Financial Behaviours of Family and non-Family Firms in Belgium

摘要

The aim of this paper is to distinguish the financial behaviour adopted by family firms in comparison with non-family firms in an environment where tax regulation can influence the financing costs of equity capital. Indeed, the coming into force of an allowance for corporate equity on the Belgian market creates a field where relevant investigations on capital structure can be carried out. Moreover, the literature review shows how little attention has been paid to family firms in terms of financial behaviour, the main research focusing on family SMEs (Colot & Croquet, Management et Avenir, 2007; Lopez-Gracia & Sanchez-Andujar, Family Business Review, 2007).