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An Analysis of Risk-Taking in Family Firms Listed in B3

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Abstract

This work analyses the statistical relationship between family firms and risk-taking. It seeks to contribute to the growing literature on family firms by reviewing the literature on the characteristics that distinguish them from non-family firms, aiming to innovate by approaching a less-used construct for this type of firm: risk-taking. The literature on both constructs is reviewed, using theoretical and empirical works to develop the following research hypothesis: tfamily firms are more averse to risk-taking than non-family firms. This hypothesis is tested empirically using econometrics procedures in a sample with 1188 observations from publicly traded companies listed on B3. The results indicate that the presence of family firms negatively affect risk-taking. Thus, it can be concluded that family firms seem to be less prone to risk-taking than non-family firms.

Keyword : Family firms, Risk-taking,, Decision-making Firmas familiares, Tomada de risco, Tomada de decisão

How to Cite
Voelcker, G., Macagnan, C., & Vancin, D. (2020). An Analysis of Risk-Taking in Family Firms Listed in B3. Brazilian Business Review, 17(4), 399-418. https://doi.org/10.15728/bbr.2020.17.4.3

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