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Determinants of Capital Structure in Family Firms
Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Företagsekonomi.
Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Företagsekonomi.
2015 (engelsk)Independent thesis Advanced level (degree of Master (One Year)), 10 poäng / 15 hpOppgave
Abstract [en]

Most firms are using optimal combination of equity and debt so as to maximize firms value and the wealth of the shareholders. To achieve all these, firms should be aware of the factors that influence the capital structure decisions.

Previous empirical studies attempted to explain what determines the choice of capital structure in firms. The focus was on firms in general without categorizing family firms and non-family firms. The primary objective of this study is to examine what determines the capital structure of family firms in OECD countries.

Amadeus database was used to obtain the data needed for the statistical analysis. Measures for firm-specific characteristics were calculated based on the previous stud-ies. The study was conducted over a period of 9 years from 2005-2013. Dataset com-prised of 95 family firms resulting in 850 observations.

The results from the study indicate that the capital structure for family firms in OECD countries is influenced by profitability, asset tangibility, growth, size, debt tax shield , non-debt tax shield and liquidity. Both pecking-order theory and trade-off theory explain the capital structure of family firms.

sted, utgiver, år, opplag, sider
2015. , s. 34
Emneord [en]
Capital structure, Family firms, OECD countries, Financial Decisions
HSV kategori
Identifikatorer
URN: urn:nbn:se:hj:diva-28285ISRN: JU-IHH-FÖA-2-20150167OAI: oai:DiVA.org:hj-28285DiVA, id: diva2:867961
Fag / kurs
IHH, Business Administration
Veileder
Examiner
Tilgjengelig fra: 2015-11-12 Laget: 2015-11-08 Sist oppdatert: 2015-11-12bibliografisk kontrollert

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