Based on four samples of Portuguese family-owned firms—i) 185 young, low-sized family-
owned firms; ii) 167 young, high-sized family-owned firms; iii) 301 old, low-sized family-
owned firms; and iv) 353 old, high-sized family-owned firms—we show that age and size are
fundamental characteristics in family-owned firms' financing decisions. The multiple
empirical evidence obtained allows us to conclude that the financing decisions of young, low-
sized family-owned firms are quite close to the assumptions of Pecking Order Theory …