Using a sample of Spanish tourism small and medium-sized firms, we have tested the impact of family control, publicly-available information and tangibility on fnancial structure, providing a multi-theoretical model that incorporates contributions from the classical theory of fnance, inspired by agency theory, the behavioural theory of the frm and strategic theory. The results point to the need to jointly consider the efects of information transmission practices, asset investment decisions and ownership structures on debt capacity. The results show how family control is associated with propensity to take on debt, so that the desire to maintain social control and socioemotional wealth prevails over risk aversion, being the relationship between family ownership and leverage more complex and contingent than has been assumed in fnancial and behavioural models. In addition, this study contributes further evidence on the importance of family reputational intangibles, showing a positive indirect efect on frms' leverage capacity and relating to the gap left by fnance theory regarding the value of intangibles for debt, which has meant that their value in reducing information asymmetries in the capital market has been overlooked.