Efeito da gestão familiar na avaliação do desempenho da empresa: evidências do Brasil

Elisane Brandt, Adriana Kroenke, Caroline Pletsch

Resumo


Esta pesquisa tem como objetivo verificar o efeito da gestão familiar na avaliação do desempenho de empresas brasileiras de capital aberto pertencentes ao setor de consumo cíclico listadas na Brasil, Bolsa, Balcão (B3). Para tanto, realizou-se uma pesquisa descritiva, documental e com abordagem quantitativa por meio da utilização da Regressão Linear Múltipla. O período de análise compreendeu os anos de 2012 a 2016. A amostra do estudo foi constituída por 34 empresas brasileiras familiares e 66 empresas não familiares, totalizando as 100 empresas classificadas no setor de consumo cíclico. Os resultados revelaram diferenças entre as empresas familiares e não familiares quanto ao desempenho contábil, visto que esta variável se relacionou significativa e positivamente com o desempenho medido pela proxy ROA. Isto sugere que as empresas familiares buscam ao longo dos anos melhorar o valor dos ativos, pois quanto maior o desempenho contábil, mais investidores se interessarão nestas empresas, com expectativas de retornos a longo prazo. Outra evidência encontrada é a relação entre o tamanho da empresa e seu desempenho de mercado e contábil. Em empresas familiares, este achado indica que seu tamanho apresenta relação com estas empresas do setor de consumo cíclico, pois tendendo a serem mais eficientes no uso de seus ativos, relacionam-se positivamente com o desempenho. Conclui-se que o desempenho de mercado medido pela proxy Q de Tobin se apresentou como um dos principais indicadores que levam as empresas à uma alta performance organizacional.

Palavras-chave


Empresa Familiar; Desempenho da Empresa; Setor de Consumo Cíclico; Brasil.

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DOI: http://dx.doi.org/10.16930/2237-7662/rccc.v17n52.2727

Revista Catarinense da Ciência Contábil – CRCSC, Florianópolis, SC, Brasil. eISSN: 2237-7662, ISSN: 1808-3781


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