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.

A spatial data warehouse to predict lithic sources of tombs from South of Portugal: mixing geochemistry, petrology, cartography and archaeology in spatial analysis

MEGAGEO - Moving megaliths in the Neolithic is a project that intends to find the provenience of lithic materials in the construction of tombs. A multidisciplinary approach is carried out, with researchers from several of the knowledge fields involved. This work presents a spatial data warehouse specially developed for this project that comprises information from national archaeological databases, geographic and geological information and new geochemical and petrographic data obtained during the project. The use of the spatial data warehouse proved to be essential in the data analysis phase of the project. The Redondo Area is presented as a case study for the application of the spatial data warehouse to analyze the relations between geochemistry, geology and the tombs in this area.