Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | RACE (Joaçaba. Online) |
Texto Completo: | https://periodicos.unoesc.edu.br/race/article/view/23789 |
Resumo: | The objective of this study was to verify the influence of the structure of ownership and family management in the cost of debt financing of publicly traded companies listed in B3. For this, a descriptive, quantitative research was carried out by means of documentary analysis, with consultation to Reference Forms, Economatica database and B3 website. The sample was composed of 211 companies in 2012, 214 in 2013, 225 in 2014, 220 in 2015 and 223 in 2016. The results showed that the average cost of debt financing, in most years, was not lower in the group of companies that had a family-owned structure. However, when comparing the cost of debt financing between companies that had family and non-family management, it was noticed that, in most years, the cost was lower in the group of family-run companies. Therefore, it was found that only the family management influenced to reduce the cost of debt financing. It is concluded that companies with ownership structure and family management enjoy greater alignment of interests between the controller and the manager, in accordance with the principal-agent perspective of Agency Theory. The research contributes to strengthen the understanding of the theme in the Brazilian scenario and expands the existing discussion in the literature by addressing a factor that influences the cost of debt still little explored in Brazil. It also increases the literature in the area with empirical evidence related to the Brazilian scenario, which still lacks research of this nature. |
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Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companiesInfluência da estrutura de propriedade e da gestão familiar no custo de financiamento da dívida de companhias abertas brasileirasFamily ownership structureFamily managementCost of debt financingBrazilian publicly traded companiesEstrutura de propriedade familiarGestão familiarCusto do financiamento da dívidaCompanhias abertas brasileirasThe objective of this study was to verify the influence of the structure of ownership and family management in the cost of debt financing of publicly traded companies listed in B3. For this, a descriptive, quantitative research was carried out by means of documentary analysis, with consultation to Reference Forms, Economatica database and B3 website. The sample was composed of 211 companies in 2012, 214 in 2013, 225 in 2014, 220 in 2015 and 223 in 2016. The results showed that the average cost of debt financing, in most years, was not lower in the group of companies that had a family-owned structure. However, when comparing the cost of debt financing between companies that had family and non-family management, it was noticed that, in most years, the cost was lower in the group of family-run companies. Therefore, it was found that only the family management influenced to reduce the cost of debt financing. It is concluded that companies with ownership structure and family management enjoy greater alignment of interests between the controller and the manager, in accordance with the principal-agent perspective of Agency Theory. The research contributes to strengthen the understanding of the theme in the Brazilian scenario and expands the existing discussion in the literature by addressing a factor that influences the cost of debt still little explored in Brazil. It also increases the literature in the area with empirical evidence related to the Brazilian scenario, which still lacks research of this nature.O objetivo do estudo foi verificar a influência da estrutura de propriedade e da gestão familiar no custo do financiamento da dívida de companhias abertas listadas na B3. Para isso, foi realizada pesquisa quantitative e descritiva, por meio de análise documental e com consulta aos Formulários de Referência, banco de dados Economatica e site da B3. A amostra foi composta por 211 companhias abertas em 2012, 214 em 2013, 225 em 2014, 220 em 2015 e 223 em 2016. Os resultados mostraram que o custo médio do financiamento da dívida, na maioria dos anos, não foi menor no grupo de empresas que tinha uma estrutura familiar. No entanto, ao comparar o custo do financiamento da dívida entre empresas que possuíam gestão familiar e não familiar, percebeu-se que, na maioria dos anos, o custo era menor no grupo de empresas familiares. Portanto, verificou-se que apenas a gestão familiar influenciou a redução do custo do financiamento da dívida. Conclui-se que as empresas com estrutura acionária e gestão familiar desfrutam de maior alinhamento de interesses entre o controlador e o gestor, de acordo com a perspectiva principal-agente da Teoria da Agência. A pesquisa contribui para fortalecer a compreensão do tema no cenário brasileiro e expande a discussão existente na literatura, abordando um fator que influencia o custo da dívida e que ainda é pouco explorado no Brasil. Também contribui para a literatura da área com evidências empíricas relacionadas ao cenário brasileiro, que ainda carece de pesquisas dessa natureza.Universidade do Oeste de Santa Catarina2020-08-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdftext/htmlhttps://periodicos.unoesc.edu.br/race/article/view/2378910.18593/race.23789RACE - Revista de Administração, Contabilidade e Economia; Vol. 19 No. 2 (2020): RACE maio/ago. 2020; 203-226RACE - Revista de Administração, Contabilidade e Economia; v. 19 n. 2 (2020): RACE maio/ago. 2020; 203-2262179-49361678-6483reponame:RACE (Joaçaba. Online)instname:Universidade do Oeste de Santa Catarina (UNOESC)instacron:UNOESCenghttps://periodicos.unoesc.edu.br/race/article/view/23789/14536https://periodicos.unoesc.edu.br/race/article/view/23789/14537Copyright (c) 2020 Geovanne Dias de Moura, Jovani Lanzarin, Sady Mazzioni, Francisca Francivânia Rodrigues Ribeiro Macêdo , Ilse Maria Beureninfo:eu-repo/semantics/openAccessMoura, Geovanne Dias deLanzarin, JovaniMazzioni, Sady Macêdo, Francisca Francivânia Rodrigues RibeiroBeuren, Ilse Maria2020-10-16T21:43:27Zoai:ojs.periodicos.unoesc.edu.br:article/23789Revistahttps://portalperiodicos.unoesc.edu.br/racehttps://portalperiodicos.unoesc.edu.br/race/oairace@unoesc.edu.br||editora@unoesc.edu.br2179-49361678-6483opendoar:2020-10-16T21:43:27RACE (Joaçaba. Online) - Universidade do Oeste de Santa Catarina (UNOESC)false |
dc.title.none.fl_str_mv |
Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies Influência da estrutura de propriedade e da gestão familiar no custo de financiamento da dívida de companhias abertas brasileiras |
title |
Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies |
spellingShingle |
Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies Moura, Geovanne Dias de Family ownership structure Family management Cost of debt financing Brazilian publicly traded companies Estrutura de propriedade familiar Gestão familiar Custo do financiamento da dívida Companhias abertas brasileiras |
title_short |
Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies |
title_full |
Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies |
title_fullStr |
Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies |
title_full_unstemmed |
Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies |
title_sort |
Influence of ownership structure and family management on the debt financing cost of brazilian publicly traded companies |
author |
Moura, Geovanne Dias de |
author_facet |
Moura, Geovanne Dias de Lanzarin, Jovani Mazzioni, Sady Macêdo, Francisca Francivânia Rodrigues Ribeiro Beuren, Ilse Maria |
author_role |
author |
author2 |
Lanzarin, Jovani Mazzioni, Sady Macêdo, Francisca Francivânia Rodrigues Ribeiro Beuren, Ilse Maria |
author2_role |
author author author author |
dc.contributor.author.fl_str_mv |
Moura, Geovanne Dias de Lanzarin, Jovani Mazzioni, Sady Macêdo, Francisca Francivânia Rodrigues Ribeiro Beuren, Ilse Maria |
dc.subject.por.fl_str_mv |
Family ownership structure Family management Cost of debt financing Brazilian publicly traded companies Estrutura de propriedade familiar Gestão familiar Custo do financiamento da dívida Companhias abertas brasileiras |
topic |
Family ownership structure Family management Cost of debt financing Brazilian publicly traded companies Estrutura de propriedade familiar Gestão familiar Custo do financiamento da dívida Companhias abertas brasileiras |
description |
The objective of this study was to verify the influence of the structure of ownership and family management in the cost of debt financing of publicly traded companies listed in B3. For this, a descriptive, quantitative research was carried out by means of documentary analysis, with consultation to Reference Forms, Economatica database and B3 website. The sample was composed of 211 companies in 2012, 214 in 2013, 225 in 2014, 220 in 2015 and 223 in 2016. The results showed that the average cost of debt financing, in most years, was not lower in the group of companies that had a family-owned structure. However, when comparing the cost of debt financing between companies that had family and non-family management, it was noticed that, in most years, the cost was lower in the group of family-run companies. Therefore, it was found that only the family management influenced to reduce the cost of debt financing. It is concluded that companies with ownership structure and family management enjoy greater alignment of interests between the controller and the manager, in accordance with the principal-agent perspective of Agency Theory. The research contributes to strengthen the understanding of the theme in the Brazilian scenario and expands the existing discussion in the literature by addressing a factor that influences the cost of debt still little explored in Brazil. It also increases the literature in the area with empirical evidence related to the Brazilian scenario, which still lacks research of this nature. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-08-12 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.unoesc.edu.br/race/article/view/23789 10.18593/race.23789 |
url |
https://periodicos.unoesc.edu.br/race/article/view/23789 |
identifier_str_mv |
10.18593/race.23789 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://periodicos.unoesc.edu.br/race/article/view/23789/14536 https://periodicos.unoesc.edu.br/race/article/view/23789/14537 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf text/html |
dc.publisher.none.fl_str_mv |
Universidade do Oeste de Santa Catarina |
publisher.none.fl_str_mv |
Universidade do Oeste de Santa Catarina |
dc.source.none.fl_str_mv |
RACE - Revista de Administração, Contabilidade e Economia; Vol. 19 No. 2 (2020): RACE maio/ago. 2020; 203-226 RACE - Revista de Administração, Contabilidade e Economia; v. 19 n. 2 (2020): RACE maio/ago. 2020; 203-226 2179-4936 1678-6483 reponame:RACE (Joaçaba. Online) instname:Universidade do Oeste de Santa Catarina (UNOESC) instacron:UNOESC |
instname_str |
Universidade do Oeste de Santa Catarina (UNOESC) |
instacron_str |
UNOESC |
institution |
UNOESC |
reponame_str |
RACE (Joaçaba. Online) |
collection |
RACE (Joaçaba. Online) |
repository.name.fl_str_mv |
RACE (Joaçaba. Online) - Universidade do Oeste de Santa Catarina (UNOESC) |
repository.mail.fl_str_mv |
race@unoesc.edu.br||editora@unoesc.edu.br |
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1800220424511946752 |