What is the influence of family management on the cost of debt financing? Analysis in companies with family ownership structure
| Autor: | Geovanne Dias de Moura, Jovani Lanzarin, Sady Mazzioni, Francisca Francivânia Rodrigues Ribeiro Macêdo |
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| Jazyk: | portugalština |
| Rok vydání: | 2020 |
| Předmět: | |
| Zdroj: | Revista Contemporânea de Contabilidade, Vol 17, Iss 43, Pp 71-87 (2020) |
| Druh dokumentu: | article |
| ISSN: | 1807-1821 2175-8069 |
| DOI: | 10.5007/2175-8069.2020v17n43p71 |
| Popis: | The study verified the influence of family management on the debt cost of companies with family ownership structure. A descriptive, quantitative and documentary research was carried out, with reference to the Reference Forms, Economática database and B3's website, using data from 2012 to 2016. The companies were classified as relatives when the last controlling shareholder was a family. To identify the type of management, the participation of the families in the executive board and the board of directors was investigated. The cost of debt was calculated by the ratio of financial expenses to average onerous liabilities. It was found that the variables that captured the existence of family management were statistically significant and with negative coefficients, denoting that family management influenced to reduce the cost of debt financing. Thus, the research adds contributions to the literature with empirical evidence regarding the Brazilian scenario, still lacking in research of this nature. |
| Databáze: | Directory of Open Access Journals |
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