What is the influence of family management on the cost of debt financing? Analysis in companies with family ownership structure
DOI:
https://doi.org/10.5007/2175-8069.2020v17n43p71Abstract
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.
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