This paper investigates the impact of family ownership on credit rationing using a rich sample of Italian firms. Estimation results indicate that family owned firms are more likely to experience credit restrictions. The adverse impact of family ownership on credit rationing is particularly relevant for small-sized firms, whereas it is mitigated in firms with closer lending relationships. Finally, we find some evidence that family firms with high ownership concentration are more likely to be rationed by banks.

Family firms and access to credit. Is family ownership beneficial? / Murro, P.; Peruzzi, V.. - In: JOURNAL OF BANKING & FINANCE. - ISSN 0378-4266. - 101:(2019), pp. 173-187. [10.1016/j.jbankfin.2019.02.006]

Family firms and access to credit. Is family ownership beneficial?

P. Murro
;
V. Peruzzi
2019

Abstract

This paper investigates the impact of family ownership on credit rationing using a rich sample of Italian firms. Estimation results indicate that family owned firms are more likely to experience credit restrictions. The adverse impact of family ownership on credit rationing is particularly relevant for small-sized firms, whereas it is mitigated in firms with closer lending relationships. Finally, we find some evidence that family firms with high ownership concentration are more likely to be rationed by banks.
Family firms; Credit rationing; Agency conflicts; Relationship lending
Family firms and access to credit. Is family ownership beneficial? / Murro, P.; Peruzzi, V.. - In: JOURNAL OF BANKING & FINANCE. - ISSN 0378-4266. - 101:(2019), pp. 173-187. [10.1016/j.jbankfin.2019.02.006]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11385/184204
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