The imprint effect of initial institutional environments and bank financing in family businesses

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE Emerging Markets Review Pub Date : 2024-10-03 DOI:10.1016/j.ememar.2024.101213

Chen Cheng, Ke Qiu, Yufan Yang

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Abstract

The initial imprint embedded in family business origin provides us with favorable support for identifying how past institutional environments and then current governance characteristics influence financing. This study investigates the influence of family business origin on loan borrowing, and finds that restructured family firms (RFFs), which are formed through the restructuring of collective-ownership enterprises, are likely to obtain more loans compared to entrepreneurial counterparts (EFFs). The effect varies with local marketization, family control rights, and intergenerational succession. Our findings suggest that restructured family firms have a sounder modern enterprise system, less information asymmetry, and consequently pose less credit risk, which allows them to access loans more easily. In addition, institutional differences stemming from the origin of the firms affect the composition and cost of bank financing. RFFs outperform EFFs in terms of the size of non-local bank loans and the cost of loans. Overall, this study shows that the institutional environment of family firms at the founding stage has a long-term impact on future financing.

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家族企业初始制度环境和银行融资的印记效应

家族企业起源所蕴含的初始印记为我们识别过去的制度环境以及当前的治理特征如何影响融资提供了有利支持。本研究调查了家族企业起源对贷款借贷的影响，发现通过重组集体所有制企业而形成的重组家族企业（RFFs）与创业型家族企业（EFFs）相比，有可能获得更多贷款。这种影响因当地市场化程度、家族控制权和代际继承而异。我们的研究结果表明，重组后的家族企业拥有更健全的现代企业制度，信息不对称程度更低，因此信贷风险更小，更容易获得贷款。此外，源于企业起源的制度差异也会影响银行融资的构成和成本。就非本地银行贷款规模和贷款成本而言，农村家庭企业优于外来家庭企业。总之，本研究表明，家族企业在创立阶段的制度环境对未来融资具有长期影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.