Differences in the value added in family and non-family companies listed on the BM&FBOVESPA

Abstract

The objective of the study is to identify the main differences in the generation and distribution of value added in family and non-family companies listed on BM&FBovespa between 2013 and 2015. Differences in the creation of value added between family and non-family businesses are justified, according to Okimura, Silveira and Rocha (2007), due the fact that company performance may vary depending on the interests of the controller type. The research has characteristics of descriptive, documentary and quantitative research. The final sample consisted of 739 observations of non-financial companies, family and non-family companies listed on BM&FBovespa, with data available to operationalize the selected variables, with 217 companies in 2013, 260 in 2014 and 262 in 2015. The results show that non-family companies create and distribute a greater amount of value added, compared to family companies, in the four groups analyzed: personnel, taxes, third-party capital remuneration and compensation of shareholders’ equity. Considering that the value added generated and distributed was lower in family businesses, it is concluded that family management may be contributing to the family owners (majority) being able to expropriate minority shareholders.