Empresas familiares e a distribuição de proventos

Abstract

The present work aimed to analyze how the structure of ownership and concentrated control, characteristics present in family businesses, influence the payment of earnings. Given that family businesses represent over 90% of existing companies in Brazil and are of paramount importance in the social, economic and financial scenario. To carry out the research, the sample of publicly traded family companies listed in Brazil Bolsa Balcão (B3) was collected during the period from 2010 to 2018, with information on earnings. Soon after the sample was collected, the family businesses that paid dividends and interest on equity were selected. For the analysis, a logistic regression was used with the variables Earnings, Family Business, Current Liquidity, General Debt, Company Size, Payout, Earnings per Share, Return on Equity (ROE). The results showed that, on average, 61% of family businesses distributed earnings during the study period. All variables showed a positive correlation with the dependent variable, earnings, except for general indebtedness. One of the most significant is the Payout and Earnings per share correlation of almost 55%, where it can be concluded that the portion referring to net income was distributed to its shareholders. Finally, family businesses, even with concentrated ownership and control structures, distributed dividends during the study period.