This study seeks to analyze the effects of gender and succession on the financing behavior of unlisted small and medium-sized family firms (FFs). Deploying the GMM estimator system to analyze for eventual differences in firm financing behavior by gender in a panel of Portuguese FFs over a period from 2010 to 2017, the results convey how the speed of adjustment towards the target debt ratio is lower in FFs under female ownership than in FFs under male ownership. The findings reveal that second and further generations positively influence the speed of adjustment towards the FF target debt level. Moreover, the generational effect on the speed of adjustment towards the target debt ratio is higher in FFs with female ownership than in family firms with male ownership. This study thus sheds light on the role of gender and succession on FF financing behavior.

本研究旨在分析性别和继任对未上市中小型家族企业（FF）融资行为的影响。部署 GMM 估计器系统以分析 2010 年至 2017 年期间葡萄牙 FF 小组中按性别划分的公司融资行为的最终差异，结果表明女性所有权下的 FF 向目标债务比率调整的速度如何较低比男性所有的FF。研究结果表明，第二代和更多代对向 FF 目标债务水平的调整速度产生积极影响。此外，女性所有制的 FF 对目标负债率调整速度的代际效应高于男性所有制的家族企业。