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Financial Attitudes in Family Firms: The Moderating Role of Family Commitment

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  • Christian Koropp
  • Dietmar Grichnik
  • Franz Kellermanns

Abstract

This study investigates how family commitment moderates whether and how financial knowledge, positive experience with debt suppliers, and economic goal orientation affect owner–managers' attitudes toward debt financing in family firms. Using a sample of 280 erman family firms, we find significant relationships between both financial knowledge and positive experience with debt suppliers and owner–managers' financial attitudes toward debt. Our findings show that family commitment moderates these relationships such that high family commitment increases the impact of prior experience with debt suppliers, though the effect of economic goal orientation is lowered and reversed. Overall, we contribute to research on financial decision making, capital structure, and social capital in family firms.

Suggested Citation

  • Christian Koropp & Dietmar Grichnik & Franz Kellermanns, 2013. "Financial Attitudes in Family Firms: The Moderating Role of Family Commitment," Journal of Small Business Management, Taylor & Francis Journals, vol. 51(1), pages 114-137, January.
    • Handle: RePEc:taf:ujbmxx:v:51:y:2013:i:1:p:114-137
    DOI: 10.1111/j.1540-627X.2012.00380.x
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    Cited by:

    1. De Massis, Alfredo & Muñoz-Bullón, Fernando & Sanchez-Bueno, Maria J. & Velasco, Pilar & Vismara, Silvio, 2024. "Executive gender and firm leverage decisions: The role of firm ownership and governance," Journal of Business Research, Elsevier, vol. 179(C).
    2. Antonio Molina-García & Julio Diéguez-Soto & M. Teresa Galache-Laza & Marta Campos-Valenzuela, 2023. "Financial literacy in SMEs: a bibliometric analysis and a systematic literature review of an emerging research field," Review of Managerial Science, Springer, vol. 17(3), pages 787-826, April.
    3. Long She & Ratneswary Rasiah & Marc Arul Weissmann & Harpaljit Kaur, 2024. "Using the Theory of Planned Behaviour to Explore Predictors of Financial Behaviour Among Working Adults in Malaysia," FIIB Business Review, , vol. 13(1), pages 118-135, January.
    4. Evelyn Stommel & Nicole Gottschalck & Andreas Hack & Kimberly A. Eddleston & Franz Kellermanns & Nils Kraiczy, 2024. "What is Your Reference Point? How Price Volatility and Organizational Context Affect the Reference Points of Family and Nonfamily Managers," Small Business Economics, Springer, vol. 63(2), pages 805-829, August.
    5. Antonio Duréndez & Julio Dieguez-Soto & Antonia Madrid-Guijarro, 2023. "The influence of CEO’s financial literacy on SMEs technological innovation: the mediating effects of MCS and risk-taking," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-26, December.
    6. Antonia Mercedes García-Cabrera & María Gracia García-Soto, 2023. "Subnational institutional configurations and international expansion of SMEs in emerging economies," Journal of International Entrepreneurship, Springer, vol. 21(1), pages 31-59, March.
    7. Katrien Jansen & Anneleen Michiels & Wim Voordeckers & Tensie Steijvers, 2023. "Financing decisions in private family firms: a family firm pecking order," Small Business Economics, Springer, vol. 61(2), pages 495-515, August.
    8. Gjergji, Rafaela & Vena, Luigi & Campopiano, Giovanna & Sciascia, Salvatore & Cortesi, Alessandro, 2024. "Strategy disclosure and cost of capital: The key role of women directors for family firms," Journal of Family Business Strategy, Elsevier, vol. 15(2).

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