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Transparency and financing choices of family firms

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Transparency and financing choices of family firms. / Chen, Tai-Yuan; Dasgupta, Sudipto; Yu, Yangxin.

In: Journal of Financial and Quantitative Analysis, Vol. 49, No. 2, 04.2014, p. 381-408.

Research output: Contribution to journalJournal article

Harvard

Chen, T-Y, Dasgupta, S & Yu, Y 2014, 'Transparency and financing choices of family firms', Journal of Financial and Quantitative Analysis, vol. 49, no. 2, pp. 381-408. https://doi.org/10.1017/S0022109014000313

APA

Chen, T-Y., Dasgupta, S., & Yu, Y. (2014). Transparency and financing choices of family firms. Journal of Financial and Quantitative Analysis, 49(2), 381-408. https://doi.org/10.1017/S0022109014000313

Vancouver

Chen T-Y, Dasgupta S, Yu Y. Transparency and financing choices of family firms. Journal of Financial and Quantitative Analysis. 2014 Apr;49(2):381-408. https://doi.org/10.1017/S0022109014000313

Author

Chen, Tai-Yuan ; Dasgupta, Sudipto ; Yu, Yangxin. / Transparency and financing choices of family firms. In: Journal of Financial and Quantitative Analysis. 2014 ; Vol. 49, No. 2. pp. 381-408.

Bibtex

@article{93703b5dd2f24048a6b70838c2bc33b9,
title = "Transparency and financing choices of family firms",
abstract = "While recent literature documents that U.S. family firms differ markedly from their nonfamily counterparts, there is a paucity of evidence on how these firms differ in terms of their cost of capital or financial structure. In this paper, we show that family and nonfamily firms differ in their debt maturity and leverage ratios in a manner consistent with the higher expropriation potential of family firms. Moreover, while more transparency causes both family and nonfamily firms to increase the maturity structure of their debt and reduce leverage ratios, the effects are stronger for family firms.",
author = "Tai-Yuan Chen and Sudipto Dasgupta and Yangxin Yu",
year = "2014",
month = "4",
doi = "10.1017/S0022109014000313",
language = "English",
volume = "49",
pages = "381--408",
journal = "Journal of Financial and Quantitative Analysis",
issn = "0022-1090",
publisher = "Cambridge University Press",
number = "2",

}

RIS

TY - JOUR

T1 - Transparency and financing choices of family firms

AU - Chen, Tai-Yuan

AU - Dasgupta, Sudipto

AU - Yu, Yangxin

PY - 2014/4

Y1 - 2014/4

N2 - While recent literature documents that U.S. family firms differ markedly from their nonfamily counterparts, there is a paucity of evidence on how these firms differ in terms of their cost of capital or financial structure. In this paper, we show that family and nonfamily firms differ in their debt maturity and leverage ratios in a manner consistent with the higher expropriation potential of family firms. Moreover, while more transparency causes both family and nonfamily firms to increase the maturity structure of their debt and reduce leverage ratios, the effects are stronger for family firms.

AB - While recent literature documents that U.S. family firms differ markedly from their nonfamily counterparts, there is a paucity of evidence on how these firms differ in terms of their cost of capital or financial structure. In this paper, we show that family and nonfamily firms differ in their debt maturity and leverage ratios in a manner consistent with the higher expropriation potential of family firms. Moreover, while more transparency causes both family and nonfamily firms to increase the maturity structure of their debt and reduce leverage ratios, the effects are stronger for family firms.

U2 - 10.1017/S0022109014000313

DO - 10.1017/S0022109014000313

M3 - Journal article

VL - 49

SP - 381

EP - 408

JO - Journal of Financial and Quantitative Analysis

JF - Journal of Financial and Quantitative Analysis

SN - 0022-1090

IS - 2

ER -