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O efeito da influência da família no desempenho: evidência empírica nas empresas familiares portuguesas
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A investigação sobre o desempenho das empresas familiares tem merecido a atenção da comunidade científica nos últimos anos, mas os resultados obtidos são mistos, especialmente nas empresas não cotadas em bolsa. Esta tese tem como objetivo estudar a relação entre a influência da família e o desempenho empresarial das pequenas e médias empresas familiares em Portugal (PME). Para atingir o objetivo, foi utilizada a escala F-PEC que reflete a extensão da influência da família. Para medir o desempenho empresarial utilizaram-se duas medidas: o desempenho económico e financeiro e os objetivos não-económicos. O desempenho económico e financeiro foi mensurado através da perceção sobre o desempenho da empresa em relação aos seus concorrentes nos últimos três anos, enquanto, para os objetivos não-económicos foram considerados os objetivos a médio e longo prazo (perpetuidade) e a riqueza familiar (património).
Os dados foram recolhidos em 2012, através de questionário, enviado por via postal a 804 PME familiares portuguesas. Foram validados um total de 169 questionários. Para o tratamento e análise dos dados empregaram-se essencialmente duas técnicas estatísticas, a análise fatorial exploratória e a análise de regressão linear múltipla.
Os resultados indicam a existência de uma relação negativa entre o envolvimento da família na propriedade e o desempenho económico e financeiro. A experiência mostra uma relação negativa com o desempenho económico e financeiro e com os objetivos não económicos. Por sua vez, os resultados mostram claramente uma associação positiva entre a cultura de compromisso e o desempenho, quer económico e financeiro quer nos objetivos não-económicos. Também foi encontrada uma relação positiva entre a cultura de valores e os objetivos não económicos. Não foi encontrada qualquer associação entre o desempenho e o envolvimento da família na gestão. Por fim, foram testados efeitos de mediação e os resultados sugerem que o comportamento stewardship medeia a relação entre a cultura de compromisso e de valores e, o desempenho da empresa.
Research on the performance of family-owned firms is growing but results are mixed, especially for non-listed companies. This thesis investigates the relationship between family influence and financial performance and noneconomic goals in small and medium family-owned enterprises (SME) in Portugal. To achieve this goal, the F-PEC scale was used since it reflects the extent of family influence in a firm’s performance by using two types of measures: financial performance and noneconomic goals. The manager’s perception about the position of the company within its sector was applied to determine the financial performance while, for the noneconomic goals, the long-term firm goals (perpetuity) and family’s wealth goals were considered. Data were collected in 2012 through a questionnaire sent to 804 SME Portuguese family firms. A total of 169 responses were collected. The data was studied through two main statistical techniques, namely, factor analysis and multiple linear regression analysis. The results indicate a negative relationship between family involvement in ownership and financial performance. Additionally, experience shows a negative relationship with financial performance and noneconomic goals. Moreover, results clearly show a positive relationship between the commitment culture and both the financial performance and the noneconomic goals. A positive relationship was also found between culture values and noneconomic goals. On the other hand, no association was found between performance and family involvement in management. Mediation effects were also tested and results suggest that stewardship behavior mediates the relationship between commitment and values culture and firm performance.
Research on the performance of family-owned firms is growing but results are mixed, especially for non-listed companies. This thesis investigates the relationship between family influence and financial performance and noneconomic goals in small and medium family-owned enterprises (SME) in Portugal. To achieve this goal, the F-PEC scale was used since it reflects the extent of family influence in a firm’s performance by using two types of measures: financial performance and noneconomic goals. The manager’s perception about the position of the company within its sector was applied to determine the financial performance while, for the noneconomic goals, the long-term firm goals (perpetuity) and family’s wealth goals were considered. Data were collected in 2012 through a questionnaire sent to 804 SME Portuguese family firms. A total of 169 responses were collected. The data was studied through two main statistical techniques, namely, factor analysis and multiple linear regression analysis. The results indicate a negative relationship between family involvement in ownership and financial performance. Additionally, experience shows a negative relationship with financial performance and noneconomic goals. Moreover, results clearly show a positive relationship between the commitment culture and both the financial performance and the noneconomic goals. A positive relationship was also found between culture values and noneconomic goals. On the other hand, no association was found between performance and family involvement in management. Mediation effects were also tested and results suggest that stewardship behavior mediates the relationship between commitment and values culture and firm performance.
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Palavras-chave
Pequena e média empresa - Empresa familar - Portugal Empresa familiar - Desempenho empresarial - Económico e financeiro Empresa familiar - Desempenho empresarial - Objectivos não económicos Empresa familiar - Responsabilidade ética