Publication: Socioemotional wealth and financial decisions in private family SMEs
Authors
Baixauli Soler, Juan Samuel ; Belda Ruiz, María ; Sánchez Marín, Gregorio
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Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
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Publisher
Elsevier
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DOI
https://doi.org/10.1016/j.jbusres.2020.10.022
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info:eu-repo/semantics/article
Description
© 2020 Elsevier Inc. This document is the Published Manuscript version of a Published Work that appeared in final form in Journal of Business Research. To access the final edited and published work see https://doi.org/10.1016/j.jbusres.2020.10.022
Abstract
This study focuses on heterogeneity in family firms by analyzing whether the non-economic aspects that meet the family’s affective needs, or socioemotional wealth (SEW), influence debt financing. In the context of private
family small and medium-sized enterprises (SMEs), our results indicate that family firms which are more concerned about preserving their SEW have lower debt levels (total and financial debt) and that CEO gender plays an important moderating role, with female CEOs strengthening the negative effect of SEW preservation on debt financing. Moreover, when family firms are managed by the first generation, the SEW effect on financial debt is even more negative. The findings are consistent with SEW being the point of reference in family SMEs’ financial decisions, and highlight the importance of the CEO and family generation in charge of the firm as moderators of the relationship between SEW preservation and debt financing.
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Citation
Journal of Business Research, 2021, Vol. 123, pp. 657-668
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