Friederike Meyer
Title
Ph.D. HSG
Last Name
Meyer
First name
Friederike
Email
friederike.meyer@unisg.ch
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Item type:Publication, Chapter 11 of Family-Owned Firms(2025)We study the period prior to chapter 11 bankruptcy as well as the process and outcomes of chapter 11 for family-owned firms. Our sample includes 230 chapter 11 filings of S&P 1500 publicly listed US companies from 1996 to 2021. 11 percent of those chapter 11 cases were filed by family-owned firms. Family owners were still actively involved prior to chapter 11, with 72 percent of family-owned firms having a family member in the position of CEO or Chairman and an average equity stake of 21 percent. Our results show that family-owned firms are associated with a higher stock issuance prior to Chapter 11. The results further show that family-owned firms are more likely to engage in forum shopping, the practise of filing chapter 11 in a different district to that of the head office.Type:working paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Financial Distress of Family-Owned Firms(2025)We study family ownership under financial distress. Our analyses cover 13,127 firm-year observations of 728 publicly listed S&P 500 firms, consisting of 185 family-owned and 543 non-family-owned firms, from 1995 to 2019. Firstly, our paper shows that publicly listed family-owned firms are less likely to be in financial distress in the first place. Secondly, our results show that for firms in distress, family-owned firms are associated with a more conservative liquidity position and capitalization. Family-owned firms in financial distress have significantly higher cash reserves, a higher equity capitalization, higher stock issuance, and higher cashflows from investing activities compared to non-family-owned firms. Our findings are in line with the Socioemotional Wealth (SEW) theory of family owners protecting their socioemotional wealth, which could be threatened by payment defaults to creditors and the associated risk of chapter 11 bankruptcy.Type:working paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Financing Costs and Credit Rating Changes of Family-Owned Firms Under Varying Market StressWe study the financing costs and credit rating changes of family-owned firms during varying levels of market stress. We examine the bond spreads of 5,186 bond issuances and the credit rating changes of 699 bond issuers in the S&P 1500 from 1995 to 2018. Our findings show that the impact of family ownership on the cost of debt financing is dependent on the level of financial market stress. We show that family-owned firms are associated with lower financing costs during times of below-average market stress and higher financing costs during years of financial crisis compared to non-family-owned firms. We also test whether this change in the cost of debt for family-owned firms is reflected in a change in the bond issuers' corporate credit rating. Our results suggest that family-owned firms are more likely to receive a rating downgrade during years of above-average market stress and crisis compared to non-family-owned firms. The results are in line with the concept of a mixed gamble, with family-owned firms acting risk-averse in a stable external environment and risk-seeking in times of a distressed external environment.Type:working paper