Testing the capital structure of Portuguese family businesses
نویسندگان
چکیده
ABSTRACT The main objective of this study is to empirically test capital structure decisions in Portuguese family-owned businesses under trade-off theory (TOT) and pecking order (POT) attend the relationships between family/business interaction agency conflicts. Family-owned are essential for development economies, but financing logic they adopt not yet adequately clarified by scientific research, especially as more exposed constraints markets imperfections. specific pattern business ownership may affect decision ability obtain funds externally. This issue relevant economies where family initiatives less sophisticated management strategies expressive. greater convergence interests consequent decrease costs lead higher levels recognized reputation thus easier access indebtedness. empirical uses static models dynamic panel analyze data from 4,952 firms over period 2009 2016: TOT following partial debt adjustment model, POT model impact deficit on relationship determinants financing. results individual tests suggest that adjust at target ratio, albeit influenced keep them distant optimal, well use sources other than when a financial occurs. Although total velocity optimal level short-term debt. Evidence joint confirms both theories explain part businesses.
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ژورنال
عنوان ژورنال: Revista Contabilidade & Finanças
سال: 2021
ISSN: ['1808-057X', '1519-7077']
DOI: https://doi.org/10.1590/1808-057x202113190