Corporate Governance and Return on Equity of Family Control Companies and Non-Family Control Companies in Brazil.

Authors

  • Ricardo Bruno Queiroz Sampaio
  • Bruno Chaves Correia Lima
  • Augusto Cézar de Aquino Cabral
  • Álvaro Luiz Bandeira de Paula Universidade Federal do Ceará - Faculdade de Economia, Administração, Atuária, Contabilidade e Secretariado Executivo (FEAAC)

DOI:

https://doi.org/10.5700/issn.2177-8736.rege.2014.99929

Keywords:

Corporate Governance, Agency Theory, Control Structure and Propriety, Family Companies.

Abstract

This study aims to evaluate, among the companies of BM&BOVESPA’s New Market (“Mercado Novo”), the significance of differences of return on equity, due to the control identity and the operation of the controlling shareholder’s relatives in the board of directors. The study is qualified as descriptive and of quantitative nature, involving all 107 companies inside BM&BOVESPA’s New Market, categorized into “family control”, “non-family control” and, among the companies with family control, “with members of the controlling family in the board of directors” and “without members of the controlling family in the board of directors”. The information were obtained through BM&BOVESPA’s and of the analyzed organizations’ websites, in addition to database Economática®. The data were treated by descriptive statistics, using the “Two Sample Test for Equal Means” method and correlation coefficient. The research identified that the proportion of family companies is rather relevant, representing nearly half of the entire sample. Furthermore, the correlation coefficient showed a strong correlation and positivity between the studied series. Finally, there was no evidence of meaningful differences of payback due to the control identity and the participation of members of the controlling family in the board of directors in none of the studied cases.

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Author Biographies

Ricardo Bruno Queiroz Sampaio

Especialista em Gestão Empresarial pela Faculdades Nordeste ̶ Fortaleza-CE, Brasil Graduado em Administração pela Universidade Federal do Ceará

Bruno Chaves Correia Lima

Doutorando em Administração na Universidade Federal da Bahia ̶ Salvador-BA, Brasil Mestre em Administração e Controladoria pela Universidade Federal do Ceará Graduado em Ciências Contábeis

Augusto Cézar de Aquino Cabral

Associado II no Programa de Pós-graduação em Administração e Controladoria (PPAC) da Universidade Federal do Ceará ̶ Fortaleza-CE, Brasil Graduado em Administração pela Universidade de Fortaleza Doutor em Administração pela Universidade Federal de Minas Gerais Mestre em Administração pela Universidade Estadual do Ceará Mestre em Educational Administration and Supervision pela University of New Hampshire

Álvaro Luiz Bandeira de Paula, Universidade Federal do Ceará - Faculdade de Economia, Administração, Atuária, Contabilidade e Secretariado Executivo (FEAAC)

Professor Efetivo na Faculdade de Economia, Administração, Atuária, Contabilidade e Secretariado Executivo (FEAAC) da Universidade Federal do Ceará ̶ Fortaleza-CE, Brasil Mestre em Administração de Empresas pelo Instituto COPPEAD da Universidade Federal do Rio de Janeiro Graduado em Administração pela Universidade Federal do Ceará

Published

2014-06-02

How to Cite

Sampaio, R. B. Q., Lima, B. C. C., Cabral, A. C. de A., & Paula, Álvaro L. B. de. (2014). Corporate Governance and Return on Equity of Family Control Companies and Non-Family Control Companies in Brazil. REGE Revista De Gestão, 21(2), 219-234. https://doi.org/10.5700/issn.2177-8736.rege.2014.99929

Issue

Section

Finanças