Resumo

AGUILAR, Víctor G.  e  BRIOZZO, Anahí. Family businesses: capital structure and socio-emotional wealth. Investig. adm. [online]. 2020, vol.49, n.125, 12507.  Epub 11-Set-2020. ISSN 2448-7678.  https://doi.org/10.35426/iav49n125.07.

This article reviews the most significant theorical, conceptual and empirical literature related to the financing decisions adopted in family owned business. The purpose is to conceptualize family business as an independent study area. The bibliographic analysis has been designed to recount a conceptual itinerary that contrasts the most important elements of family business literature with what is most commonly observed in non-family business research -these includes studies that present empirical results. Using capital structure as the main unit of analysis, the review shows certain coincidences amongst different works that point to the existence of a socioemotional reality and another purely corporate. The coexistence of both realities results in an apparent conflict in family business decisions that stems from the contradiction between the normative and the behavioral approach. The relevance of the work results from the schematization of the problem under study and the detection of knowledge gaps, which serves as the basis for future research. The limitations derive from the risk of not detecting innovative contributions in the background check, although with a low number of citations.

Palavras-chave : family businesses; capital structure; value maximization; socioemotional wealth; financing decisions; G32; G41.