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A influência da propriedade familiar sobre o desempenho financeiro das empresas na região de Lisboa e Vale do Tejo
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Advisor(s)
Abstract(s)
Este trabalho de investigação teve como objectivo analisar a relação existente entre a propriedade familiar e o desempenho das empresas portuguesas. A literatura financeira aponta para uma dicotomia de efeitos, dado existir argumentos que evidenciam uma relação positiva da propriedade familiar com o desempenho da empresa mas também fundamentos da relação negativa. Além da propriedade familiar, neste trabalho, em resultado dos contributos da literatura financeira sobre os factores determinantes do desempenho das empresas, também se procurou analisar a forma como a classe dimensional, geração e o sector de actividade influencia o desempenho e como estes factores influem na relação da propriedade familiar com o desempenho. Desta forma, formalizou-se um conjunto de hipóteses que especificam estas relações. O teste destas hipóteses foi realizado através da estimação de modelos utilizando a metodologia da regressão com dados em painel e usando uma amostra de empresas familiares e não familiares da Região de Lisboa e Vale do Tejo, no período de 2006 a 2011.
Os resultados dos modelos econométricos permitiram evidenciar uma relação positiva da propriedade familiar com o desempenho das empresas, enquanto que, a análise descritiva, em termos médios, evidenciou um pior desempenho das empresas familiares. Estes resultados permitiram concluir que a introdução de factores de controlo no estudo da relação da propriedade familiar permitiu uma maior clarificação sobre essa relação. A classe dimensional também se revelou um fator determinante do desempenho das empresas. Os resultados permitiram concluir que as empresas de menor dimensão tendem a apresentar um melhor desempenho comparativamente às empresas de maior dimensão. Contudo, a interacção deste factor com a propriedade familiar origina uma inversão deste comportamento, as empresas familiares de menor dimensão apresentam um menor nível de desempenho. As empresas de primeira geração tendem a apresentar um melhor desempenho comparativamente às empresas de segunda geração. Contudo, à semelhança do que ocorreu ao nível da classe dimensional, também a interacção deste factor com a propriedade familiar inverteu o comportamento. O sector de actividade influi no desempenho das empresas no sentido que alguns sectores tenderão a evidenciar maiores níveis de desempenho comparativamente a outros. Também neste caso, a interacção deste factor com a propriedade familiar influência o sinal da relação.
This research aims to analyze the relationship between the family-owned and the performance of Portuguese companies. Financial literature points to a dichotomy of purpose, given existing arguments that show a positive relationship of family property with the company's performance but also fundamentals of negative relationship. In addition to the family property, in this work, as a result of contributions from financial literature on the determinants of the performance of companies, also sought to analyze the way the dimensional class, generation and industry influences the performance and how these factors influence the relationship of family property with the performance. In this way, was formalized a set of hypotheses that specify these relationships. The test of these hypotheses was accomplished by estimating models using methodology of regression with panel data and using a sample of family and non-family businesses in the region of Lisboa e Vale do Tejo, in the period 2006 to 2011. The results of the econometric models have highlighted a positive relationship of family property with the family-owned business performance, while the descriptive analysis, in average terms, showed a worse performance of the family businesses. These results allow to conclude that the introduction of control factors in the study of the relationship of the family property allowed greater clarification about this relationship. The dimensional class also proved to be a determining factor of business performance. The results showed that smaller companies tend to have a better performance compared to larger companies. However, the interaction of this factor with the family-owned originates an inversion of this behavior, the smaller family-owned companies have a lower level of performance. First generation companies tend to have a better performance compared to the second-generation companies. However, similar to what occurred at the level of dimensional class, also the interaction of this factor with the family-owned reversed the behavior. The activity sector influences the performance of companies in the sense that some sectors will tend to show higher levels of performance as compared to others. Also in this case, the interaction of this factor with the family-owned influence the signal of the relationship.
This research aims to analyze the relationship between the family-owned and the performance of Portuguese companies. Financial literature points to a dichotomy of purpose, given existing arguments that show a positive relationship of family property with the company's performance but also fundamentals of negative relationship. In addition to the family property, in this work, as a result of contributions from financial literature on the determinants of the performance of companies, also sought to analyze the way the dimensional class, generation and industry influences the performance and how these factors influence the relationship of family property with the performance. In this way, was formalized a set of hypotheses that specify these relationships. The test of these hypotheses was accomplished by estimating models using methodology of regression with panel data and using a sample of family and non-family businesses in the region of Lisboa e Vale do Tejo, in the period 2006 to 2011. The results of the econometric models have highlighted a positive relationship of family property with the family-owned business performance, while the descriptive analysis, in average terms, showed a worse performance of the family businesses. These results allow to conclude that the introduction of control factors in the study of the relationship of the family property allowed greater clarification about this relationship. The dimensional class also proved to be a determining factor of business performance. The results showed that smaller companies tend to have a better performance compared to larger companies. However, the interaction of this factor with the family-owned originates an inversion of this behavior, the smaller family-owned companies have a lower level of performance. First generation companies tend to have a better performance compared to the second-generation companies. However, similar to what occurred at the level of dimensional class, also the interaction of this factor with the family-owned reversed the behavior. The activity sector influences the performance of companies in the sense that some sectors will tend to show higher levels of performance as compared to others. Also in this case, the interaction of this factor with the family-owned influence the signal of the relationship.
Description
Dissertação de Mestrado em Contabilidade e Finanças
Keywords
Propriedade familiar Empresa familiar Desempenho Family owned Family business Performance
Pedagogical Context
Citation
Publisher
Escola Superior de Ciências Empresariais