Exploring the effect of family control on debt financing within large firms: a transnational study in emerging markets

IF 3.6 Q2 MANAGEMENT
Zouhair Boumlik, Badia Oulhadj, Olivier Colot
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Abstract

PurposeThis paper aims to analyze the effect of family control and influence dimension of the socioemotional wealth (SEW) on capital structure of large listed firms in the North African region.Design/methodology/approachThe study uses panel data of the top 98 largest listed firms in the North African capital markets over the period from 2018 to 2022. The analysis is conducted employing random effects models.FindingsFindings suggest that large listed firms in North African region rely on more use of equity rather than debt financing. Further, results show that family control and influence dimension of the SEW, has no significant impact on the capital structure of North African large listed firms. This implies that the financing behavior of large firms listed in the North African countries is driven by financial and rationale factors rather than non-economic considerations. Indeed, findings support assumptions of the pecking order theory.Originality/valueThis transnational study provides new insights into relevancy of socioemotional theory in explaining capital structure decisions within large family businesses in emerging markets. Findings have the potential to enhance analysts', investors' and practitioners' understanding of financing decisions by large listed firms in this region. This, in turn, can aid in conceiving adapted financing solutions.
探索家族控制对大型企业债务融资的影响:新兴市场的跨国研究
目的本文旨在分析家族控制对北非地区大型上市公司资本结构的影响以及社会情感财富的影响维度。设计/方法/方法本研究使用了2018年至2022年期间北非资本市场前98家最大上市公司的面板数据。采用随机效应模型进行分析。研究结果表明,北非地区的大型上市公司更多地依赖于股权融资而不是债务融资。进一步,研究结果表明,家族控制和影响维度对北非大型上市公司的资本结构没有显著影响。这意味着在北非国家上市的大型企业的融资行为是由财务和理性因素驱动的,而不是非经济考虑。事实上,研究结果支持了啄食顺序理论的假设。原创性/价值这项跨国研究为社会情感理论在解释新兴市场大型家族企业资本结构决策中的相关性提供了新的见解。研究结果有可能增强分析师、投资者和从业人员对该地区大型上市公司融资决策的理解。这反过来又有助于构思适合的融资解决方案。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
5.50
自引率
33.30%
发文量
51
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