Abstract

PAMPLONA, Edgar; MAGRO, Cristian Dal  and  SILVA, Tarcísio da. Capital structure and economic performance of family businesses of Brazil and Portugal. RGPLP [online]. 2017, vol.16, n.2, pp.38-54. ISSN 1645-4464.

The capital structure can be assessed before the trade-off and pecking order theory, it is important to note that the usual theory for models of family organizations. The objective of the study is to identify the influence of the capital structure in the economic performance of family businesses in Brazil and Portugal. The survey sample consists of 73 family businesses in Brazil and 18 family companies in Portugal. The results indicate that the Brazilian and Portuguese family businesses have biases both the trade-off theory and the pecking order, but in Brazil is more evident trade-off theory, where the largest debt with third provides better economic performance and Portugal, evidence points overwhelmingly to the pecking order theory, where the use of equity provides better economic performance.

Keywords : Capital Structure; Trade-Off; Pecking Order; Economic Performance; Family Business.

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