Lending Behavior toward Family Firms (eBook)

Dr. Thomas Pijanowski wrote his dissertation under the supervision of Prof. Dr. Andreas Hack and Prof. Dr. Arist von Schlippe at the Witten Institute for Family Business (WIFU) at Witten/Herdecke University.

Dedication 6
Foreword 7
Acknowledgements 9
Table of Contents 11
List of Figures 14
List of Tables 15
List of Abbreviations 16
1 Introduction 17
1.1 Problem Outline and Research Question 17
1.2 Status Quo of Related Research 18
1.3 Purpose and Scope of the Research Project 20
1.4 Research Approach 23
1.5 Structure 24
2 Literature Review 27
2.1 Research Regarding Lending Behavior in General 28
2.1.1 Neoclassical Approach 28
2.1.2 Agency Theory 29
2.1.3 Behavioral Economics 32
2.2 Research Regarding Lending Behavior toward Family Firms 36
2.2.1 Method 36
2.2.2 Theoretical Arguments 38
2.2.3 Empirical Approaches and Results 40
2.2.4 Critique 43
2.2.5 Recommendation for Future Research 45
2.2.6 Limitations of the Literature Review 49
2.3 Other Important Theories within Family Business Research with Relevance to Lending Behavior 50
2.3.1 Socioemotional Wealth 51
2.3.2 Resource-Based View 57
2.4 Interim Conclusion 61
3 Theoretical Model and Hypotheses Development 63
3.1 Theoretical Model 63
3.2 Main Effects 64
3.2.1 Family-Related Decision Attributes 64
3.2.2 Board Function 70
3.2.3 Experience of the CEO 71
3.2.4 Transparency 72
3.2.5 Level of Attestation 73
3.2.6 Independence of Collateral 74
3.3 Moderating Effects 74
3.3.1 Similarity Bias 74
3.3.2 Framing Effect 79
3.3.3 Environmental Context Effect 85
3.4 Interaction Effects 87
3.4.1 Family Influence and the Board Function 87
3.4.2 Family Influence and the CEO’s Experience 89
3.4.3 Family Influence and the Level of Transparency 91
3.4.4 Family Influence and the Level of Attestation 93
3.4.5 Family Influence and the Independence of Collateral 95
3.5 Synopsis of the Hypotheses 98
4 Research Methodology 101
4.1 Experimental research in general 101
4.2 Conjoint Analysis as a Research Method 103
4.3 Conjoint Specifications of the Current Study 107
4.3.1 Participants 108
4.3.2 Data Collection Procedure 109
4.3.3 Measurement of Loan Officers' Decision Making 110
4.3.4 Decision Attributes 110
4.3.5 Operationalization of the Similarity Effect 112
4.3.6 Operationalization of the Framing and Environmental Context Effect 116
4.3.7 Control Variables 117
4.3.8 Experimental Design 119
4.4 Data Analysis 120
5 Results 123
5.1 Main Effects 123
5.2 Moderating Effects 124
5.3 Interaction Effects 127
5.4 Controls 129
6 Discussion and Conclusion 132
6.1 Discussion and Interpretation of the Main Findings 132
6.2 Contributions to Research 138
6.3 Implications for Family Firms 141
6.4 Implications for Lenders 143
6.5 Limitations of Findings 145
6.6 Recommendations for Future Research 146
6.7 Conclusion 148
Appendix 150
References 167