Finance in Family Business

Alvaro Vilaseca

271 citations0/0 files storedFamily Business Review

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Family Business Performance and Succession Corporate Finance and Governance Working Capital and Financial Performance

Abstract

This article is an exploratory investigation of the financial issues of family business, such as capital structure, behavior towards investments and risk, and dividend policy. We also analyze the relation between these dimensions and performance. The most important findings of this research are that family businesses have low debtqequity levels, especially those family businesses that have an important market-share positions in their industry. The family businesses that have leading market-share positions have lesser financial performance than the family businesses who are followers in market share.

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References

1958The Cost of Capital, Corporation Finance and the Theory of Investment 1961Dividend Policy, Growth, and the Valuation of Shares 1974Strategy, structure, and economic performance 1975Strategy, structure, and economic performance 1982GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS 1982Diversification strategy and profitability 1996Bivalent Attributes of the Family Firm 1992An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms

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2008The Impact of Family Control on the Performance and Financial Characteristics of Family Versus Nonfamily Businesses in Japan: A Matched-Pair Investigation 2007Financial Structure of the Family Business: Evidence From a Group of Small Spanish Firms 2010The latent demand for bank debt: characterizing “discouraged borrowers”2003CURRENT TRENDS AND FUTURE DIRECTIONS IN FAMILY BUSINESS MANAGEMENT STUDIES: TOWARD A THEORY OF THE FAMILY FIRM 2009Family Firms' International Commitment

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