This study analyzes the impact of f

This study analyzes the impact of family involvement on Colombian
firms' capital structure, looking at mostly unlisted companies
with controlling family blockholders. The empirical results reveal
significant differences in leverage levels when the founding family
is involved with the firm. This involvement is analyzed in three different
areas: management, ownership and control. The estimates
suggest a negative family effect for young and median-age firms
when the founder or heirs are in charge. This negative relation is
stronger for the founder's presence; however, for old firms, this
family effect changes and becomes positive. When considering direct
and indirect ownership (but not management involvement) the family–
debt relation is positive, and when family members serve on the board
of directors (but are not involved in management) debt levels tend to
be lower. The results contribute to the literature in stressing the tradeoff
between two distinct motivations for family firms when deciding their
capital structure. Risk aversion pushes firms toward lower debt levels,
but needs to finance growth and the risk of losing control cause family
firms to employ higher debt levels.

ผลลัพธ์ (อังกฤษ) 2:

Study Analyzes the Impact of this Colombian Family involvement on
firms' Capital structure, Looking at mostly unlisted companies
with Controlling Family Blockholders. Reveal the empirical results
significant differences in leverage levels when the founding Family
is involved with the Firm. This involvement is analyzed in Three different
areas: Management, Ownership and Control. The estimates
suggest a negative and Young Family Effect for Median Age-firms
when the founder or heirs are in Charge. This relation is negative
for the founder's Stronger Presence; however, for Old firms, this
Family Becomes Effect Changes and positive. When considering Direct
and indirect Ownership (but not involvement Management) Family- the
debt relation is positive, and when Family Members serve on the board
of Directors (but are not involved in Management) debt levels tend to
be Lower. Contribute to the results in the literature stressing the tradeoff
between Two Distinct Family motivations for firms when deciding their
Capital structure. Lower debt levels toward risk aversion pushes firms,
but Needs to Finance growth and the risk of Losing Control Cause Family
firms to employ Higher debt levels.