The Influence of Age and Size on Family-Owned Firms’ Financing Decisions: Empirical Evidence Using Panel Data

Based on four samples of Portuguese family-owned firmsdi) 185 young, low-sized family-owned firms; ii) 167 young, high-sized familyowned firms; iii) 301 old, low-sized family-owned firms; and iv) 353 old, high-sized family-owned firms d we show that age and size are fundamental characteristics in family-owned firms’ financing decisions. The multiple empirical evidence obtained allows us to conclude that the financing decisions of young, low-sized family-owned firms are quite close to the assumptions of Pecking Order Theory, whereas those of old, high-sized family-owned firms are quite close to what is forecast by Trade-Off Theory. The lesser information asymmetry associated with greater age, the lesser likelihood of bankruptcy associated with greater size, as well as the lesser concentration of ownership and management consequence of greater age and size, may be especially important in the financing decisions of family-owned firms. In addition, we find that GDP, interest rate and periods of crisis have a greater effect on the debt of young, low-sized family-owned firms than on that of family-owned firms of the remainder research samples.

Calcium sulfate fillers and binders in Portuguese 15th and 16th centuries: Ground layers from a family painting workshop — Study by multianalytical spectroscopic techniques

This study presents results on a developed methodology to characterize ground layers in Portuguese workshops. In this work a set of altarpieces of the 15th and 16th centuries, assigned to Coimbra painting workshop was studied, overall the masters Vicente Gil (doc. Coimbra 1498–1525), Manuel Vicente (doc. Coimbra 1521–1530) and Bernardo Manuel (act. c. 1559–94), father, son and grandson, encompassing from late gothic to mannerist periods. The aim of the study is to compare ground layers, fillers and binders of Coimbra workshop, and to correlate their characteristics to understand the technical evolution of this family of painters, using complementary microscopic techniques. The cross-sections from the groups of paintings were examined by optical microscopy and the results were integrated through the analysis obtained by μ-X–ray diffraction, scanning electron microscopy with energy dispersive X–ray Spectrometry, μ-confocal Raman and occasionally with μ-Fourier transform infrared spectroscopy imaging. Ground layers are of calcium sulfate, present as gesso grosso (mainly anhydrite with small amounts of gypsum) in the first and last phases of the workshop and gesso mate (mainly gypsum with small amounts of anhydrite) in an intermediate period. Binders have protein and oleic characteristics.