Browsing by Subject "Founder"

Now showing 1 - 2 of 2
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    Private family firms, generations and bank debt
    (Wiley, 2023) Díaz-Díaz, Nieves Lidia; García-Teurel, Pedro J.; Martínez-Solano, Pedro; Organización de Empresas y Finanzas
    This paper focuses on the use of bank debt by private family firms and whether it is higher for the first generations of family businesses than for their descendants and subsequent generations. We use a unique hand-collected data set of 4,041 private Spanish firms for the years 2004 to 2013. We find statistical evidence that family-controlled firms make greater use of bank credit. Moreover, we show that first-generation family firms acquire more bank debt than those of second and subsequent generations. Furthermore, during financial crises, family-controlled firms were subjected to less rationing, with increased bank financing for first generations.
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    Unity or commitment: A generational view of innovation in family firms.
    (Wiley, 2024) Meroño-Cerdán, Angel Luís; Organización de Empresas y Finanzas; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
    Taking a qualitative approach, this study aims to identify the effects of family involvement on firms' innovation decisions and examine how this relationship is affected by the presence or absence of firm founders. Content analysis facilitates building a map to identify two modes of family influence on business and innovation: the business-first and family-first modes. In the former, commitment and long-term orientation encourage innovation as the principal means of survival, especially when the founder is no longer present. In the latter, unity constrains innovation, most commonly in firms led by a present founder. In contrast to the tenets of the socioemotional wealth approach, a first-generation family firm may suffer from myopia when family interests prevail over the firm's interests, even when business continuity is at stake.