Journal of Corporate Finance Vol. 37 2016
Debt maturity structure in private firms: Does the family control matter?
Abstract
This research studies the effect of family control on the debt maturity structure of private firms. It uses a sample of unlisted Spanish firms for the period 2004–2013. Our results indicate that family firms get better access to long-term debt, even when exercising control by pyramid structures. However, the presence of a second largest family shareholder has a negative effect on debt maturity. Moreover, in line with previous studies, we find that firms use more long-term debt when they have fewer growth opportunities, higher asset maturity and are more leveraged.
- DOI
- 10.1016/j.jcorpfin.2016.01.016
- Volume
- 37
- Pages
- 393-411
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref