Founding family controlled firms (FFCFs) seem to eschew debt. The Arthur Anderson/MassMutual American Family Business Survey '97 notes that "Family Businesses tend to avoid debt." It notes that 34.3% report no debt other than trade payables and another 34.2% have debt to equity levels of 1% to 25%. McConaughy (1994) finds that large, public FFCFs use significantly less debt than do non-FFCFs. Agrawal and Nagarajan (1990) note that firms with no long-term debt are more likely to be family controlled. Two-thirds of the firms examined by De Angelo and De Angelo (1985) that raise capital by issuing non-voting common stock (a way to raise capital without debt that maintains control) are family controlled.