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Please use this identifier to cite or link to this item: http://hdl.handle.net/1942/9252

Title: The agency costs of debt in private family firms
Authors: STEIJVERS, Tensie
Issue Date: 2008
Abstract: This article presents empirical evidence on the existence of agency costs of debt in private family firms by considering the bank loan price as multidimensional. We estimate a simultaneous model consisting of an interest rate, business collateral and personal collateral equation. Using a cross sectional sample of lines of credit of the National Survey of Small Business Finance, results reveal that family firms are more likely to pledge personal collateral. No substitution with other debt terms seems to be possible. However, interest rate and business collateral can be considered as substitutes while family ownership does not affect these loan conditions.
URI: http://hdl.handle.net/1942/9252
Category: O
Type: Preprint
Appears in Collections: Research publications

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