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Succession financing in family firms
Authors:Christian Koropp  Dietmar Grichnik  André F Gygax
Institution:1. Institute of Technology Management, University of St. Gallen, Dufourstrasse 40a, 9000, St. Gallen, Switzerland
2. Department of Finance, Faculty of Business & Economics, University of Melbourne, 198 Berkeley street, Parkville, VIC, 3010, Australia
Abstract:Business succession is one of the primary management challenges for family firms. However, many family firms fail at this task because of financial issues. Although a vast number of studies have investigated the succession process, research thus far has failed to determine how and why family firms select particular forms of financing for succession-related expenditures. Accordingly, this study conceptually and empirically investigates succession financing. We introduce a conceptual framework that investigates the reasons behind an owner-manager’s intent to use debt for succession financing. Specifically, our model accounts for general and succession-related personal factors. However, we also include a set of firm-specific financing behavioral controls in our research. The empirical results are derived from a sample of 187 German family firms, and the results highlight financial knowledge, attitudes, succession experience, and succession planning as significant determinants of the owner-managers’ debt usage intentions. The implications and avenues for future research are discussed.
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