Asset Tangibility, information asymmetries and intangibles as determinants of family firms leverage
| العنوان: | Asset Tangibility, information asymmetries and intangibles as determinants of family firms leverage |
|---|---|
| المؤلفون: | César Camisón, José Antonio Clemente, Sergio Camisón-Haba |
| المصدر: | Camisón Zornoza, César Clemente Almendros, José Antonio Camisón Haba, Sergio 2022 Asset Tangibility, information asymmetries and intangibles as determinants of family firms leverage Review of Managerial Science 16 7 2047 2082 Review of Managerial Science |
| سنة النشر: | 2022 |
| مصطلحات موضوعية: | Review Paper, Empreses Finances, SME, Turisme, Tangibility, Economia d'empresa, General Business, Management and Accounting, Leverage, Family firm, Information asymmetries, M10 Business Administration—General |
| الوصف: | Using a sample of Spanish tourism small and medium-sized firms, we have tested the impact of family control, publicly-available information and tangibility on financial structure, providing a multi-theoretical model that incorporates contributions from the classical theory of finance, inspired by agency theory, the behavioural theory of the firm and strategic theory. The results point to the need to jointly consider the effects of information transmission practices, asset investment decisions and ownership structures on debt capacity. The results show how family control is associated with propensity to take on debt, so that the desire to maintain social control and socioemotional wealth prevails over risk aversion, being the relationship between family ownership and leverage more complex and contingent than has been assumed in financial and behavioural models. In addition, this study contributes further evidence on the importance of family reputational intangibles, showing a positive indirect effect on firms’ leverage capacity and relating to the gap left by finance theory regarding the value of intangibles for debt, which has meant that their value in reducing information asymmetries in the capital market has been overlooked. |
| اللغة: | English |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::7a6bb06920b512854c3e50ffde301b28 https://hdl.handle.net/10550/85032 |
| Rights: | OPEN |
| رقم الانضمام: | edsair.doi.dedup.....7a6bb06920b512854c3e50ffde301b28 |
| قاعدة البيانات: | OpenAIRE |
| الوصف غير متاح. |