Português

Abstract

Objective: Among the main determinants of an investment policy are a property structure and the behavior of managers. In this regard, a segment of companies that have specific characteristics that stand out in investment policies are like family businesses. Thus, the objective of the research was to analyze the impact of the structure of family ownership on investment decisions of Brazilian companies between periods of protection crisis (2009-2013), as these periods were considered satisfactory for the economy and for institutional normality. Methodology: The study presents a model of multiple linear regressions designed to test the impact of several variables on a dependent variable in a simultaneous relationship. The dependent variable consisted of the CapEx investment index made by the companies. The variable of interest was a dummy variable whether the company was familiar or not. In addition, tests were carried out to identify the company's moments, that is, to test the behavior of companies when they were better or worse than their unfamiliar competitors. Results: The results corroborate the assumptions of self-preservation, since family companies invested 13.5% less than non-family companies. However, family businesses when they perform worse than their competitors invest up to 24% more than non-family businesses. Thus, the research supports the hypothesis that family businesses are more aligned with the self-preservation behavior in investment decisions. Theoretical contributions: The research provides an analysis of the so-called mixed-gambles of family businesses, that is, risk aversion and the search for the company's perpetuity, which is demonstrated by the dummy variable and the complementary tests with favorable and unfavorable economic situations. Practical contributions: Results were found that point to the behavior of greater self-preservation of Brazilian companies in relation to their investments.