The debt agency costs of family ownership in small and micro firms

International Journal of Entrepreneurship and Small Business

Volumn 11, Issue 3, 2010, Pages 353-366

  Niskanen, Mervi ^a   Niskanen, Jyrki ^a   Laukkanen, Virpi ^a  

^a UNIVERSITY OF EASTERN FINLAND   (Finland)

Author keywords

agency costs; credit terms; family ownership; loan availability; small business borrowing

Indexed keywords

EID: 77957757782     PISSN: 14761297     EISSN: 17418054     Source Type: Journal    
DOI: 10.1504/IJESB.2010.035823     Document Type: Article

References (20)

1. Anderson, R. and Reeb, D. (2003) 'Founding-family ownership and firm performance: evidence from the S&P 500', Journal of Finance, Vol. 58, pp.1301-1328.
2. Anderson. R., Mansi, S. and Reeb, D. (2003) 'Founding family ownership and the agency cost of debt', Journal of Financial Economics, Vol. 68, pp.263-285.
3. Berger, A. and Udell, G. (1990) 'Collateral, loan quality, and bank risk', Journal of Monetary Economics, Vol. 25, pp.21-42.
4. Besanko, D. and Thakor, A. (1987) 'Collateral and rationing: sorting equilibria in monopolistic and competitive credit markets', International Economic Review, Vol. 28, pp.671-689.
5. Bonaccorsi di Patti, E. and Gobbi, G. (2001) 'The changing structure of local credit markets: are small businesses special?', Journal of Banking and Finance, Vol. 25, pp.2209-2237.
6. Boot, A. and Thakor, A. (2000) 'Can relationship banking survive competition?', Journal of Finance, Vol. 55, pp.679-714.
7. Carney, M. (2005) 'Corporate governance and competitive advantage in family-controlled firms', Entrepreneurship: Theory and Practise, Vol. 29, pp.249-265.
8. Chan, Y-S. and Thakor, A. (1987) 'Collateral and competitive equilibria with moral hazard and private information', The Journal of Finance, Vol. 52, pp.345-363.
9. Cole, R.A. (1998) 'The importance of relationships to the availability of credit', The Journal of Banking and Finance, Vol. 22, pp.959-977.
10. Ellul, A., Guntay, L. and Lel, U. (2005) External Governance and Debt agency Costs of Family Firms, available at http://ssrn.com.
11. Harhoff, D. and Körting, T. (1998) 'Lending relationships in Germany - empirical evidence from survey data', Journal of Banking and Finance, Vol. 22, pp.1317-1353.
12. Jensen, M. and Meckling, W. (1976) 'Managerial behavior, agency costs and ownership structure', Journal of Financial Economics, Vol. 3, pp.305-360.
13. Kotey, B. (2005) 'Goals, management practices, and performance of family SMEs', International Journal of Entrepreneurial Behaviour and Research, Vol. 11, No. 1, pp.3-24.
14. La Porta, R, Lopez-de-Silanes, F. and Schleifer, A. (1999) 'Corporate ownership around the world', Journal of Finance, Vol. 54, pp.471-518.
15. Morck, R. and Yeung, B. (2005) 'Agency problems in large family business groups', Entrepreneurship: Theory and Practise, Vol. 27, pp.367-382.
16. Schleifer, A. and. Vishny, R. (1997) 'A survey of corporate governance', Journal of Finance, Vol. 52, pp.737-783.
17. Steijvers, T., Voordeckers, W. and Vanhoof, K. (2008) 'Collateral, relationship lending and family firms', Small Business Economics, forthcoming.
18. Storey, D. (1994) Understanding the Small Business Sector, Routledge, New York.
19. Voordeckers, W. and Steijvers, T. (2006) 'Business collateral and personal commitments in SME lending', Journal of Banking and Finance, Vol. 30, pp.3067-3086.
20. Westhead, P. (1997) 'Ambitions, 'external' environment and strategic factor differences between family and non-family companies', Entrepreneurship and Regional Development, Vol. 9, pp.127-157.