Desempenho financeiro de empresas com características familiares: análise de empresas brasileiras listadas na BM&F

Abstract

This study sought to understand the difference between financial performance of companies with family characteristics vis‐à‐vis non‐family companies. We used the references of Anderson and Reeb (2003), Lee (2006) and Martinez et al. (2007). This research had a quantitative nature through analysis of variance with the use of covariates (ANCOVA), as well as a robustness test from two multiple regressions. The dependent variables were the costly liabilities and net operating profit. The independent variables were the company's characteristics (family ownership control, presence of family members in the presidency or vice‐presidency of the board and the presence of family members occupying positions of president or vice president). Covariates were chosen as the size of the company (through Total Assets), age (time of foundation) and the sector of the company (from the rank of BM&FBovespa). For multiple regressions, the dependent variables were the Market Value and Enterprise Value. The results obtained show differences to financial results of each type of company. For costly liabilities, the presence of familiar attributes contributed to a lower recurrence of the use of third‐party capital. In net operating profit, the results of companies with familiar attributes were lower than non‐family firms. In the regressions, the results of family firms were worse than the non‐familiar.