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Socioemotional wealth and financial decisions in private family SMEs

机译:私人家庭中小企业的社会态度和财务决策

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摘要

This study focuses on heterogeneity in family firms by analyzing whether the non-economic aspects that meet the family's affective needs, or socioemotional wealth (SEW), influence debt financing. In the context of private family small and medium-sized enterprises (SMEs), our results indicate that family firms which are more concerned about preserving their SEW have lower debt levels (total and financial debt) and that CEO gender plays an important moderating role, with female CEOs strengthening the negative effect of SEW preservation on debt financing. Moreover, when family firms are managed by the first generation, the SEW effect on financial debt is even more negative. The findings are consistent with SEW being the point of reference in family SMEs' financial decisions, and highlight the importance of the CEO and family generation in charge of the firm as moderators of the relationship between SEW preservation and debt financing.
机译:本研究侧重于分析符合家庭情感需求的非经济方面,或社会情调财富(缝制)影响债务融资的非经济方面的异质性。在私人家庭中小企业(中小型企业)的背景下,我们的结果表明,更关注保护缝制的​​家庭公司具有较低的债务水平(总和金融债务),首席执行官性别发挥着重要的调节作用,随着女性首席执行官加强污水保护对债务融资的负面影响。此外,当家庭企业由第一代管理时,对金融债务的缝制效果更为负面。调查结果与缝制成为家庭中小企业的财务决策的参考点,并突出了CEO和家庭一代的重要性,作为缝制保存和债务融资之间关系的主持人。

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