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...

Using a sample of 595 firms listed in the capital markets of Argentina, Brazil, Chile, Colombia, Mexico, and Peru for the period of 2000–2015, we confirm prior literature by showing that when power distribution among several large shareholders (contestability) increases, firms’ financial...

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...