Influência da estrutura de capital no desempenho econômico de empresas familiares e não familiares brasileiras

Abstract

Purpose – This research aims to verify the influence of the capital structure on the economic performance of the Brazilian family and non-family businesses.Design/methodology/approach – The research is characterized as descriptive, documentary, and quantitative, being the accounting data under analysis extracted from the Economatica® database. The sample is composed of 117 publicly traded companies listed in B3, being 68 family and 49 non-family with an analysis period from 2011 to 2015. To reach the objective, statistical techniques were used, with emphasis on multiple linear regression models.Findings – The results point out that the Short-term Debt Ratio (SDR) and Long-term Debt Ratio (LDR) negatively influence the performance of family businesses, while SDR and LDR have a negative and positive relationship, respectively, with the performance of the non-family business. Originality/value – In short, such results demonstrate that family businesses must follow the pecking-order theory prerogatives to maximize their performance, while managers of non-family organizations need to observe the assumptions of both theories – trade-off and pecking-order – according to the type of indebtedness (short or long term).

Impact of the cash position on the performance of Brazilian companies during periods of economic recession

“…Although the size and investments control variables do not present statistical significance -which was expected based on the studies conducted by Forti et al (2011) and Fresard (2010) -, the control variables lagged ROA, leverage, Δ growth, and payout presented the expected signs and statistical significance. The confirmation of the significant and positive relationship between the companies' cash position and operational performance, measured by ROA, is consistent with the results identified by Adjei (2013), Forti et al (2011), Chang et al (2017, Chen et al (2018), Fresard (2010, Rodrigues Junior (2019).…”

“…ISSN 1678-6971 (electronic version) • RAM, São Paulo, 24(3), eRAMF230039, 2023 https://doi.org/10.1590/1678-6971/eRAMF230039.en However, there are few studies, such as Adjei (2013), that researched this relationship in periods of recession. Although and Pamplona, Silva, Nakamura, and Rodrigues Junior (2019) have also used a recent set of data, there was no special attention to recession periods. In Brazil, the focus of this study, economic recessions, is frequent.…”

Determining factors in the capital structure of mining companies registered on the Lima Stock Exchange, period 2013-2022

“…Así pues, se garantiza no solo la rentabilidad de la empresa, sino también la capacidad de hacer frente a sus compromisos financieros. Siguiendo a Pamplona et al (2021) mencionan que el riesgo es un factor determinante, debido a que hace referencia a la posibilidad de que una empresa se declare en estado de bancarrota. Además, este factor tiene un impacto significativo en las posibilidades de endeudamiento de una empresa.…”

Efeitos Da Folga Financeira No Desempenho De Empresas No Período Da Pandemia De Covid-19

“…Embora os estudos seminais sobre folga financeira tenham ocorrido na década de 1960, há, na atualidade, uma ampla discussão sobre o tema devido à sua complexidade de entendimento, especialmente sua relação com o desempenho econômico, que continua sendo motivo de debate entre pesquisadores em todo o mundo (Pamplona et al, 2019). Além disso, não existe um consenso entre os pesquisadores em relação ao efeito da folga financeira no desempenho das organizações (Daniel et al, 2004).…”

“…Há relação positiva entre folga financeira e desempenho econômico quando o recurso excedente impulsiona estratégias proativas ou protege a empresa de ameaças. Já a relação negativa ocorre pela ineficiência causada pelos recursos ociosos, causando problemas no desempenho, incluindo comportamentos disfuncionais, sem considerar os objetivos organizacionais (Silva, 2019). Ainda, há resultados que demonstram que o impacto da folga pode ser positivo até certo ponto e negativo a partir deste (Cardoso & Santos, 2020).…”