Founding Family, Pyramid Structure and Debt Cost

摘要：

　　With undeveloped financial market, private firms are facing severe financing constraints.Debt financing from banks is main financing channel for most private firms.Based on the three characteristics of the founding family firms: undiversified investments, long-term investment horizon, and reputation concerns, this paper investigates the impact of founding family on debt cost.We find that, compared to nonfamily firms, founding family firms enjoy lower debt cost and their debt cost shows lower sensitivity to the pyramid structures.Our results show that founding family is an important variable that affects the firms debt cost significantly.

关键词： Founding family control Pyramid structure Debt cost

作者: Qiu Yizheng Pan Yueping

作者单位: School of accounting Zhejiang Gongshang University Hangzhou,China

会议类型: 国际会议

会议名称: 2013 International Conference on Education Technology and Management Science(ICETMS2013)2013年教育技术与管理科学国际会议

会议地点: 南京

会议语种:英文

页码: 340-343

在线出版日期: 2013-06-08（万方平台首次上网日期，不代表论文的发表时间）