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Title: Debt maturity structure in private firms: does the family control matter?
Authors: Díaz-Díaz, Nieves Lidia 
García-Teruel, Pedro J.
Martínez-Solano, Pedro
UNESCO Clasification: 5311 Organización y dirección de empresas
Keywords: Empresas familiares
Issue Date: 2016
Publisher: 0929-1199
Journal: Journal of Corporate Finance 
Abstract: This research studies the effect of family control on the debt maturity structure of private firms. It uses a sample of unlisted Spanish firms for the period 2004-2013. Our results indicate that family firms get better access to long-term debt, even when exercising control by pyramid structures. However, the presence of a second largest family shareholder has a negative effect on debt maturity. Moreover, in line with previous studies, we find that firms use more long-term debt when they have fewer growth opportunities, higher asset maturity and are more leveraged.
ISSN: 0929-1199
DOI: 10.1016/j.jcorpfin.2016.01.016
Source: Journal of Corporate Finance[ISSN 0929-1199],v. 37, p. 393-411
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