on such financing decisions. In particular, in addition to the traditional determinants of capital structure, we explore the influence of the family involvement in ownership, management and board of directors – individually and jointly – and of the generational stage of the business. Using the partial least squares technique, our results support a higher level of debt in those firms with a higher joint family involvement and a lower generational stage – first-generation family firms. Individually, family involvement in ownership and the board of directors also directly influences the level of indebtedness. Consequently, these results have practical implications for family firms, as well as for their internal and external relationships.