Scandinavian Working Papers in Economics
Ratio Working Papers,
The Ratio Institute
No 175: Ownership Dispersion and Capital Structures in Family firms: A study of closed medium sized enterprises
Per-Olof Bjuggren (), Rubecca Duggal () and Dinh Tung Giang ()
Additional contact information
Per-Olof Bjuggren: The Ratio Institute and Jönköping International Business School, Postal: The Ratio Institute, P.O. Box 3203, SE-103 64 Stockholm, Sweden
Rubecca Duggal: Jönköping International Business School and Center for Family Enterprise and Ownership in Jönköping
Dinh Tung Giang: Jönköping International Business School
Abstract: Family firms are entities that possess and contribute greatly to all economies worldwide. In the following study we investigate capital structures and ownership dispersion among Swedish family firms. In order to find concluding results, we proceed with a regression between leverage and family business, leverage and family firm age, and leverage and ownership dispersion. Our regression outcomes support a U- shaped relationship between family ownership dispersion and leverage, but do not confirm a relation between leverage and family business. Earlier studies made in the field have generated differing results; however, there are some studies that are actually in line with our findings. A unique database developed at Jönköping University is used that enables us to obtain access to firm level data. Earlier studies in the same genre have only had access to industry level data.
Keywords: Family firms; Capital structure; Closed medium sized enterprises; Ownership Dispersion; Corporate Governance
JEL-codes: G30
30 pages, September 6, 2011
Full text files
pob_rd_dtg_ownership_175.pdf
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