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<p>We examine whether distinct dimensions of socioemotional wealth, SEW, in family firms map onto two debt contract margins, leverage and maturity, and whether maturity choices reduce rollover risk. We assemble a panel of French non-financial firms from 2010 to 2024 linking financial statements, ownership and governance events, and leadership narratives with consistent narrative disclosure. We measure family control, family identity, and emotional attachment from these sources. We estimate firm fixed effects models with industry by year effects for maturity, dynamic System GMM for leverage, and succession based difference in differences and event studies. Family control is positively associated with leverage. Identity and lagged attachment are associated with a higher long term debt share and lower short term debt exposure, including short term bank debt scaled by assets. These maturity associations are stronger for innovative firms and during refinancing stress, notably COVID-19 and the 2022–2023 tightening cycle. Complementary evidence on lender concentration and borrowing cost proxies is consistent with relationship based contracting. By jointly decomposing capital structure into leverage and maturity, the study extends prior family-firm finance research by showing that different SEW dimensions translate into distinct contracting choices in a bank-oriented setting and by interpreting maturity primarily as rollover-risk management rather than as a generic long-term-orientation proxy.</p>

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Socioemotional wealth and debt contract design in family firms: leverage, maturity, and rollover risk in France

  • 期刊论文

  • 发表日期：

    2026年5月28日

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  • Faten CHIBANI LTAIEF

摘要

We examine whether distinct dimensions of socioemotional wealth, SEW, in family firms map onto two debt contract margins, leverage and maturity, and whether maturity choices reduce rollover risk. We assemble a panel of French non-financial firms from 2010 to 2024 linking financial statements, ownership and governance events, and leadership narratives with consistent narrative disclosure. We measure family control, family identity, and emotional attachment from these sources. We estimate firm fixed effects models with industry by year effects for maturity, dynamic System GMM for leverage, and succession based difference in differences and event studies. Family control is positively associated with leverage. Identity and lagged attachment are associated with a higher long term debt share and lower short term debt exposure, including short term bank debt scaled by assets. These maturity associations are stronger for innovative firms and during refinancing stress, notably COVID-19 and the 2022–2023 tightening cycle. Complementary evidence on lender concentration and borrowing cost proxies is consistent with relationship based contracting. By jointly decomposing capital structure into leverage and maturity, the study extends prior family-firm finance research by showing that different SEW dimensions translate into distinct contracting choices in a bank-oriented setting and by interpreting maturity primarily as rollover-risk management rather than as a generic long-term-orientation proxy.