Leverage in family firms: the moderating role of female directors and board quality
| dc.contributor.author | Poletti Hughes, Jannine | |
| dc.contributor.author | Martínez García, Beatriz | |
| dc.contributor.department | Gestión de Empresas | es_ES |
| dc.contributor.department | Enpresen Kudeaketa | eu |
| dc.date.accessioned | 2021-02-02T09:41:08Z | |
| dc.date.available | 2021-02-02T09:41:08Z | |
| dc.date.issued | 2020 | |
| dc.description.abstract | Grounded in the agency, socioemotional wealth and resource dependence theories, we study how debt decisions are influenced by family control and how such relationship is moderated by an internal corporate governance mechanism, the quality of the board of directors. Our results show that family-controlled firms use more leverage at lower levels of family ownership to retain family control over the business, but once their socioemotional wealth is fulfilled at higher levels of ownership, they decrease leverage in pursuit of conservative financing policies. These actions are found to be moderated by board quality (i.e., experience and expertise) and female directors (predominantly independent). | en |
| dc.description.sponsorship | This paper has received financial support from the Spanish Ministry of Economy and Competitiveness (ECO2016‐77631‐R [AEI/FEDER, UE]) and the Spanish Ministry of Science and Innovation (PID2019‐104304GB‐I00). | en |
| dc.format.extent | 17 p. | |
| dc.format.mimetype | application/pdf | en |
| dc.identifier.doi | 10.1002/ijfe.2147 | |
| dc.identifier.issn | 1099-1158 (Electronic) | |
| dc.identifier.uri | https://academica-e.unavarra.es/handle/2454/39124 | |
| dc.language.iso | eng | en |
| dc.publisher | Wiley | en |
| dc.relation.ispartof | International Journal of Finance and Economics, 2020 | en |
| dc.relation.projectID | info:eu-repo/grantAgreement/ES/1PE/ECO2016-77631-R/ | |
| dc.relation.publisherversion | https://doi.org/10.1002/ijfe.2147 | |
| dc.rights | © 2020 The Authors. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. | en |
| dc.rights.accessRights | info:eu-repo/semantics/openAccess | |
| dc.rights.uri | https://creativecommons.org/licenses/by/4.0/ | |
| dc.subject | Board quality | en |
| dc.subject | Family control | en |
| dc.subject | Gender diversity | en |
| dc.subject | Latin America | en |
| dc.subject | Leverage | en |
| dc.title | Leverage in family firms: the moderating role of female directors and board quality | en |
| dc.type | info:eu-repo/semantics/article | |
| dc.type.version | info:eu-repo/semantics/publishedVersion | |
| dspace.entity.type | Publication | |
| relation.isAuthorOfPublication | 43973159-832c-400d-81a1-80db5653b6b1 | |
| relation.isAuthorOfPublication.latestForDiscovery | 43973159-832c-400d-81a1-80db5653b6b1 |