ANALYSIS OF DETERMINING FACTORS ON THE PERFORMANCE OF OPEN CAPITAL BRAZILIAN FAMILY BUSINESS LISTED IN BM&FBOVESPA OF THE CYCLICAL CONSUMER SECTOR

Abstract

This research aims to analyze which factors determine the performance of the Brazilian family publicly traded companies listed on the BM&FBovespa belonging to the consumer cyclical sector. The study is characterized as descriptive, with a documentary analysis on a sample of 32 family businesses classified in consumer cyclical sector and with a quantitative approach. The study period comprised the years 2008-2012. The results indicate that firm age implies better organizational performance, ie, family consumer discretionary companies with a greater lifetime have positive organizational performance. Moreover, the size of the family companies implicates in the consumer discretionary sector companies, because they tend to be more efficient at using its assets, showing a positive relationship with the performance. Leverage was presented as one of the key features that lead companies to have a high organizational performance. Finally, the growth in household consumer discretionary companies represented by the variable Market to book implies a negative relationship with operational performance.