Empresas familiares x não familiares: impactos das aquisições corporativas no desempenho da empresa e na remuneração dos executivos
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2018-03-27
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Universidade Federal de Goiás
Resumo
This study aimed to verify if the acquisitions made by family companies generate better
performance than those performed by non-family companies, and if there is a difference between
the post-acquisition compensation of executives of family companies and executives from non-
family companies of Brazilian companies listed in B3 in the period from 2009 to 2016. The
research is supported mainly in the agency relations and the alignment of interests between the
principal and the agent, studied by the Agency Theory. Data were collected through Thomson
Reuters Ikon and the company reference form. Enterprises were classified as familiar or unfamiliar
through the involvement and essential approaches. To achieve the objectives, three multiple
regressions were estimated: two related to the performance of acquisitions, with data stacked and a
sample of 244 acquisitions (86 companies), and one referring to executive compensation, with a
sample of 96 companies with panel data not balanced. The results indicated that: i) Brazilian
family firms tend to perform better with corporate acquisitions events compared to non-family
acquisitions; and (ii) corporate acquisitions have a greater positive impact on the total
remuneration of non-family business executives than on family firms. The results are consistent
with the Agency Theory, which says that the gap between ownership and control creates agency
conflicts and offers greater opportunities for expropriation by managers.
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OLIVEIRA, Rafael. Empresas familiares x não familiares: impactos das aquisições corporativas no desempenho da empresa e na remuneração dos executivos. 2018. 59 f. Dissertação (Mestrado em Ciências Contábeis ) - Universidade Federal de Goiás, Goiânia, 2018.