Financial culture in family firms

Antonio Duréndez Gómez-Guillamón, Teresa Mariño Garrido


Previous studies have shown that family businesses are different from non-family firms, since family firms have particular characteristics due to the relationship between the family and the business, that give place to a unique culture. In that sense, the identification of a peculiar financial structure and financial preferences in the case of family businesses leads us to research on the existence of a different financial culture. With this aim, we have conducted a cross-sectional analysis using a survey with a representative sample of 837 companies. The results confirm that the character of the company is a distinguishing factor of financial culture. We have found that family firms present a lesser degree of financial culture than non-family firms. Furthermore, family firms rely to a lesser extent than non-family firms in the decisions of their financial managers, personnel is less skilled regarding alternative financial sources and the importance they concede to financial management training is also lower.


family firms; financial culture; financial skills; financing


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