Family involvement and new venture debt financing

Research output: Contribution to Journal/Magazine › Journal article › peer-review

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Family involvement and new venture debt financing. / Chua, Jess H.; Chrisman, James J.; Kellermanns, Franz et al.
In: Journal of Business Venturing, Vol. 26, No. 4, 01.07.2011, p. 472-488.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

Chua, JH, Chrisman, JJ, Kellermanns, F & Wu, Z 2011, 'Family involvement and new venture debt financing', Journal of Business Venturing, vol. 26, no. 4, pp. 472-488. https://doi.org/10.1016/j.jbusvent.2009.11.002

APA

Chua, J. H., Chrisman, J. J., Kellermanns, F., & Wu, Z. (2011). Family involvement and new venture debt financing. Journal of Business Venturing, 26(4), 472-488. https://doi.org/10.1016/j.jbusvent.2009.11.002

Vancouver

Chua JH, Chrisman JJ, Kellermanns F, Wu Z. Family involvement and new venture debt financing. Journal of Business Venturing. 2011 Jul 1;26(4):472-488. doi: 10.1016/j.jbusvent.2009.11.002

Author

Chua, Jess H. ; Chrisman, James J. ; Kellermanns, Franz et al. / Family involvement and new venture debt financing. In: Journal of Business Venturing. 2011 ; Vol. 26, No. 4. pp. 472-488.

Bibtex

@article{b7ca222926424b1881cfc446494b54a3,

title = "Family involvement and new venture debt financing",

abstract = "New ventures often require debt financing but face difficulties convincing lenders of their creditworthiness because of agency problems. Researchers have shown that social capital can help small firms reduce lenders' agency concerns but new ventures do not yet have their own social capital. We propose that family involvement increases a venture's ability to borrow family social capital for the purpose of obtaining debt financing. Empirical tests with 1267 new ventures suggest that family involvement directly and indirectly improves a new venture's access to debt financing.",

keywords = "Family business, New ventures , Debt financing , Agency theory , Social capital",

author = "Chua, {Jess H.} and Chrisman, {James J.} and Franz Kellermanns and Zhenyu Wu",

year = "2011",

month = jul,

day = "1",

doi = "10.1016/j.jbusvent.2009.11.002",

language = "English",

volume = "26",

pages = "472--488",

journal = "Journal of Business Venturing",

issn = "0883-9026",

publisher = "Elsevier Inc.",

number = "4",

}

RIS

TY - JOUR

T1 - Family involvement and new venture debt financing

AU - Chua, Jess H.

AU - Chrisman, James J.

AU - Kellermanns, Franz

AU - Wu, Zhenyu

PY - 2011/7/1

Y1 - 2011/7/1

N2 - New ventures often require debt financing but face difficulties convincing lenders of their creditworthiness because of agency problems. Researchers have shown that social capital can help small firms reduce lenders' agency concerns but new ventures do not yet have their own social capital. We propose that family involvement increases a venture's ability to borrow family social capital for the purpose of obtaining debt financing. Empirical tests with 1267 new ventures suggest that family involvement directly and indirectly improves a new venture's access to debt financing.

AB - New ventures often require debt financing but face difficulties convincing lenders of their creditworthiness because of agency problems. Researchers have shown that social capital can help small firms reduce lenders' agency concerns but new ventures do not yet have their own social capital. We propose that family involvement increases a venture's ability to borrow family social capital for the purpose of obtaining debt financing. Empirical tests with 1267 new ventures suggest that family involvement directly and indirectly improves a new venture's access to debt financing.

KW - Family business

KW - New ventures

KW - Debt financing

KW - Agency theory

KW - Social capital

U2 - 10.1016/j.jbusvent.2009.11.002

DO - 10.1016/j.jbusvent.2009.11.002

M3 - Journal article

VL - 26

SP - 472

EP - 488

JO - Journal of Business Venturing

JF - Journal of Business Venturing

SN - 0883-9026

IS - 4

ER -

Research

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