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dc.contributor.authorBlanco Mazagatos, Virginia 
dc.contributor.authorRomero Merino, María Elena 
dc.contributor.authorSantamaría Mariscal, Marcos 
dc.contributor.authorDelgado García, Juan Bautista 
dc.date.accessioned2024-05-31T09:51:40Z
dc.date.available2024-05-31T09:51:40Z
dc.date.issued2024-01-25
dc.identifier.issn0921-898X
dc.identifier.urihttp://hdl.handle.net/10259/9219
dc.description.abstractThe literature on debt financing in family firms is still inconclusive. Initial studies have usually focused on the influence of family involvement on firm’s debt levels by using the explanations of traditional economic theories. More recent studies have begun to focus on the role of family goals in family firm debt levels, particularly drawing on socioemotional wealth (SEW), which has helped in the development of financial theories of family business. Nevertheless, existing arguments have usually not considered SEW as a multidimensional construct that covers diverse family goals. In addition, literature has usually drawn on arguments considering SEW as a stock, but have not considered the importance given to SEW (SEWi), which specifically acknowledges SEW as a goal. Our paper responds to recent calls to extend theoretical arguments on the effect of diverse dimensions of SEWi on family firm behavior and to focus on the role of SEWi on the family firms’ debt. Specifically, we test how the CEOs’ assessment of the importance that their family attaches to the continuity, prominence, and enrichment dimensions of SEWi influences the level of debt. To do so, we use a sample of 126 Spanish unlisted family businesses. Our results show that the continuity dimension of SEWi leads family businesses to increase their debt level being a key determinant of this financing decision.en
dc.description.sponsorshipOpen Access funding provided thanks to the CRUE-CSIC agreement with Springer Nature. This work received fnancial support from Spanish Ministerio of Ciencia e Innovación (Grants PID2020-120288 GB-100).en
dc.format.mimetypeapplication/pdf
dc.language.isoenges
dc.publisherSpringer Natureen
dc.relation.ispartofSmall Business Economics. 2024en
dc.rightsAtribución 4.0 Internacional*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subjectSocioemotional wealth importance (SEWi)en
dc.subjectDebten
dc.subjectFamily goalsen
dc.subjectFamily continuityen
dc.subjectFamily prominenceen
dc.subjectFamily enrichmenten
dc.subject.otherEconomíaes
dc.subject.otherEconomicsen
dc.subject.otherFamiliases
dc.subject.otherFamiliesen
dc.titleOne more piece of the family firm debt puzzle: the influence of socioemotional wealth dimensionsen
dc.typeinfo:eu-repo/semantics/articlees
dc.rights.accessRightsinfo:eu-repo/semantics/openAccesses
dc.relation.publisherversionhttps://doi.org/10.1007/s11187-024-00881-8es
dc.identifier.doi10.1007/s11187-024-00881-8
dc.identifier.essn1573-0913
dc.journal.titleSmall Business Economicsen
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersiones


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