Resolution of financial distress in SMEs: How do family ownership and involvement affect second chance?

IF 9.5 1区 管理学 Q1 BUSINESS
Carlotta Magri , Federico Bertacchini , Pier Luigi Marchini
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引用次数: 0

Abstract

The aim of this study is to understand if the idiosyncrasies of family firms affect the likelihood of successfully recovering from financial distress through a debt restructuring proceeding. Relying on the mixed-gamble logic of the behavioral agency model, we hypothesize that family small and medium-sized enterprises (SMEs) have greater chances of resolving financial distress than non-family SMEs, as the former are driven by the preservation of long-term socioemotional wealth. Our findings suggest that family ownership and control, as well as family involvement, are positively associated with the likelihood of successful debt restructuring. This study highlights that the unique emotional attachment family executives have to their business enhances their motivation and capabilities, making them more effective than their non-family counterparts at resolving financial distress through debt restructuring.
中小企业财务困境的解决:家族所有权和家族参与如何影响第二次机会?
本研究的目的是了解家族企业的特质是否会影响通过债务重组程序成功从财务困境中恢复的可能性。基于行为代理模型的混合博弈逻辑,我们假设家族中小企业比非家族中小企业解决财务困境的机会更大,因为家族中小企业是由长期社会情感财富的保存所驱动的。我们的研究结果表明,家族所有权和控制权,以及家族参与,与成功的债务重组的可能性呈正相关。本研究强调,家族高管对企业的独特情感依恋增强了他们的动力和能力,使他们比非家族高管更有效地通过债务重组解决财务困境。
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来源期刊
CiteScore
11.40
自引率
19.40%
发文量
53
期刊介绍: The Journal of Family Business Strategy takes an international perspective, providing a platform for research that advances our understanding of family businesses. Welcoming submissions across various dimensions, the journal explores the intricate interplay between family dynamics and business operations, contributing new insights to this specialized field.
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