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Excess control of family board seats and corporate financing constraints

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  • Yuqi Yang
  • Tianle Meng

Abstract

We examine the relationship between excess control of family board seats (ECFBS) and financing constraints (FCs) using 2008–2021 data for listed family firms in China. We find that ECFBS intensifies Type II agency problems, thereby worsens corporate FCs. We also investigate the impact of family firm founder characteristics, family owner characteristics, and external shareholder equity structure on the ECFBS and FCs. Our findings provide evidence of the encroachment effect of family control.

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  • Yuqi Yang & Tianle Meng, 2025. "Excess control of family board seats and corporate financing constraints," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(1), pages 166-182, January.
    • Handle: RePEc:wly:mgtdec:v:46:y:2025:i:1:p:166-182
    DOI: 10.1002/mde.4367
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