Finansowanie wzrostu firmy rodzinnej
Journal Title: Studia Prawno-Ekonomiczne - Year 2016, Vol 0, Issue
Abstract
The article refers to the subject of funding of family business. The number of those firms is significant in every economy. They are present in every industry and are run as small, medium and big companies. They show specific features in relation to non-family companies. They execute specific general strategies as well as financial strategies. They have lower debt-to-equity ratio and lower credit-to-debt ratio. The growth of the family company (becoming bigger) seems to be accompanied with “maturing” and “professionalization”. It means that there are more people that own, control and manage the company that do not belong to the family. The aim of the paper is to identify the way the family business is funding with the respect to the level of their growth. The research hypothesis to be verified was formulated as following: the family business execute lower debt ratio and more conservative financing strategies at every level of growth. The sample consists of 8 family companies at every level of growth. The research method applied is to compare the debt ratio and golden balance sheet rule of the sample companies with the same ratios for a given class size and for the whole economy (basis for comparison). The results of this analysis allow to state that 7 family companies out of 8 perform safer or as safe as the companies from the basis for comparison. Only 1 family company from the sample performs more risky financing strategy and uses higher debt ratio than companies from the basis for comparison.
Authors and Affiliations
Agnieszka Wajda, Elżbieta Wrońska-Bukalska
Keywords
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