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An Empirical Study of Norwegian Family Firms: Leverage and Survivability

Musavi, Sayed Ahmad; Solvei, Håkon Bekkevold
Master thesis
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1895708.pdf (1.456Mb)
Preliminary 1.0.pdf (599.8Kb)
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http://hdl.handle.net/11250/2580149
Utgivelsesdato
2018
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Samlinger
  • Master of Science [1116]
Sammendrag
This master thesis is structured as an empirical research paper on traditional Nor-

wegian family rms, which we de ne as a rm where the controlling family owns at

least 2

3 of the shares. This paper is concerned with the capital structure and surviv-

ability of start-up family rms. We investigated whether family rms prefer a more

conservative capital structure than non-family rms and whether family ownership is

associated with higher probability of survival. We found evidence that family rms

have less debt- nancing and higher probability of survival after controlling for rele-

vant factors. We show that our results are robust across de nitions and time, and

are not a ected by endogeneity issues caused by self-selection bias. We conclude that

the owners of family rms are more conservative in their decision making and that

these characteristics can reduce agency con

icts between shareholders and creditors.

Ownership structure can be an important input in credit evaluation and debt valuation

models of start-up rms' nancing. Hence, this has interesting practical implications

for investors in times where peer-to-peer lending is a growing industry and the rst

lending platforms are launching in Norway.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018
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