Financial Attitudes in Family Firms : The Moderating Role of Family Commitment
Journal
Journal of Small Business Management
ISSN
0047-2778
ISSN-Digital
1540-627X
Type
journal article
Date Issued
2013-01
Author(s)
Abstract
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.
Language
English
Keywords
Family Busines
Finance
Management
HSG Classification
contribution to scientific community
Refereed
Yes
Publisher
Wiley
Publisher place
UK
Volume
51
Number
1
Start page
114
End page
137
Pages
24
Subject(s)
Division(s)
Eprints ID
206329