• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文会议>International Conference on Development, Energy, Environment, Economics >Do Family Firms Use Less Debt than Other Firms? Empirical Evidence from the Czech Medium and Large Companies
【24h】

Do Family Firms Use Less Debt than Other Firms? Empirical Evidence from the Czech Medium and Large Companies

机译：家庭公司使用的债务不如其他公司吗？来自捷克中型和大公司的经验证据

获取原文
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This article examines if family firm characteristics affect capital structure. Past research suggest that family companies are more risk-averse and should be less dependent on debt than nonfamily firms. However, the role of family businesses in post-communist countries, including the Czech Republic, has been neglected so far and there has not been any significant research pertaining to this issue. We verify the hypothesis on a sample of 1500 Czech medium and large-sized companies using regression analysis. The period under consideration was 2009-2012. In all years, we find that the level of debt of family firms is significantly lower which is consistent with prior findings. Moreover, the liquidity levels seem to be greater which suggests a more prudent financing. The risk of transfer of control over the company to other people than family members in case of default, as well as a possible damage to family reputation, may be possible reasons for a higher risk aversion of Czech family firms.
机译：本文审查了家庭公司特征是否影响资本结构。过去的研究表明，家庭公司的风险厌恶，应依赖于债务而不是非家族。然而，到目前为止，在包括捷克共和国在内的共产党国家企业在包括捷克共和国的作用，并没有任何关于这个问题的重要研究。我们验证了使用回归分析的1500捷克中型和大型公司的样本的假设。正在考虑的期限为2009 - 2012年。在全部，我们发现家庭企业的债务水平明显较低，这与现有结果一致。此外，流动性水平似乎更大，这表明更谨慎的融资。在违约情况下，对本公司的控制权转移到其他人的风险，以及对家庭声誉可能的损害，可能是捷克家族公司更高风险厌恶的可能性。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号