<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422016000100041</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.09.005</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Sucesión y su relación con endeudamiento y desempeño en empresas familiares]]></article-title>
<article-title xml:lang="en"><![CDATA[Succession and its relationship with debt and performance in family business]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[San Martín Reyna]]></surname>
<given-names><![CDATA[Juan Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Durán Encalada]]></surname>
<given-names><![CDATA[Jorge Alberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="A01">
<institution><![CDATA[,Universidad de las Américas Puebla Centro de Investigación de Empresas Familiares ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2016</year>
</pub-date>
<volume>61</volume>
<numero>1</numero>
<fpage>41</fpage>
<lpage>57</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422016000100041&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422016000100041&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422016000100041&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Las empresas familiares, además de tomar decisiones respecto a los problemas que les afectan, como todas las empresas, deben ser capaces de gestionar de forma adecuada la relación empresa-familia, evaluando las dinámicas que rigen la conducta de fundadores, próximas generaciones, familia, accionistas y empresa. Por tanto, es importante desarrollar habilidades que les permitan identificar y resolver las dificultades que planteen estas dinámicas y adoptar estrategias para fomentar su crecimiento, transferir el poder y el control, buscando generar valor para la compañía. Es por ello que este trabajo analiza el efecto de la sucesión en la estructura financiera y de capital de las empresas familiares. Basados en una muestra de empresas públicas mexicanas durante los periodos 2005-2011, encontramos que los efectos de la sucesión sobre el desempeño financiero de estas compañías es diferente al efecto que ejerce sobre ese desempeño una tercera generación al frente de la empresa, por lo que empresas familiares de segunda generación se caracterizan por mostrar una mayor aversión al riesgo en cuanto a endeudamiento, y una actitud más conservadora en comparación con empresas familiares de tercera generación, caracterizadas por una mayor preferencia por la financiación a través de la deuda, orientadas hacia una mayor creación de valor para la compañía.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[In addition to making decisions about issues that affect all companies, family business must be able to adequately manage the company-family relationship through an examination of the dynamics that involve founders, successive generations, shareholders and the firm. It is therefore important to develop skills to identify and resolve difficulties raised by these relationships, and adopt strategies to promote growth, share power and control, seeking to create value for the company. Thus why this paper analyzes the effect of succession on the financial and capital structure of family firms. Based on a sample of Mexican public companies during the 2005-2011 period, we find that the effects of succession on financial performance varies depending on the generation that leads the company. We find that second-generation family businesses are characterized by greater risk aversion to indebtness and are more conservative compared with third-generation family business, characterized by a greater preference for financing through debt.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Succession]]></kwd>
<kwd lng="en"><![CDATA[Debt]]></kwd>
<kwd lng="en"><![CDATA[Firm value]]></kwd>
<kwd lng="en"><![CDATA[Family business]]></kwd>
<kwd lng="es"><![CDATA[Sucesión]]></kwd>
<kwd lng="es"><![CDATA[Endeudamiento]]></kwd>
<kwd lng="es"><![CDATA[Creación de valor]]></kwd>
<kwd lng="es"><![CDATA[Empresa familiar]]></kwd>
</kwd-group>
</article-meta>
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<surname><![CDATA[Sacristán]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Universia Business Review]]></source>
<year>2009</year>
<volume>22</volume>
<page-range>74-87</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
