Does family ownership always reduce default risk?

Abinzano Guillén, María Isabel; Corredor Casado, María Pilar; Martínez García, Beatriz

Publication:
Does family ownership always reduce default risk?

dc.contributor.author	Abinzano Guillén, María Isabel
dc.contributor.author	Corredor Casado, María Pilar
dc.contributor.author	Martínez García, Beatriz
dc.contributor.department	Enpresen Kudeaketa	eu
dc.contributor.department	Institute for Advanced Research in Business and Economics - INARBE	en
dc.contributor.department	Gestión de Empresas	es_ES
dc.date.accessioned	2021-03-15T10:23:39Z
dc.date.available	2021-10-16T23:00:12Z
dc.date.issued	2021
dc.description.abstract	This paper analyses the effect of family ownership on the outcome of the firm’s risk‐taking activities, measured by the company’s default risk. We show that family ownership reduces the probability of default, which is proxied by the Black–Scholes–Merton (BSM) model. Our study goes further than the initial approach by taking into account certain factors conditioning the aforementioned relationship. We find that the expected negative relationship between family ownership and default risk is modified when there is a significant participation of institutional investors, whose positive moderating influence intensifies if they are stable and long‐term oriented and/or during adverse financial circumstances.	en
dc.description.sponsorship	Spanish Ministry of Science and Innovation (PID2019‐104304GB‐I00/AEI/10.13039/501100011033), the Spanish Ministry of Economy and Competitiveness (ECO2016‐77631‐R) and the Ramón Areces Foundation.	en
dc.embargo.lift	2021-10-16
dc.embargo.terms	2021-10-16
dc.format.extent	50 p.
dc.format.mimetype	application/pdf	en
dc.identifier.doi	10.1111/acfi.12725
dc.identifier.issn	1467-629X (Electronic)
dc.identifier.uri	https://academica-e.unavarra.es/handle/2454/39412
dc.language.iso	eng	en
dc.publisher	Wiley	en
dc.publisher	Accounting and Finance Association of Australia and New Zealand	en
dc.relation.ispartof	Account Finance, 2021	en
dc.relation.projectID	info:eu-repo/grantAgreement/ES/1PE/ECO2016-77631-R	en
dc.relation.publisherversion	https://doi.org/10.1111/acfi.12725
dc.rights	© 2020 Accounting and Finance Association of Australia and New Zealand	en
dc.rights.accessRights	info:eu-repo/semantics/openAccess	en
dc.rights.accessRights	Acceso abierto / Sarbide irekia	es
dc.subject	Black–Scholes–Merton model	en
dc.subject	Default risk	en
dc.subject	Economic downturn	en
dc.subject	Family ownership	en
dc.subject	Institutional investors	en
dc.title	Does family ownership always reduce default risk?	en
dc.type	info:eu-repo/semantics/article	en
dc.type	Artículo / Artikulua	es
dc.type.version	info:eu-repo/semantics/acceptedVersion	en
dc.type.version	Versión aceptada / Onetsi den bertsioa	es
dspace.entity.type	Publication
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