The Role of Debt in the Family Business Succession Problem

This paper studies the typical succession problem in family businesses with respect to the hiring or not a professional manager once the founder decides to retire. Burkart et al. (2003) show how a legal framework is an important determinant in solving this problem. We extend their model in order to...

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Autores:
González Ferrero, Maximiliano
Misle, Bernardo
Prado, Jorge
Tipo de recurso:
Work document
Fecha de publicación:
2008
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
spa
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/46376
Acceso en línea:
http://hdl.handle.net/1992/46376
Palabra clave:
Family Businesses
Succession
Capital Structure
Emerging Markets
Empresas familiares
Deuda empresarial
Sucesiones
Mercados emergentes
Administración
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2González Ferrero, Maximiliano8532600Misle, Bernardo5b286411-e1c2-4b86-a634-fb94df34cec9600Prado, Jorge55eb5654-0795-457c-abbb-2c025ce1f52b6002020-09-21T15:19:00Z2020-09-21T15:19:00Z20081900-1606http://hdl.handle.net/1992/46376instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This paper studies the typical succession problem in family businesses with respect to the hiring or not a professional manager once the founder decides to retire. Burkart et al. (2003) show how a legal framework is an important determinant in solving this problem. We extend their model in order to consider the possibility that the founder uses bank debt to alleviate monitoring cost. We find that bank debt plays also an important role in family businesses succession problem and gives an alternative explanation of why family firms in emerging market countries are mostly financed through the banking system and do not float their own shares in the capital markets.1. Introduction. 2. The model. 3. Results and analysis. 4. Conclusions. References.12 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 22instname:Universidad de los Andesreponame:Repositorio Institucional SénecaThe Role of Debt in the Family Business Succession ProblemEl rol de la deuda en el problema de sucesión en empresas familiaresDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPFamily BusinessesSuccessionCapital StructureEmerging MarketsEmpresas familiaresDeuda empresarialSucesionesMercados emergentesAdministraciónFacultad de AdministraciónPublicationTEXTGaleras-de-administración-22.pdf.txtGaleras-de-administración-22.pdf.txtExtracted texttext/plain26933https://repositorio.uniandes.edu.co/bitstreams/6685c39f-8109-49bd-a467-ed14ed5879e7/download72405d770621cdaa676972834ea1c32eMD54THUMBNAILGaleras-de-administración-22.pdf.jpgGaleras-de-administración-22.pdf.jpgIM Thumbnailimage/jpeg20090https://repositorio.uniandes.edu.co/bitstreams/843e1af0-033e-45de-9f7b-6507c1440b7e/downloadbbe0c448007b33156f87d12bce11f200MD55ORIGINALGaleras-de-administración-22.pdfGaleras-de-administración-22.pdfapplication/pdf2917561https://repositorio.uniandes.edu.co/bitstreams/8e03bb8d-a978-4cf1-8887-865d66c0f556/download2b466e87ab3ae4f09cd37d5c375c9639MD511992/46376oai:repositorio.uniandes.edu.co:1992/463762023-10-10 16:17:13.795http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv The Role of Debt in the Family Business Succession Problem
dc.title.alternative.none.fl_str_mv El rol de la deuda en el problema de sucesión en empresas familiares
title The Role of Debt in the Family Business Succession Problem
spellingShingle The Role of Debt in the Family Business Succession Problem
Family Businesses
Succession
Capital Structure
Emerging Markets
Empresas familiares
Deuda empresarial
Sucesiones
Mercados emergentes
Administración
title_short The Role of Debt in the Family Business Succession Problem
title_full The Role of Debt in the Family Business Succession Problem
title_fullStr The Role of Debt in the Family Business Succession Problem
title_full_unstemmed The Role of Debt in the Family Business Succession Problem
title_sort The Role of Debt in the Family Business Succession Problem
dc.creator.fl_str_mv González Ferrero, Maximiliano
Misle, Bernardo
Prado, Jorge
dc.contributor.author.none.fl_str_mv González Ferrero, Maximiliano
Misle, Bernardo
Prado, Jorge
dc.subject.keyword.none.fl_str_mv Family Businesses
Succession
Capital Structure
Emerging Markets
topic Family Businesses
Succession
Capital Structure
Emerging Markets
Empresas familiares
Deuda empresarial
Sucesiones
Mercados emergentes
Administración
dc.subject.armarc.none.fl_str_mv Empresas familiares
Deuda empresarial
Sucesiones
Mercados emergentes
dc.subject.themes.none.fl_str_mv Administración
description This paper studies the typical succession problem in family businesses with respect to the hiring or not a professional manager once the founder decides to retire. Burkart et al. (2003) show how a legal framework is an important determinant in solving this problem. We extend their model in order to consider the possibility that the founder uses bank debt to alleviate monitoring cost. We find that bank debt plays also an important role in family businesses succession problem and gives an alternative explanation of why family firms in emerging market countries are mostly financed through the banking system and do not float their own shares in the capital markets.
publishDate 2008
dc.date.issued.none.fl_str_mv 2008
dc.date.accessioned.none.fl_str_mv 2020-09-21T15:19:00Z
dc.date.available.none.fl_str_mv 2020-09-21T15:19:00Z
dc.type.spa.fl_str_mv Documento de trabajo
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identifier_str_mv 1900-1606
instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
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url http://hdl.handle.net/1992/46376
dc.language.iso.es_CO.fl_str_mv spa
language spa
dc.relation.ispartofseries.none.fl_str_mv Galeras de Administración, No. 22
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eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 12 páginas
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de los Andes
dc.publisher.faculty.none.fl_str_mv Facultad de Administración
publisher.none.fl_str_mv Universidad de los Andes
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reponame:Repositorio Institucional Séneca
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