Family involvement, auditing and small business debt financing: evidence from the U.S.

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dc.contributor.authorZhang, Lei
dc.contributor.examiningcommitteeGao, Jijun (Business Administration) Huang, Ying (Accounting and Finance) Jiang, Depeng (Community Health Sciences)en_US
dc.contributor.supervisorWu, Zhenyu (Business Administration)en_US
dc.date.accessioned2015-01-16T18:42:28Z
dc.date.available2015-01-16T18:42:28Z
dc.date.issued2015-01-16
dc.degree.disciplineManagementen_US
dc.degree.levelMaster of Science (M.Sc.)en_US
dc.description.abstractSmall- and medium-sized enterprises (SMEs) play an important role in modern business society but still face difficulties in debt financing. Literatures suggest that family involvement and external auditing can assist small firms to mitigate agency problems that impede the access to loans, and the liability of newness could be a factor in small business debt financing. Our research examines how family involvement affects cost of debt upon the different choices on external auditing, and how the liability of newness works. We find when engaging external auditing, family involvement is not a significant influencer in reducing the cost of debt for small businesses. Besides, when the external auditing is not engaged, family involvement becomes a significant influencer. We also find that when external auditing is not engaged, family involvement works in reducing the cost of debt only when the liability of newness is a factor.en_US
dc.description.noteFebruary 2015en_US
dc.identifier.urihttp://hdl.handle.net/1993/30230
dc.language.isoengen_US
dc.rightsopen accessen_US
dc.subjectfamily involvementen_US
dc.subjectexternal auditingen_US
dc.subjectsmall businessen_US
dc.subjectdebt financingen_US
dc.titleFamily involvement, auditing and small business debt financing: evidence from the U.S.en_US
dc.typemaster thesisen_US
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