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dc.creatorAbinzano Guillén, María Isabeles_ES
dc.creatorCorredor Casado, María Pilares_ES
dc.creatorMartínez García, Beatrizes_ES
dc.identifier.issn1467-629X (Electronic)
dc.description.abstractThis 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.sponsorshipSpanish 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.format.extent50 p.
dc.publisherAccounting and Finance Association of Australia and New Zealanden
dc.relation.ispartofAccount Finance, 2021en
dc.rights© 2020 Accounting and Finance Association of Australia and New Zealanden
dc.subjectBlack–Scholes–Merton modelen
dc.subjectDefault risken
dc.subjectEconomic downturnen
dc.subjectFamily ownershipen
dc.subjectInstitutional investorsen
dc.titleDoes family ownership always reduce default risk?en
dc.typeArtículo / Artikuluaes
dc.contributor.departmentGestión de Empresases_ES
dc.contributor.departmentEnpresen Kudeaketaeu
dc.contributor.departmentInstitute for Advanced Research in Business and Economics - INARBEes_ES
dc.rights.accessRightsAcceso abierto / Sarbide irekiaes
dc.type.versionVersión aceptada / Onetsi den bertsioaes

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