Family firms, debtholder–shareholder agency costs and the use of covenants in private debt

We ask whether the private debt contracts of family firms contain more restrictive covenants tied to accounting numbers than those of non-family firms. Our examination of Dealscan data indicates that credit agreements of Standard and Poor (S&P) 500 family firms are more likely to include account...

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Bibliographic Details
Published in:Annals of finance Vol. 7; no. 4; pp. 477 - 509
Main Authors: Bagnoli, Mark, Liu, Hsin-Tsai, Watts, Susan G.
Format: Journal Article
Language:English
Published: Berlin/Heidelberg Springer-Verlag 01-11-2011
Springer Nature B.V
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