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Does Professional Management of a Family Business Affect Its Financing Channels? Evidence from China

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  • Lianjun Li
  • Tingting Ni
  • Jian Ma
  • Mengheng Li

Abstract

Despite developing rapidly in the Chinese market, family firms still face financing issues. This article uses Chinese family firms that went public from 2007 to 2019 as a sample and empirically examines whether professional management of a family business affects its financing channels. Our results indicate that the degree of professional management has a significantly negative impact on the internal financing rate and a significantly positive effect on increasing the external financing rate. In addition, industry competition intensifies the positive correlation between the degree of professional management and external financing.

Suggested Citation

  • Lianjun Li & Tingting Ni & Jian Ma & Mengheng Li, 2022. "Does Professional Management of a Family Business Affect Its Financing Channels? Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(13), pages 3770-3780, October.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:13:p:3770-3780
    DOI: 10.1080/1540496X.2022.2068411
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