Tourism Family Firm and Generation: Are First-Generation Firms More Conservative?

José Antonio Clemente-Almendros; Beatriz Forés; Sergio Camisón-Haba

doi:10.24310/ejfb.14.2.2024.18217

Authors

José Antonio Clemente-Almendros Faculty of Business and Communication, Universidad Internacional de La Rioja, Spain https://orcid.org/0000-0002-8934-471X
Beatriz Forés Faculty of Law and Economics, Universitat Jaume I, Spain https://orcid.org/0000-0002-5699-8290
Sergio Camisón-Haba Faculty of Economics, Universitat de València, Spain https://orcid.org/0000-0002-8273-8548

DOI:

https://doi.org/10.24310/ejfb.14.2.2024.18217

Keywords:

Family business, Tourism, Generation, Leverage, Conservatism, Capital structure

Agencies: This paper is part of the R&D project PID2020-119642GB-I00 funded by MCIN/AEI/10.13039/501100011033 and the Program for the promotion of scientific research, technological development and innovation (R&D&I) in the Comunitat Valenciana (Subsidies to emerging research groups of the Generalitat Valenciana) of the Consellería de Innovación, Universidades, Ciencia y Sociedad Digital, under grant GV/2021/155.

Abstract

By applying the matching technique to a sample of Spanish tourism family firms, we analyze the factors that describe the competitive strategy, asset and ownership structure, and managerial practices of first-generation family firms compared to subsequent generations. Moreover, we employ panel data methodology with the matching procedures to control the individual heterogeneity of family firms, in order to explore debt financing decisions and the particular effect of the controlling generation. The results of the study provide evidence that first-generation firms adopt more defensive strategic positioning based on efficiency and cost control, a smaller endowment of intangible assets, and less of an emphasis on professionalization and human resource management practices. The results also confirm that first-generation firms rely less on debt and adopt a more conservative capital structure.

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