Financial Attitudes in Family Firms: The Moderating Role of Family Commitment
研究了家族承诺如何调节财务知识、债务供应商积极经验和经济目标导向对家族企业所有者管理者债务融资态度的影响，基于280家德国家族企业样本。
This study investigates how family commitment moderates whether and how financial knowledge, positive experience with debt suppliers, and economic goal orientation affect owner-managers' attitudes toward debt financing in family firms. Using a sample of 280 German family firms, we find significant relationships between both financial knowledge and positive experience with debt suppliers and owner-managers' financial attitudes toward debt. Our findings show that family commitment moderates these relationships such that high family commitment increases the impact of prior experience with debt suppliers, while the effect of economic goal orientation is lowered and reversed. Overall, we contribute to research on financial decision making, capital structure and social capital in family firms.