Measuring credit risk in family firms

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

Publication:
Measuring credit risk in family firms

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	2021-01-20T09:41:15Z
dc.date.available	2021-01-20T09:41:15Z
dc.date.issued	2020
dc.description.abstract	This article attempts to identify the default risk measure which best reflects the idiosyncratic context of public family firms. Seven accounting- and market-based measures are compared over a sample of 981 US family and non-family firms for the period 2000–2016. The results show that the Black–Scholes–Merton (BSM) measure gives the best fit in both types of firm. However, all the accounting-based measures, especially Altman’s Z-score, come closest to the market-based measures when used to assess the credit risk of family firms. The two types of measures also coincide more closely in their default risk orderings of family than of non-family firms. Useful practical implications can be drawn from these findings, which show that accounting-based measures can be used reliably in the absence of market data for family firms with similar characteristics to those in our sample.	en
dc.description.sponsorship	The research funding was provided by the Ministry of Science and Innovation (PID2019-104304GB-I00), the Spanish Ministry of Economy and Competitiveness, (ECO2016-77631-R (AEI/FEDER, UE)), the SANFI Research Grant for Young Researchers Edition 2015, and the Ramón Areces Fundation.	en
dc.description.sponsorship	The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: The research funding was provided by the Ministry of Science and Innovation (PID2019-104304GB-I00), the Spanish Ministry of Economy and Competitiveness, (ECO2016-77631-R (AEI/FEDER, UE)), the SANFI Research Grant for Young Researchers Edition 2015, and the Ramón Areces Fundation.	en
dc.format.extent	18 p.
dc.format.mimetype	application/pdf	en
dc.identifier.doi	10.1177/2340944420941857
dc.identifier.issn	2340-9444 (Electronic)
dc.identifier.uri	https://academica-e.unavarra.es/handle/2454/39032
dc.language.iso	eng	en
dc.publisher	SAGE	en
dc.relation.ispartof	BRQ Business Research Quarterly, 2020	en
dc.relation.projectID	info:eu-repo/grantAgreement/ES/1PE/ECO2016-77631-R	en
dc.relation.publisherversion	https://doi.org/10.1177/2340944420941857
dc.rights	© The Author(s) 2020. This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License which permits non-commercial use, reproduction and distribution of the work without further permission provided the original work is attributed as specified on the SAGE and Open Access page (https://uk.sagepub.com/aboutus/openaccess.htm).	en
dc.rights.accessRights	info:eu-repo/semantics/openAccess	en
dc.rights.accessRights	Acceso abierto / Sarbide irekia	es
dc.rights.uri	http://creativecommons.org/licenses/by/4.0/
dc.subject	Goodness of fit of credit risk	en
dc.subject	Default risk ranking of firms	en
dc.subject	Black-Scholes-Merton measure	en
dc.subject	Family firms	en
dc.title	Measuring credit risk in family firms	en
dc.type	info:eu-repo/semantics/article	en
dc.type	Artículo / Artikulua	es
dc.type.version	info:eu-repo/semantics/publishedVersion	en
dc.type.version	Versión publicada / Argitaratu den bertsioa	es
dspace.entity.type	Publication
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