Influence of Control and Family Management in the Indebtedness of Brazilian Open Business: a Quantitative Study

Liliane Segura and Henrique Formigoni
Additional contact information
Liliane Segura: Universidade Presbiteriana Mackenzie
Henrique Formigoni: Universidade Presbiteriana Mackenzie

Brazilian Business Review, 2014, vol. 11, issue 6, 50-74

Abstract: This research investigated the influence of the family on the debt of Brazilian open business companies. Although there is a vast national and international literature on capital structure, there are still doubts on the importance of family in business management. In Brazil, due to the large number of family businesses, it is even more evident the need to investigate the issue. The studied population was composed of companies listed on the BM&FBovespa, in 2010, and the final sample consisted of 356 companies. Six years were analyzed (2004-2009), in a total of 2,136 observations. The results show that the studied companies that are familiar or that have family management have become less indebted than others. This result is in accordance with national and international studies, according to which family firms tend to be more conservative in their investments, seeking to use more equity than third party capital.

Keywords: Family; business.; Family; management.; Capital; structure.; Debt. (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://bbronline.com.br/index.php/bbr/article/download/184/275 Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bbz:fcpbbr:v:11:y:2014:i:6:p:50-74

Access Statistics for this article

Brazilian Business Review is currently edited by Emerson Mainardes

More articles in Brazilian Business Review from Fucape Business School Fucape Business School Brazilian Business Review Av. Fernando Ferrari, 1358, Boa Vista CEP 29075-505 Vitória-ES. Contact information at EDIRC.
Bibliographic data for series maintained by Sarah Lasso ( this e-mail address is bad, please contact ).