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Relational capital in lending relationships: evidence from European family firms

Author

Listed:
  • Marco Cucculelli

    (Università Politecnica delle Marche and MoFiR)

  • Valentina Peruzzi

    (Università Politecnica delle Marche)

  • Alberto Zazzaro

    (Università di Napoli Federico II, CSEF and MoFiR)

Abstract

The aim of this paper is to investigate the role of family CEOs’ relational capital and non-family CEOs’ managerial skills in the context of bank relationships for a large sample of small- and medium-sized European firms. The results indicate that family firms appointing family managers are significantly more likely to maintain soft-information-based and longer-lasting lending relationships than family firms managed by professionals, and that these closer bank-firm ties reduce the likelihood of experiencing credit restrictions. Moreover, we find that having professional CEOs does not directly affect the probability of being credit rationed. Hence, family relational capital appears to have a univocal beneficial impact on bank-firm relationships.

Suggested Citation

  • Marco Cucculelli & Valentina Peruzzi & Alberto Zazzaro, 2019. "Relational capital in lending relationships: evidence from European family firms," Small Business Economics, Springer, vol. 52(1), pages 277-301, January.
    • Handle: RePEc:kap:sbusec:v:52:y:2019:i:1:d:10.1007_s11187-018-0019-3
    DOI: 10.1007/s11187-018-0019-3
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    More about this item

    Keywords

    Family firm; Family CEO; Soft information; Relational capital; Relationship lending; Credit rationing;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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