Palavras-chave
socioemotional wealth
performance below aspiration
family ownership
Como Citar
Resumo
Este artigo explora o efeito da riqueza socioemocional da família na estrutura de capital, especialmente quando a empresa se encontra em uma situação difícil ou de prejuízo. A relação entre propriedade (família) e estrutura de capital tem sido um dos principais focos de pesquisa em todo o mundo há mais de vinte anos. Entretanto, as evidências empíricas existentes sobre a relação entre propriedade (família) e estrutura de capital têm sido inconclusivas. De acordo com a teoria B.A., os proprietários familiares preservam sua riqueza socioemocional ao manter o controle das empresas. Quanto mais riqueza socioemocional eles tiverem, mais esforço farão para reduzir o controle da empresa (perda de risco), limitando assim a diluição do status de propriedade por meio do aumento da estrutura de capital. Para explicar as diferenças das evidências empíricas anteriores, este artigo aplica uma abordagem B.A. para investigar o efeito da riqueza socioemocional familiar - as dimensões mais vitais da propriedade (família) - na estrutura de capital, com dados de 390 empresas listadas no Vietnã de 2010 a 2020. Os resultados da regressão mostram que a riqueza socioemocional familiar tem um impacto positivo na estrutura de capital, mas, com a existência de desempenho abaixo da aspiração, a riqueza socioemocional familiar tem um impacto negativo na estrutura de capital. Os resultados do estudo contribuem para a literatura sobre estrutura de capital ao explicar a diferença entre a estrutura de capital das empresas familiares em comparação com as empresas não familiares de acordo com a riqueza socioemocional e o desempenho abaixo da aspiração. Com esses resultados, este estudo contribuiu para a aplicação do modelo B.A. para interpretar o I.F.O. na estrutura de capital
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