The influence of family ownership dispersion on debt level in privately held firms |
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Authors: | Silvia Bacci Alessandro Cirillo Donata Mussolino Simone Terzani |
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Institution: | 1.Department of Economics,University of Perugia,Perugia,Italy;2.Department of Economics,University of Foggia,Foggia,Italy;3.Department of Business Economics,University of Naples Federico II,Naples,Italy;4.Department of Economics,University of Perugia,Perugia,Italy |
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Abstract: | The aim of this article is to investigate the financing behavior of privately held firms along the dispersion of family ownership. Drawing on the socio-emotional wealth perspective, we argue that debt levels are contingent on the degree of ownership dispersion among family members. Based on a sample of 2451 observations, in a 10-year time frame, our results reveal the existence of an inverted U-shaped relationship between debt level and intra-family ownership dispersion. We demonstrate that this relationship is moderated by the generational involvement that inverts it in later generations. |
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