Empresas familiares: revisión de la literatura desde una perspectiva de agencia
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En este artículo se presenta una revisión comprehensiva de la literatura financiera alrededor de los principales estudios relacionados con las empresas familiares. La revisión, hecha desde la teoría de agencia, enmarca la estructura de propiedad familiar dentro de los principales problemas de agencia que surgen entre gerentes y propietarios, gerentes y tenedores de deuda y accionistas mayoritarios y minoritarios. Se revisan tres décadas de artículos relacionados con las empresas familiares y publicados en las principales revistas financieras. Esta mirada a la literatura evidencia un campo de investigación en construcción, poco explorado en América Latina, en el que se hace necesario un mayor contraste empírico para entender la estructura de propiedad familiar alrededor del mundo. Al finalizar se propone una agenda de investigación en empresas familiares fundamentada en temas como el desempeño financiero, el papel de los herederos, la estructura de endeudamiento, la composición de las juntas directivas, el impacto de los costos de agencia sobre el costo de capital y los beneficios privados del control.
family businesses, agency problems, corporate governanceempresas familiares, problemas de agencia, gobierno corporativoempresas familiares, problemas de agência, governo corporativo
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