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Debt maturity structure in private firms: Does the family control matter?

2016; Elsevier BV; Volume: 37; Linguagem: Inglês

10.1016/j.jcorpfin.2016.01.016

1872-6313

Nieves Lidia Díaz Díaz, Pedro J. García‐Teruel, Pedro Martínez Solano,

Working Capital and Financial Performance

This research studies the effect of family control on the debt maturity structure of private firms. It uses a sample of unlisted Spanish firms for the period 2004–2013. Our results indicate that family firms get better access to long-term debt, even when exercising control by pyramid structures. However, the presence of a second largest family shareholder has a negative effect on debt maturity. Moreover, in line with previous studies, we find that firms use more long-term debt when they have fewer growth opportunities, higher asset maturity and are more leveraged.