家族企业为外部资金支付的费用会减少吗？

IF 2 4区管理学 Q3 BUSINESS

Australian Journal of Management Pub Date : 2021-07-19 DOI:10.1177/03128962211018241

Muhammad Jahangir Ali, Seema Miglani, Man Dang, Premkanth Puwanenthiren, Mazur Mieszko

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引用次数: 2

摘要

我们考察了家族控制对家族企业筹集外部资金成本的影响。以澳大利亚上市公司为样本，我们发现新筹集资本成本与家族控制之间存在显著的负相关关系。此外，我们还表明，这种关系随着公司治理质量和公司信息环境质量的不同而变化。此外，我们进行了几次稳健性检查，一致发现我们的主要结果保持不变。总体而言，我们的证据表明，家族企业更容易获得外部融资，这得益于家族参与所有权和控制权。JEL分类：G31；G32；M41；M42

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Do family firms pay less for external funding?

We examine the impact of family control on the cost of raising external funds by family enterprises. Using a sample of Australian publicly listed firms, we find a significantly negative relation between cost of newly raised capital and family control. Moreover, we show that this relationship varies with the quality of corporate governance and the quality of firm’s information environment. Furthermore, we conduct several robustness checks and consistently find that our main results remain unchanged. Overall, our evidence suggests that family firms have easier access to external financing fostered by family involvement in the ownership and control. JEL Classification: G31; G32; M41; M42

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来源期刊

Australian Journal of Management Multiple-

CiteScore

10.60

自引率

4.20%

发文量

期刊介绍： The objectives of the Australian Journal of Management are to encourage and publish research in the field of management. The terms management and research are both broadly defined. The former includes the management of firms, groups, industries, regulatory bodies, government, and other institutions. The latter encompasses both discipline- and problem-based research. Consistent with the policy, the Australian Journal of Management publishes research in accounting, applied economics, finance, industrial relations, political science, psychology, statistics, and other disciplines, provided the application is to management, as well as research in areas such as marketing, corporate strategy, operations management, organisation development, decision analysis, and other problem-focuses paradigms.