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2019-06-17 - Colloque/Présentation - poster - Anglais - 20 page(s)

Fandja Yoyo , Croquet Mélanie , Colot Olivier , "Evolution of the Financial Structure of Private Family Firms in Crisis Period" in International Risk Management Conference, Milan, Italie, 2019

  • Codes CREF : Comptabilité et contrôle de gestion (DI4362), Gestion financière (DI4361), Management (DI4360)
  • Unités de recherche UMONS : Comptabilité et gestion (W711), Finance (W751)
  • Instituts UMONS : Institut de Recherche en Développement Humain et des Organisations (HumanOrg)
  • Centres UMONS : Comptabilité et gouvernance d’entreprises (CGE)

Abstract(s) :

(Anglais) The purpose of this study is to determine the effects of the financial crisis on the financing structure of Belgian family firms. Four theoretical fields are mobilized for this study: the pecking order theory (POT), agency theory, socio-emotional wealth and organizational resilience. These different theories allow according to the literature, to observe that family firm makes its funding choices by relying as much on the firm value maximization as on that of socio-emotional wealth. This peculiarity strengthens their capacity for resilience in times of crisis. We used the panel method to analyze a sample of 237 firms (108 family and 129 non-family) over the 2009-2017 period. The results obtained do not make it possible to define whether the involvement of the family influences the financing choices. These results also do not confirm or invalidate the resilience capacity induced by family involvement in the firm. The importance given to social and emotional wealth cannot be decided because the related variables are insignificant.