Business, Management and Accounting
7 years ago

Family ownership boosts debt use for large firms post-2008 financial crisis.

International Small Business Journal Researching Entrepreneurship
The impact of family ownership on capital structure of firms: Exploring the role of zero-leverage, size, location and the global financial crisis
Joaquim J.S. Ramalho, Rui MS Rita, Jacinto Vidigal da Silva

Paper Summary

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Family ownership positively influences the decision of firms to use debt, especially for large firms in metropolitan areas. The 2008 global financial crisis had a varied impact on family firm leverage, leading to increased debt usage for all family firms but a decrease in debt proportion for small firms. The crisis affected the availability of debt for micro and small firms, resulting in changes in their capital structure.