Does Family and Lone Founder Involvement Lead to Similar Indebtedness?
研究了西班牙私营企业中单一创始人和家族参与对负债水平的不同影响，发现单一创始人企业负债更高，而家族企业负债显著较低。
This study evaluates whether the presence of a lone founder and family involvement impact private firms’ leverage differently from a methodological view. Using a sample of 4,102 private firms in Spain and taking under consideration a panel data structure from 2006 to 2013, we find that lone founder and family involvement matter in capital structure decisions and size shapes the forementioned influence. Our findings show that lone founder involvement always implies higher debt than the rest of firms and suggest that firms with genuine family involvement are significantly low debt companies.