ESE - Escuela de Negocios

Título: Capital Structure of the Family Business: A Theoretical Framework for the Second Best Autor(es): Julio Aznarez L. Fecha Publicación: 01 Octubre 2005 Código ESE Tipo de Publicación: Papers Académicos y Documentos de Trabajo

Reseña:

This research develops a theoretical framework that clarifies why family businesses show a low debt level when compared to non-family businesses. It can be added to the accepted view of capital structure theory and provides a new dimension for the evaluation of family business performance. We define this dimension as “family capital” and it reflects the unity and harmony that prevails among family members. We claim that this factor is closely linked to financial leverage.