Determinantes do endividamento das empresas familiares listadas na BM&FBOVESPA: uma análise por meio de indicadores do fluxo de caixa

Abstract

Nowadays the biggest difficulty of the companies is to know if this profit is actually occurring in their establishment, and if not what is harming it. This occurs mainly in family organizations. Due to this a present research, sought to investigate the determinants of the indebtedness of the family companies through the analysis of the indicators of cash flows. As part of the efforts to achieve the objective, we analyzed 285 companies, 139 of which were classified as family firms and 146 were non-family firms, and the multiple regression of the data was applied for an analysis of the results. As results, it was verified that, as non-family firms, they had the highest degree of indebtedness. However, through the econometric model, it was verified that the fact that the company is considered a family firms, does not occur more or less fund raising own or debt capital, that is, it does not influence the capital structure from the company. It was also verified how companies in the oil, gas and fuel sector are those that have a higher degree of indebtedness, on the other hand, as companies of smaller size. In general, it was verified that the DFC indexes are able to aid in explaining the difference in the degrees of finance of the companies, and for a sample of the present research, it was shown to each increase in the coverage of purchases with cash, the level of indebtedness of the company has been reduced, that is, cash management interferes with indebtedness decisions.