Uztaro

Familia-enpresek berebiziko garrantzia dute bai estatu-mailan bai eta nazioarte-mailan ere. Dauzkaten izaera eta ezaugarri bereizgarriek enpresa horien hainbat esparrutan eragiten dute. Esparru horietako bat finantzaketa da, zeina enpresaren beraren biziraupen zein arrakastaren gakoetako bat den. Finantzaketaren gaineko erabakiak hiru erabakitze-organotan hartu ohi dira: Administrazio Kontseiluan, Goi Zuzendaritza Taldean eta Zuzendaritza Orokorrean. Erabaki horien nondik norakoek familiaren beraren eragina izango dute, organo bakoitzean era ezberdin batean, finantzaketarako erabakiak baldintzatuz. Artikulu honetan aztergai dago zer eragin duen familiak finantzaketa-erabakietan, erabakitze-organoen kasuak aztertuz.

GAKO-HITZAK: Familia-enpresa · Finantzaketa-erabakiak · Administrazio Kontseilua · Goi Zuzendaritza Taldea.

Family firms and financing decisions: characteristics and decisions of management bodies

Family firms play a crucial role in both national and international level. Their nature and distinguishing features influence the different areas of the company. Financing is one of these areas, which is one of the keys for firm survival and success. Financing decisions are usually taken in three decision-making bodies: the Board of Directors, the Senior Management Group and the Chief Executive Office. These decisions will be impacted by the family, in a different way in each body, which will condition that funding decisions. This article examines the influence of the family in financial decision-making, examining its impact in the different decision-making bodies and comparing with the case of non-family firms.

KEY WORDS: Family firm · Financing decisions · Board of directors · Top management team