The impact of family ownership on financial distress
: a study on the effects of 2007-2009 financial crisis

  • Nuno Ricardo Queirós da Cruz (Student)

Student thesis: Master's Thesis

Abstract

The purpose of this study is to establish a relationship between family ownership and corporate financial distress. This dissertation consists of an analysis of a sample of 1779 family and nonfamily firms from 58 countries. The period chosen encompasses the 2007-2009 financial crisis enabling the analysis of its impact on family firms and corporate financial distress. The study was conducted using different firm characteristics, including family ownership, in order to understand their impact on financial distress. This analysis enabled the conclusion that family ownership increases the probability of financial distress. Moreover, our analysis provides evidence that during a period of financial crisis, the impact of family ownership on the probability of financial distress decreases.
Date of Award19 Oct 2016
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPramuan Bunkanwanicha (Supervisor)

Keywords

  • Family firms
  • Ownership structure
  • Financial distress
  • Financial crisis

Designation

  • Mestrado em Gestão: Programa Internacional

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