Intergenerational Differences in Family Firms: Impact on Capital Structure and Growth Behavior
基于425家中小企业样本，研究家族企业代际差异是否影响资本结构和增长行为，发现管理代际通过实际增长率间接影响资本结构，且下一代企业增长更慢，因倾向于放弃部分增长而非增加债务风险。
Based on a sample of 425 SMEs, we investigate whether intergenerational differences affect the capital structure and growth behavior of family firms. We integrate the financing and growth relation into our research by using a 2SLS approach and the internal and sustainable growth concepts. Evidence is found that the capital structure is not directly influenced by the managing generation, but indirectly through the realized growth rate. Moreover, results indicate that next–generation companies grow slower because they have the tendency to forego part of their growth rather than risk the loss of family control due to the increased use of debt.