We investigate whether family control informs the extent to which business growth depends on internal finance. Our results are based on a sample of private firms from two regions in which family ownership prevails: Western Europe and East Asia. The countries covered nonetheless differ from each other in their legal origin. We find that the growth of private family firms is less reliant on internal finance. The beneficial effect of family control is especially pronounced in countries where external lenders are more protected. Family control and a protective institutional environment therefore complement each other to facilitate business growth.

中文翻译：

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私人家族企业的融资约束与成长：来自不同法律渊源的证据

我们调查家族控制是否反映了业务增长依赖内部财务的程度。我们的结果基于来自两个家族所有制盛行的地区的私营公司样本：西欧和东亚。尽管如此，所涵盖的国家/地区的法律渊源却各不相同。我们发现私人家族企业的增长对内部融资的依赖程度较低。在外部贷方受到更多保护的国家，家庭控制的有益效果尤为明显。因此，家族控制和保护性制度环境相辅相成，促进业务增长。