Financial performance in family firms: analysis of Brazilian companies listed on BMF/Desempenho financeiro de empresas com caracteristicas familiares: analise de empresas brasileiras listadas na BMF

This study sought to understand the difference between financial performance of companies with family characteristics vis-a-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. Key words: Family firms; Public companies; Financial performance Este estudo buscou compreender as diferencas entre o desempenho financeiro de empresas familiares listadas em bolsa frente a empresas nao familiares. Para isso foram usados os referenciais de Anderson e Reeb (2003), Lee (2006) e Martinez, Stohr e Quiroga (2007). A pesquisa teve uma natureza quantitativa por meio de um teste de media das variancias com o uso de covariaveis (Ancova), assim como um teste de robustez a partir de duas regressoes multiplas. As variaveis dependentes foram o passivo oneroso e o lucro operacional liquido. Ja as variaveis independentes foram as caracteristicas da empresa (controle acionario familiar, presenca de membros da familia na presidencia ou vice-presidencia do conselho administrativo e presenca de membros da familia ocupando cargos de presidencia ou vice-presidencia). Como covariaveis foram escolhidas o tamanho da empresa (por meio dos ativos totais), a idade (tempo de fundacao) e o setor da empresa (a partir da classificacao da BM&FBovespa). Para as regressoes multiplas, as variaveis depend