The Influence of Age and Size on Family-Owned Firms’ Financing Decisions: Empirical Evidence Using Panel Data

Serrasqueiro, Zélia; Nunes, Paulo Maçãs; Silva, Jacinto Vidigal da

doi:10.1016/j.lrp.2015.12.012

Cited by 27 publications

(23 citation statements)

References 76 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Second, prior studies [85,86] have found a connection among a firm's number of years in business and its performance. Mature firms have a tendency to perform higher than young firms.…”

Section: Control Variablesmentioning

confidence: 99%

The Penetration of Green Innovation on Firm Performance: Effects of Absorptive Capacity and Managerial Environmental Concern

2019

View full text Add to dashboard Cite

Under the background of environmental sustainability, it is of great significance to investigate how green innovation influences firm performance dimensions in emerging economies. Explicitly, the interaction effects of absorptive capacity (AC) and managerial environmental concern (MEC) on the correlation between green innovation and firm performance dimensions must be explored. Our data were obtained through a questionnaire survey from 253 companies operating in China. Using hierarchical linear modeling (HLM), we found that (1) green innovation has a robustly positive effect on firm performance dimensions (operational, financial and environmental), and (2) absorptive capacity and managerial environmental concern can positively affect the correlation between green innovation and firm performance dimensions. Our results illustrate the integrating effects of absorptive capacity, managerial environmental concern, green innovation and firm performance dimensions.

show abstract

“…Second, prior studies [85,86] have found a connection among a firm's number of years in business and its performance. Mature firms have a tendency to perform higher than young firms.…”

Section: Control Variablesmentioning

confidence: 99%

The Penetration of Green Innovation on Firm Performance: Effects of Absorptive Capacity and Managerial Environmental Concern

2019

View full text Add to dashboard Cite

show abstract

“…In a study aiming to test whether the age and size of family firms had implications for their financing decisions, Serrasqueiro et al (2016) concluded that the applicability of the trade - off and pecking order theories to family firms’ financing decisions depended on their age and size.…”

Section: Literature Reviewmentioning

confidence: 99%

Performance of family-owned firms: the impact of gender at the management level

Fėlix

David

2019

JFBM

View full text Add to dashboard Cite

Purpose The purpose of this paper is to analyse the impact of gender (F/M), at the management level, on the family company’s performance. Design/methodology/approach Company size, age, region and business sector were used as control variables in order to confirm the adjustment of the model to the theory. GMM dynamic panel models were used in order to control for: endogeneity; time-invariant characteristics; possible collinearity between independent variables; effects from possible omission of independent variables; elimination of non-observable individual effects; and the correct estimation of the relationship between the dependent variable in the previous and current periods. The study used data from 199 Portuguese family companies, from 2006 to 2014. Findings The results confirm the hypothesis from corporate governance literature, which argues that board diversity is potentially positively related to firm performance, showing that the presence of a female element in family firms’ direction has positive impacts on their performance, compared to those with only male elements. Also, the results show that region and sector of activity are factors influencing family firm performance. Finally, the study confirms that company size and age are variables helping to explain these companies’ life-cycle. Originality/value The study contributes to the literature on family firms regarding the effect of gender on family firm performance. The use of dynamic panel data models will make a strong contribution to this, as the problem of endogeneity is dealt with correctly here through using these models, and the possible collinearity between independent variables and correct estimation of the relationship between the dependent variable in previous and current periods.

show abstract

“…However, family firm heterogeneity based on firm size and age was not specifically considered. These factors do appear to have an influence on the financial decisions of family businesses [64]. It could therefore be interesting to investigate whether these factors influence the accountant's advice on a particular form of financing and more specific advice on leasing.…”

Section: Limitations and Recommendations For Further Researchmentioning

confidence: 99%

Leasing as an Alternative Form of Financing within Family Businesses: The Important Advisory Role of the Accountant

et al. 2021

View full text Add to dashboard Cite

Although leasing can be an interesting financing option from an economic point of view, family businesses are found to be less prone to lease. In this study, we examine the view of the external accountant on leasing as an alternative form of financing within family businesses. After all, as the most trusted advisor, the accountant likely has a significant influence on the financial decisions that are taken within private family businesses. By means of an exploratory qualitative study, we examine what factors influence the advice for a particular financing option and the accountant’s recommendation to lease or not to lease within family businesses. By combining the extant literature with the results of this exploratory qualitative research, we formulate propositions that form fruitful avenues for future research.

show abstract

The Influence of Age and Size on Family-Owned Firms’ Financing Decisions: Empirical Evidence Using Panel Data

Cited by 27 publications

References 76 publications

The Penetration of Green Innovation on Firm Performance: Effects of Absorptive Capacity and Managerial Environmental Concern

The Penetration of Green Innovation on Firm Performance: Effects of Absorptive Capacity and Managerial Environmental Concern

Performance of family-owned firms: the impact of gender at the management level

Leasing as an Alternative Form of Financing within Family Businesses: The Important Advisory Role of the Accountant

Contact Info

Product

Resources

About