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| Family Firms Intergeneration Succession and Debt Characteristics |
| XU Yongbin1,HUI Nannan2,ZHENG Xiutian2 |
1. ZHEJIANG GONGSHANG UNIVERSITY
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Abstract The fully institutional arrangement before intergenerational succession is helpful to decrease the Ex post costs, and how the debts policies support intergenerational succession is the key part. The thesis uses ten years panel data of listed family firms which just in the practice of succession, analysis the changes of debt characteristics. We find that family firms have much lower debt scale, longer debt maturity and higher capacity to payoff, The research also concludes that the separation of control rights and cash rights has negative moderating effect on the relationships above. Family firms are tend to choose lower risk level debt policies in their succession practice period.
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Received: 01 July 2014
Published: 15 December 2014
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Corresponding Authors:
XU Yongbin
E-mail: xyb0571@163.com
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2014, Vol. 
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