This study examines the effect of family management, ownership, and control on capital structure for 523 listed and unlisted Colombian firms between 1996 and 2006 (5,094 firm-year observations). The study finds that when families are involved in management, debt levels tend to be lower for...

This article represents a comprehensive review of the main financial literature consisting of the main studies in family businesses. Focusing on the agency theory, the review describes the main agency problems that arise between managers and owners, between managers and debt holders, and between...

This article examines the effects of family involvement on dividend policy in closely held firms that face agency problems involving majority-minority shareholders. We argue that minority shareholders press for dividends when they perceive situations fostering wealth expropriation. Looking at...