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Asset Tangibility, information asymmetries and intangibles as determinants of family firms leverage

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Asset Tangibility, information asymmetries and intangibles as determinants of family firms leverage

dc.contributor.author	Camisón Zornoza, César
dc.contributor.author	Clemente Almendros, José Antonio
dc.contributor.author	Camisón Haba, Sergio
dc.date.accessioned	2023-01-19T15:11:02Z
dc.date.available	2023-01-19T15:11:02Z
dc.date.issued	2022
dc.identifier.citation	Camisón Zornoza, César Clemente Almendros, José Antonio Camisón Haba, Sergio 2022 Asset Tangibility, information asymmetries and intangibles as determinants of family firms leverage Review of Managerial Science 16 7 2047 2082
dc.identifier.uri	https://hdl.handle.net/10550/85032
dc.description.abstract	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.
dc.language.iso	eng
dc.relation.ispartof	Review of Managerial Science, 2022, vol. 16, num. 7, p. 2047-2082
dc.subject	Turisme
dc.subject	Economia d'empresa
dc.subject	Empreses Finances
dc.title	Asset Tangibility, information asymmetries and intangibles as determinants of family firms leverage
dc.type	journal article	es_ES
dc.date.updated	2023-01-19T15:11:02Z
dc.identifier.doi	10.1007/s11846-022-00522-y
dc.identifier.idgrec	156401
dc.rights.accessRights	open access	es_ES