IDEAS home Printed from https://ideas.repec.org/a/taf/oaefxx/v8y2020i1p1838687.html
   My bibliography  Save this article

Ownership concentration, firm life cycle, and leverage: Evidence from Italian family firms

Author

Listed:
  • William Mbanyele
  • David McMillan

Abstract

We examine the impact of ownership concentration, firm life cycle, and family ownership on leverage using a sample of listed Italian firms. The study findings reveal that family businesses in Italy have high ownership concentration and use less debt than non-family firms. The study results show that there is a nonlinear relationship between ownership concentration and leverage, and between the firm life cycle and leverage. Furthermore, the study contributes to the literature by showing that firm age positively moderates ownership concentration and leverage linkage. Besides we provide evidence that debt and ownership alternate as disciplining devices at different ownership concentration levels and life cycle stages. Our policy contribution encourages regulators to enforce laws that protect minority shareholders in businesses with high ownership concentration.

Suggested Citation

  • William Mbanyele & David McMillan, 2020. "Ownership concentration, firm life cycle, and leverage: Evidence from Italian family firms," Cogent Economics & Finance, Taylor & Francis Journals, vol. 8(1), pages 1838687-183, January.
    • Handle: RePEc:taf:oaefxx:v:8:y:2020:i:1:p:1838687
    DOI: 10.1080/23322039.2020.1838687
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/23322039.2020.1838687
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/23322039.2020.1838687?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:oaefxx:v:8:y:2020:i:1:p:1838687. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/OAEF20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.