ResumoAnalisamos em que medida as companhias familiares são diferentes das companhias não familiares em termos de endividamento e ajuste da estrutura de capital. Aplicando um modelo de trade-off dinâmico a uma amostra de companhias brasileiras de 2003 a 2013, foi mostrado que companhias familiares apresentam maior nível de endividamento e menor velocidade de ajuste em comparação às companhias não familiares. Argumenta-se que companhias familiares tendem a ter maior endividamento porque seus gestores são mais confiantes e otimistas que gestores de empresas não familiares. Restrições financeiras derivadas desse alto nível de endividamento previnem empresas familiares sobre alavancadas de ajustar-se rapidamente para uma estrutura de capital alvo.Palavras-chave: estrutura de capital; firmas familiares; velocidade de ajuste; maior acionista último. AbstractWe examine the extent to which family companies are different from non-family companies in their leverage ratios and their capital structure adjustment. By applying a dynamic trade-off model to a sample of Brazilian companies for 2003-2013, we show that family companies have higher leverage and slower adjustment speeds in comparison to non-family companies. We argue that family companies' managers tend toward higher leverage because they are more confident and optimistic than managers of non-family firms. Financial constraints stemming from this high leverage prevent over-leveraged family firms from rapidly adjusting their target capital structure.

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Purpose The purpose of this paper is to analyze the influence of firm-, industry- and country-level determinants on real annual sales growth in the context of a cross-classified multilevel perspective. Design/methodology/approach The authors studied 11,381 firms from 17 industries in six Latin American countries based on the data collected up to 2015. Since the data are nested in two levels (level 1: firms; level 2: cross-classification of industries and countries), the authors use a cross-classified multilevel model. The significant variability in all levels of analysis confirms the option for the multilevel model. Findings Differences in industries account for the largest proportion of variance (77.2 percent). This finding indicates that industry-level characteristics should be explored in the sales growth literature (it seems to the authors that they were neglected). This finding also calls attention to the roles of policy-makers in facilitating firm growth. The final model indicates that the considered variables explain approximately 55 percent of the differences in real annual sales growth in the same industry and country after having accounted for the impacts of the differences in firms. After accounting for the impacts of the differences in firms’ and countries’ characteristics, 43 percent of the variation in average real annual sales growth is due to differences in industries. The obtained results indicate that while firms from countries with higher GDP growth and more effective corporate boards present higher real annual sales growth, firms that operate in commodity producer industries have worse performance in this indicator. With respect to firm’s characteristics, larger firms (contradicting Gibrat’s law) and exporters grew less. Some results could be explained by the decrease in commodities’ prices and global purchases between 2012 and 2015. Originality/value The paper fills some gaps in the firm growth literature by testing Gibrat’s law in non-developed countries (not yet done, to the best of the authors’ knowledge) and exploring variables other than size in the explanation of firm growth (rarely used, to the best of the authors’ knowledge). Moreover, the adopted model correctly estimated the origin of the variability in firm growth in its natural cross-classified distinct levels.

Primeiramente, gostaria de agradecer a minha esposa, Ayla, pelo apoio e suporte incondicionais em todos os momentos e por me fazer uma pessoa melhor e mais feliz. Aos meus pais, Mariângela e José Eduardo, pelo amor, respeito e dedicação ao longo da minha vida. A minha mãe, Mariângela, que incondicionalmente esteve ao meu lado em todos os momentos da minha vida, sempre abrindo mão de si. Ao meu pai, José Eduardo, pelo exemplo de cárater, de dedicação e amor. Ao meu irmão, Vitor, pelo companheirismo e exemplo de profissional. Ao meu orientador, Prof. Dr. Eduardo Kazuo Kayo, pela disposição e imensa dedicação ao longo de todo o processo da Pós-Graduação.