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.

Estudo dos determinantes do crescimento das empresas familiares portuguesas

No presente estudo procuramos analisar os determinantes do crescimento das empresas familiares portuguesas, através de uma amostra de empresas familiares membros da Associação de Empresas Familiares, durante o período de 2006 a 2014. Com vista ao teste das hipóteses em estudo foram utilizados dados em painel, com modelos de efeitos fixo e aleatório. A variável dependente definida foi o crescimento das vendas. As variáveis independentes definidas foram: dimensão; idade; endividamento; endividamento de curto prazo; endividamento de médio longo prazo; produtividade da mão-de-obra; estrutura do ativo; variável dummy da crise financeira; variável dummy da administração pertencer à família; e variável dummy do género do administrador. Os resultados obtidos confirmam a dimensão, a idade e o endividamento como determinantes do crescimento; ABSTRACT: In the present study we analyzed the determinants of growth of family businesses through a sample of family businesses members of the Family Business Association, during the period between 2006 and 2014. In order to test the hypotheses under study were used panel data, with models of fixed and random effects. The Sales growth was defined as the dependent variable. The independent variables were defined: size; age; debt; short-term debt; medium and long term debt; labor productivity; asset structure; dummy variable of the financial crisis; dummy administration belong to the family; and dummy administrator gender variable. The results confirm the size, age, and debt as determinants of growth.

On the Social Aspects of Unemployment: The Case of Life Satisfaction

Unemployment is related to economic, political and social aspects. One of the least analysed social aspects is the relationship between unemployment and the (individual) perceived levels of well-being, such as life satisfaction or happiness. This chapter complements previous work on the subject, using a panel-data econometrics methodology to analyze the relationship between unemployment and life satisfaction in a wide range of countries worldwide. The results confirm that unemployment has a negative effect, statistically significant, on life satisfaction, either for men or for women.

Distinguishing the distributions of two cryptic frogs (Anura: Discoglossidae) using molecular data and environmental modeling

Currently, the identification of two cryptic Iberian amphibians, Discoglossus galganoi Capula, Nascetti, Lanza, Bullini and Crespo, 1985 and Discoglossus jeanneae Busack, 1986, relies on molecular characterization. To provide a means to discern the distributions of these species, we used 385-base-pair sequences of the cytochrome b gene to identify 54 Spanish populations of Discoglossus. These data and a series of environmental variables were used to build up a logistic regression model capable of probabilistically designating a specimen of Discoglossus found in any Universal Transverse Mercator (UTM) grid cell of 10 km × 10 km to one of the two species. Western longitudes, wide river basins, and semipermeable (mainly siliceous) and sandstone substrates favored the presence of D. galganoi, while eastern longitudes, mountainous areas, severe floodings, and impermeable (mainly clay) or basic (limestone and gypsum) substrates favored D. jeanneae. Fifteen percent of the UTM cells were predicted to be shared by both species, whereas 51% were clearly in favor of D. galganoi and 34% were in favor of D. jeanneae, considering odds of 4:1. These results suggest that these two species have parapatric distributions and allow for preliminary identification of potential secondary contact areas. The method applied here can be generalized and used for other geographic problems posed by cryptic species.